Copeland Capital Management LLC Has $67.19 Million Holdings in Concentrix Corporation $CNXC

Key Points

• Copeland Capital Management LLC reduced its holdings in Concentrix Corporation by 7.4%, owning approximately $67.19 million worth of the stock, which represents 1.4% of its total portfolio.
• Concentrix announced a quarterly dividend increase from $0.33 to $0.36 per share, set to be paid on November 4th, reflecting an annualized yield of 3.0%.
• Recent analyst reports have shown mixed ratings for Concentrix, with target prices ranging from $61.00 to $80.00, indicating varying levels of confidence among market experts.

Copeland Capital Management LLC lessened its holdings in shares of Concentrix Corporation (NASDAQ:CNXC - Free Report) by 7.4% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,271,125 shares of the company's stock after selling 102,307 shares during the period. Concentrix accounts for 1.4% of Copeland Capital Management LLC's holdings, making the stock its 22nd biggest holding. Copeland Capital Management LLC owned about 2.02% of Concentrix worth $67,185,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of CNXC. Envestnet Asset Management Inc. lifted its holdings in Concentrix by 7.9% in the first quarter. Envestnet Asset Management Inc. now owns 165,581 shares of the company's stock valued at $9,213,000 after buying an additional 12,162 shares during the period. GAMMA Investing LLC lifted its holdings in Concentrix by 761.3% in the first quarter. GAMMA Investing LLC now owns 2,446 shares of the company's stock valued at $136,000 after buying an additional 2,162 shares during the period. State of Alaska Department of Revenue lifted its holdings in Concentrix by 19.7% in the second quarter. State of Alaska Department of Revenue now owns 77,478 shares of the company's stock valued at $4,094,000 after buying an additional 12,745 shares during the period. Fifth Third Bancorp lifted its holdings in Concentrix by 36.5% in the first 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 period. Finally, Janney Montgomery Scott LLC acquired a new position in Concentrix in the first quarter valued at $495,000. Institutional investors and hedge funds own 90.34% of the company's stock.

Concentrix Trading Down 0.8%

CNXC opened at $47.84 on Friday. Concentrix Corporation has a 1-year low of $36.28 and a 1-year high of $66.00. The company has a current ratio of 1.56, a quick ratio of 1.61 and a debt-to-equity ratio of 1.10. The company has a market cap of $3.02 billion, a P/E ratio of 10.11, a price-to-earnings-growth ratio of 0.69 and a beta of 0.50. The company has a fifty day moving average price of $51.44 and a two-hundred day moving average price of $52.70.

Concentrix Increases Dividend

The firm also recently announced 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. The ex-dividend date of this dividend is Friday, October 24th. This is a boost from Concentrix's previous quarterly dividend of $0.33. This represents a $1.44 annualized dividend and a dividend yield of 3.0%. Concentrix's payout ratio is presently 28.12%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on CNXC. Robert W. Baird dropped their target price on shares of Concentrix from $75.00 to $62.00 and set an "outperform" rating on the stock in a report on Monday. Wall Street Zen lowered shares of Concentrix from a "buy" rating to a "hold" rating in a report on Saturday, June 21st. Bank of America dropped their target price 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. Canaccord Genuity Group restated a "buy" rating and issued a $80.00 target price on shares of Concentrix in a report on Tuesday, September 23rd. Finally, Barrington Research reaffirmed an "outperform" rating and issued a $62.00 price target on shares of Concentrix in a research note on Wednesday, September 24th. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $66.25.

Insider Activity at Concentrix

In other news, EVP Cormac J. Twomey sold 500 shares of the business's stock in a transaction dated Wednesday, July 30th. The shares were 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 directly owned 37,130 shares of the company's stock, valued at $2,150,198.30. The trade was a 1.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 3.20% of the stock is currently owned by 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.

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