AMG National Trust Bank Sells 16,048 Shares of Concentrix Corporation (NASDAQ:CNXC)

AMG National Trust Bank lowered its stake in shares of Concentrix Corporation (NASDAQ:CNXC - Free Report) by 46.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 18,666 shares of the company's stock after selling 16,048 shares during the period. AMG National Trust Bank's holdings in Concentrix were worth $1,039,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of the business. UMB Bank n.a. grew its holdings in Concentrix by 47.3% in the 1st quarter. UMB Bank n.a. now owns 676 shares of the company's stock valued at $38,000 after buying an additional 217 shares in the last quarter. First Horizon Advisors Inc. raised its position in shares of Concentrix by 111.8% during the first quarter. First Horizon Advisors Inc. now owns 841 shares of the company's stock worth $47,000 after acquiring an additional 444 shares during the last quarter. Quarry LP grew its stake in Concentrix by 843.9% during the fourth quarter. Quarry LP now owns 2,539 shares of the company's stock worth $110,000 after purchasing an additional 2,270 shares during the period. Fifth Third Bancorp grew its stake in Concentrix by 36.5% during the first quarter. Fifth Third Bancorp now owns 2,051 shares of the company's stock worth $114,000 after purchasing an additional 548 shares during the period. Finally, Versant Capital Management Inc grew its stake in Concentrix by 582.5% in the first quarter. Versant Capital Management Inc now owns 2,109 shares of the company's stock valued at $117,000 after acquiring an additional 1,800 shares during the period. Institutional investors own 90.34% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Bank of America dropped their target price on Concentrix from $65.00 to $61.00 and set a "neutral" rating on the stock in a report on Friday, June 27th. Robert W. Baird upped their target price on Concentrix from $62.00 to $72.00 and gave the stock an "outperform" rating in a research note on Thursday, June 26th. Wall Street Zen lowered Concentrix from a "buy" rating to a "hold" rating in a research report on Saturday, June 21st. Barrington Research restated an "outperform" rating and issued a $54.00 target price on shares of Concentrix in a research note on Tuesday, June 24th. Finally, Canaccord Genuity Group reissued a "buy" rating and issued a $80.00 target price on shares of Concentrix in a report on Monday, June 30th. Two investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $66.75.

Concentrix Price Performance

NASDAQ:CNXC traded down $1.28 during trading hours on Thursday, hitting $60.73. 170,728 shares of the stock were exchanged, compared to its average volume of 815,795. Concentrix Corporation has a 52-week low of $36.28 and a 52-week high of $77.00. The firm's fifty day moving average price is $56.20 and its 200 day moving average price is $51.30. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 1.14. The company has a market cap of $3.83 billion, a P/E ratio of 16.69, a P/E/G ratio of 0.80 and a beta of 0.53.

Concentrix (NASDAQ:CNXC - Get Free Report) last announced its quarterly earnings data on Thursday, June 26th. The company reported $2.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.76 by ($0.06). Concentrix had a net margin of 2.54% and a return on equity of 16.31%. The company had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.38 billion. During the same quarter in the previous year, the business posted $2.69 earnings per share. The firm's revenue was up 1.5% on a year-over-year basis. As a group, equities research analysts anticipate that Concentrix Corporation will post 10.11 EPS for the current fiscal year.

Concentrix Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 5th. Shareholders of record on Friday, July 25th will be given a $0.3328 dividend. The ex-dividend date is Friday, July 25th. This represents a $1.33 dividend on an annualized basis and a yield of 2.19%. Concentrix's payout ratio is currently 36.54%.

Insider Activity at Concentrix

In other news, EVP Cormac J. Twomey sold 500 shares of the stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $57.06, for a total value of $28,530.00. Following the completion of the transaction, the executive vice president directly owned 38,130 shares in the company, valued at $2,175,697.80. This trade represents a 1.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 3.20% of the company's stock.

Concentrix Profile

Concentrix Corporation engages in the provision of technology-infused customer experience (CX) solutions worldwide. The company provides CX process optimization, technology innovation, front- and back-office automation, analytics, and business transformation services, across various channels of communication, such as voice, chat, email, social media, asynchronous messaging, and custom applications.