Unified Investment Management Grows Holdings in Concentrix Corporation (NASDAQ:CNXC)

Unified Investment Management lifted its position in Concentrix Corporation (NASDAQ:CNXC - Free Report) by 40.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,146 shares of the company's stock after acquiring an additional 5,536 shares during the quarter. Concentrix accounts for approximately 1.3% of Unified Investment Management's investment portfolio, making the stock its 21st largest holding. Unified Investment Management's holdings in Concentrix were worth $1,065,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the business. Steward Partners Investment Advisory LLC lifted its position in shares of Concentrix by 81.3% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 638 shares of the company's stock valued at $28,000 after buying an additional 286 shares during the last quarter. UMB Bank n.a. raised its holdings in shares of Concentrix by 47.3% in the first quarter. UMB Bank n.a. now owns 676 shares of the company's stock worth $38,000 after buying an additional 217 shares during the last quarter. Parkside Financial Bank & Trust lifted its stake in shares of Concentrix by 58.7% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,201 shares of the company's stock worth $52,000 after buying an additional 444 shares during the period. Quarry LP grew its holdings in shares of Concentrix by 843.9% during the fourth quarter. Quarry LP now owns 2,539 shares of the company's stock valued at $110,000 after buying an additional 2,270 shares during the last quarter. Finally, Fifth Third Bancorp lifted its position in Concentrix by 36.5% during the 1st quarter. Fifth Third Bancorp now owns 2,051 shares of the company's stock worth $114,000 after acquiring an additional 548 shares during the period. Hedge funds and other institutional investors own 90.34% of the company's stock.

Concentrix Price Performance

Shares of NASDAQ CNXC traded up $0.55 during trading on Wednesday, hitting $56.78. The company had a trading volume of 857,983 shares, compared to its average volume of 737,499. The firm has a market capitalization of $3.63 billion, a price-to-earnings ratio of 15.60, a price-to-earnings-growth ratio of 0.74 and a beta of 0.53. The stock has a fifty day simple moving average of $54.15 and a two-hundred day simple moving average of $49.65. The company has a quick ratio of 1.65, a current ratio of 1.61 and a debt-to-equity ratio of 1.14. Concentrix Corporation has a fifty-two week low of $36.28 and a fifty-two week high of $77.00.

Concentrix (NASDAQ:CNXC - Get Free Report) last posted 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 return on equity of 16.31% and a net margin of 2.54%. The firm 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 firm posted $2.69 earnings per share. The company's quarterly revenue was up 1.5% on a year-over-year basis. On average, research analysts expect that Concentrix Corporation will post 10.11 earnings per share 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 dividend of $0.3328 per share. This represents a $1.33 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date is Friday, July 25th. Concentrix's payout ratio is 33.33%.

Analyst Ratings Changes

CNXC has been the subject of several research analyst reports. Barrington Research restated an "outperform" rating and issued a $54.00 price objective on shares of Concentrix in a research note on Tuesday, June 24th. Canaccord Genuity Group reiterated a "buy" rating and issued a $80.00 price objective on shares of Concentrix in a research note on Monday. Bank of America decreased their target price 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 downgraded Concentrix from a "buy" rating to a "hold" rating in a research report on Saturday, June 21st. Finally, Robert W. Baird boosted their price objective on Concentrix from $62.00 to $72.00 and gave the company an "outperform" rating in a report on Thursday, June 26th. Two research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $66.75.

Insider Activity

In related news, Director Olivier Duha sold 29,444 shares of the business's stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $48.52, for a total transaction of $1,428,622.88. Following the transaction, the director directly owned 1,155,862 shares in the company, valued at approximately $56,082,424.24. The trade was a 2.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Christopher A. Caldwell bought 1,000 shares of the firm's stock in a transaction on Monday, April 21st. The stock was acquired at an average cost of $46.00 per share, for a total transaction of $46,000.00. Following the completion of the purchase, the chief executive officer directly owned 303,362 shares in the company, valued at approximately $13,954,652. This represents a 0.33% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 30,444 shares of company stock worth $1,482,503 over the last three months. Insiders own 3.20% of the company's stock.

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.