Cerity Partners LLC Makes New Investment in Concentrix Corporation (NASDAQ:CNXC)

Cerity Partners LLC acquired a new stake in shares of Concentrix Corporation (NASDAQ:CNXC - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 67,811 shares of the company's stock, valued at approximately $3,773,000. Cerity Partners LLC owned about 0.11% of Concentrix as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CNXC. Steward Partners Investment Advisory LLC raised its stake in shares of Concentrix by 81.3% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 638 shares of the company's stock worth $28,000 after buying an additional 286 shares in the last quarter. UMB Bank n.a. grew its holdings in Concentrix by 47.3% during 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 during the last quarter. First Horizon Advisors Inc. grew its holdings in Concentrix by 111.8% during the 1st quarter. First Horizon Advisors Inc. now owns 841 shares of the company's stock valued at $47,000 after buying an additional 444 shares during the last quarter. Fifth Third Bancorp grew its holdings in Concentrix by 36.5% during the 1st quarter. Fifth Third Bancorp now owns 2,051 shares of the company's stock valued at $114,000 after buying an additional 548 shares during the last quarter. Finally, Versant Capital Management Inc boosted its holdings in shares of Concentrix by 582.5% during the first quarter. Versant Capital Management Inc now owns 2,109 shares of the company's stock worth $117,000 after purchasing an additional 1,800 shares during the last quarter. 90.34% of the stock is owned by hedge funds and other institutional investors.

Concentrix Price Performance

NASDAQ:CNXC traded up $0.80 during midday trading on Friday, hitting $58.33. 504,506 shares of the stock were exchanged, compared to its average volume of 748,927. Concentrix Corporation has a one year low of $36.28 and a one year high of $77.00. The company has a market capitalization of $3.68 billion, a price-to-earnings ratio of 16.02, a P/E/G ratio of 0.76 and a beta of 0.53. The business has a 50-day moving average price of $55.90 and a two-hundred day moving average price of $50.97. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 1.14.

Concentrix (NASDAQ:CNXC - Get Free Report) last announced its quarterly earnings data on Thursday, June 26th. The company reported $2.70 EPS for the quarter, missing analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $2.38 billion. During the same quarter last year, the company posted $2.69 EPS. Concentrix's revenue was up 1.5% on a year-over-year basis. Sell-side analysts predict that Concentrix Corporation will post 10.11 EPS for the current year.

Concentrix Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 5th. Stockholders of record on Friday, July 25th will be issued a $0.3328 dividend. The ex-dividend date is Friday, July 25th. This represents a $1.33 dividend on an annualized basis and a dividend yield of 2.28%. Concentrix's payout ratio is currently 36.54%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on CNXC shares. Bank of America reduced 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. Barrington Research reaffirmed an "outperform" rating and set a $54.00 target price on shares of Concentrix in a research report on Tuesday, June 24th. Wall Street Zen lowered Concentrix from a "buy" rating to a "hold" rating in a research report on Saturday, June 21st. Canaccord Genuity Group reiterated a "buy" rating and issued a $80.00 price target on shares of Concentrix in a research note on Monday, June 30th. Finally, Robert W. Baird lifted their target price on Concentrix from $62.00 to $72.00 and gave the company an "outperform" rating in a research note on Thursday, June 26th. Two research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $66.75.

Insiders Place Their Bets

In other Concentrix news, CEO Christopher A. Caldwell bought 1,000 shares of the stock in a transaction on Monday, April 21st. The shares were purchased at an average cost of $46.00 per share, with a total value of $46,000.00. Following the completion of the transaction, the chief executive officer directly owned 303,362 shares of the company's stock, valued at $13,954,652. This represents a 0.33% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Cormac J. Twomey sold 500 shares of the stock in a transaction on Friday, May 30th. The stock was sold at an average price of $57.06, for a total transaction of $28,530.00. Following the transaction, the executive vice president directly owned 38,130 shares in the company, valued at $2,175,697.80. The trade was a 1.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.20% of the stock is owned by corporate insiders.

Concentrix Company 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.