Entropy Technologies LP Invests $458,000 in Concentrix Corporation (NASDAQ:CNXC)

Key Points

• Entropy Technologies LP has invested approximately $458,000 in Concentrix Corporation by purchasing new shares in the first quarter.
• Concentrix reported earnings per share (EPS) of $2.70 for the last quarter, missing estimates by $0.06, despite a revenue increase of 1.5% year-over-year.
• The company announced a quarterly dividend of $0.3328 per share, reflecting a 2.7% yield and a payout ratio of 36.54%.

Entropy Technologies LP purchased a new position 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 firm purchased 8,240 shares of the company's stock, valued at approximately $458,000.

Several other hedge funds also recently made changes to their positions in CNXC. UMB Bank n.a. grew its stake in shares of Concentrix by 47.3% during the 1st quarter. UMB Bank n.a. now owns 676 shares of the company's stock worth $38,000 after acquiring an additional 217 shares in the last quarter. First Horizon Advisors Inc. boosted its holdings in shares of Concentrix by 111.8% in 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. PNC Financial Services Group Inc. grew its stake in shares of Concentrix by 47.3% in the first quarter. PNC Financial Services Group Inc. now owns 1,504 shares of the company's stock valued at $84,000 after buying an additional 483 shares in the last quarter. Quarry LP grew its stake in shares of Concentrix by 843.9% in 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 in the last quarter. Finally, Fifth Third Bancorp grew its stake in shares of 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 in the last quarter. 90.34% of the stock is owned by institutional investors.

Concentrix Trading Up 6.1%

Shares of Concentrix stock opened at $49.19 on Thursday. The business has a fifty day simple moving average of $54.76 and a two-hundred day simple moving average of $51.61. Concentrix Corporation has a 1 year low of $36.28 and a 1 year high of $77.00. The company has a market capitalization of $3.10 billion, a price-to-earnings ratio of 13.51, a P/E/G ratio of 0.62 and a beta of 0.53. The company has a debt-to-equity ratio of 1.14, a current ratio of 1.61 and a quick ratio of 1.61.

Concentrix (NASDAQ:CNXC - Get Free Report) last announced its quarterly earnings results 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 net margin of 2.54% and a return on equity of 16.31%. The business had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.38 billion. During the same period in the prior year, the business earned $2.69 EPS. The company's revenue for the quarter was up 1.5% compared to the same quarter last year. Research analysts forecast that Concentrix Corporation will post 10.11 EPS for the current year.

Concentrix Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 5th. Shareholders of record on Friday, July 25th were given a dividend of $0.3328 per share. The ex-dividend date was Friday, July 25th. This represents a $1.33 annualized dividend and a yield of 2.7%. Concentrix's dividend payout ratio (DPR) is presently 36.54%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Wall Street Zen cut shares of Concentrix from a "buy" rating to a "hold" rating in a research note on Saturday, June 21st. 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 note on Friday, June 27th. Canaccord Genuity Group reissued a "buy" rating and issued a $80.00 target price on shares of Concentrix in a research note on Monday, June 30th. Barrington Research reissued an "outperform" rating and issued a $54.00 target price on shares of Concentrix in a research note on Tuesday, June 24th. Finally, Robert W. Baird raised their target price on shares of Concentrix from $62.00 to $72.00 and gave the company an "outperform" rating in a research note on Thursday, June 26th. Two investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $66.75.

Insiders Place Their Bets

In other Concentrix news, EVP Cormac J. Twomey sold 500 shares of the stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $57.91, for a total transaction of $28,955.00. Following the transaction, the executive vice president owned 37,130 shares in the company, valued at $2,150,198.30. This trade represents a 1.33% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.20% of the stock is owned by insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.