Capital Management Corp VA Makes New Investment in Concentrix Corporation $CNXC

Key Points

• Capital Management Corp VA invested approximately $17.23 million in Concentrix Corporation, acquiring 325,993 shares and now holds 2.9% of the company.
• Concentrix will increase its quarterly dividend from $0.33 to $0.36 per share, with the payment scheduled for November 4th.
• Multiple analysts have revised their price targets for Concentrix, with Bank of America lowering its target from $65 to $61 and maintaining a "neutral" rating.

Capital Management Corp VA purchased a new stake in Concentrix Corporation (NASDAQ:CNXC - Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund purchased 325,993 shares of the company's stock, valued at approximately $17,230,000. Concentrix accounts for 2.9% of Capital Management Corp VA's holdings, making the stock its 11th largest position. Capital Management Corp VA owned about 0.52% of Concentrix as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Geneos Wealth Management Inc. boosted its stake in Concentrix by 532.7% in the first quarter. Geneos Wealth Management Inc. now owns 620 shares of the company's stock valued at $34,000 after acquiring an additional 522 shares during the period. IFP Advisors Inc boosted its position in Concentrix by 473.8% during the 2nd quarter. IFP Advisors Inc now owns 700 shares of the company's stock valued at $37,000 after purchasing an additional 578 shares during the period. First Horizon Advisors Inc. grew its stake in Concentrix by 111.8% during the 1st quarter. First Horizon Advisors Inc. now owns 841 shares of the company's stock worth $47,000 after buying an additional 444 shares during the last quarter. PNC Financial Services Group Inc. increased its position in Concentrix by 47.3% in the first quarter. PNC Financial Services Group Inc. now owns 1,504 shares of the company's stock worth $84,000 after buying an additional 483 shares during the period. Finally, Fifth Third Bancorp increased its position in 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. Institutional investors and hedge funds own 90.34% of the company's stock.

Insiders Place Their Bets

In other news, CEO Christopher A. Caldwell bought 1,000 shares of the stock in a transaction that occurred on Friday, October 10th. The shares were purchased at an average cost of $45.35 per share, with a total value of $45,350.00. Following the completion of the acquisition, the chief executive officer directly owned 305,345 shares in the company, valued at approximately $13,847,395.75. The trade was a 0.33% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Cormac J. Twomey sold 500 shares of the business's stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $57.91, for a total transaction of $28,955.00. Following the completion of 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 disclosure for this sale can be found here. 3.20% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Bank of America lowered their price target on shares of Concentrix from $65.00 to $61.00 and set a "neutral" rating for the company in a research report on Friday, June 27th. Wall Street Zen cut shares of Concentrix from a "buy" rating to a "hold" rating in a research report on Saturday, June 21st. Weiss Ratings raised Concentrix from a "sell (d+)" rating to a "hold (c-)" rating in a report on Wednesday, October 8th. Robert W. Baird reduced their price objective on Concentrix from $75.00 to $62.00 and set an "outperform" rating for the company in a research report on Monday, September 29th. Finally, Barrington Research restated an "outperform" rating and issued a $62.00 target price on shares of Concentrix in a research report on Wednesday, September 24th. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, Concentrix currently has a consensus rating of "Moderate Buy" and a consensus price target of $66.25.

Concentrix Trading Up 0.2%

Concentrix stock opened at $44.92 on Wednesday. Concentrix Corporation has a 12-month low of $36.28 and a 12-month high of $66.00. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.56 and a quick ratio of 1.56. The stock has a market capitalization of $2.80 billion, a PE ratio of 9.50, a price-to-earnings-growth ratio of 0.65 and a beta of 0.50. The firm has a 50 day simple moving average of $50.42 and a 200-day simple moving average of $52.60.

Concentrix Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 4th. Stockholders of record on Friday, October 24th will be given a dividend of $0.36 per share. This is a boost from Concentrix's previous quarterly dividend of $0.33. The ex-dividend date is Friday, October 24th. This represents a $1.44 annualized dividend and a dividend yield of 3.2%. Concentrix's payout ratio is 28.12%.

About Concentrix

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.

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