Arkadios Wealth Advisors Acquires New Stake in Concentrix Corporation (NASDAQ:CNXC)

Key Points

• Arkadios Wealth Advisors acquired 9,714 shares of Concentrix Corporation valued at approximately $540,000 in the first quarter, indicating growing interest from institutional investors, with 90.34% of the stock now owned by them.
• Concentrix reported a net margin of 2.54% and a return on equity of 16.31% in its latest earnings release, missing the EPS estimate by $0.06 while achieving a revenue of $2.42 billion.
• The company announced a quarterly dividend of $0.3328, resulting in an annualized dividend yield of 2.8%, with the ex-dividend date set for July 25th.

Arkadios Wealth Advisors purchased a new position in shares of Concentrix Corporation (NASDAQ:CNXC - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 9,714 shares of the company's stock, valued at approximately $540,000.

A number of other large investors also recently made changes to their positions in the business. Envestnet Asset Management Inc. increased its holdings in shares of Concentrix by 7.9% during the 1st quarter. Envestnet Asset Management Inc. now owns 165,581 shares of the company's stock worth $9,213,000 after buying an additional 12,162 shares during the last quarter. GAMMA Investing LLC increased its holdings in Concentrix by 761.3% in the 1st quarter. GAMMA Investing LLC now owns 2,446 shares of the company's stock valued at $136,000 after purchasing an additional 2,162 shares in the last quarter. BNP Paribas Financial Markets purchased a new position in Concentrix in the fourth quarter valued at about $294,000. Fifth Third Bancorp boosted its position in shares of Concentrix by 36.5% in the first quarter. Fifth Third Bancorp now owns 2,051 shares of the company's stock worth $114,000 after buying an additional 548 shares during the period. Finally, American Century Companies Inc. purchased a new stake in shares of Concentrix in the fourth quarter worth about $539,000. Hedge funds and other institutional investors own 90.34% of the company's stock.

Insider Activity at Concentrix

In other Concentrix news, EVP Cormac J. Twomey sold 500 shares of the firm's stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $57.91, for a total value of $28,955.00. Following the sale, the executive vice president owned 37,130 shares in the company, valued at approximately $2,150,198.30. This trade represents a 1.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 3.20% of the company's stock.

Wall Street Analyst Weigh In

CNXC has been the subject of several recent research reports. Barrington Research reaffirmed an "outperform" rating and issued a $54.00 price objective on shares of Concentrix in a research report on Tuesday, June 24th. Bank of America cut their price objective on shares of 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 lifted their target price on Concentrix from $62.00 to $72.00 and gave the stock an "outperform" rating in a research report on Thursday, June 26th. Canaccord Genuity Group reissued a "buy" rating and issued a $80.00 price target on shares of Concentrix in a report on Monday, June 30th. Finally, Wall Street Zen lowered Concentrix from a "buy" rating to a "hold" rating in a research note on Saturday, June 21st. Two investment analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $66.75.

Concentrix Stock Down 1.3%

Shares of CNXC stock traded down $0.63 during trading hours on Wednesday, hitting $46.71. 531,755 shares of the company were exchanged, compared to its average volume of 811,585. The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.61 and a current ratio of 1.61. Concentrix Corporation has a one year low of $36.28 and a one year high of $77.00. The business's 50-day simple moving average is $55.83 and its two-hundred day simple moving average is $51.78. The stock has a market capitalization of $2.94 billion, a price-to-earnings ratio of 12.83, a P/E/G ratio of 0.61 and a beta of 0.53.

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

Concentrix Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 5th. Shareholders of record on Friday, July 25th were paid a $0.3328 dividend. The ex-dividend date was Friday, July 25th. This represents a $1.33 annualized dividend and a dividend yield of 2.8%. Concentrix's dividend payout ratio (DPR) is presently 36.54%.

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.