Merit Financial Group LLC Buys Shares of 22,935 Concentrix Co. (NASDAQ:CNXC)

Merit Financial Group LLC purchased a new position in shares of Concentrix Co. (NASDAQ:CNXC - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 22,935 shares of the company's stock, valued at approximately $1,276,000.

Other hedge funds also recently modified their holdings of the company. Steward Partners Investment Advisory LLC lifted its holdings 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 worth $28,000 after purchasing an additional 286 shares during the period. Venturi Wealth Management LLC lifted its holdings in shares of Concentrix by 159.6% during the fourth quarter. Venturi Wealth Management LLC now owns 797 shares of the company's stock worth $34,000 after purchasing an additional 490 shares during the period. Parkside Financial Bank & Trust lifted its holdings 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 purchasing an additional 444 shares during the period. KBC Group NV lifted its holdings in shares of Concentrix by 68.3% during the fourth quarter. KBC Group NV now owns 2,008 shares of the company's stock worth $87,000 after purchasing an additional 815 shares during the period. Finally, Quarry LP lifted 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 worth $110,000 after purchasing an additional 2,270 shares during the period. Institutional investors and hedge funds own 90.34% of the company's stock.

Concentrix Stock Up 0.5%

CNXC traded up $0.29 during midday trading on Friday, hitting $56.61. The company had a trading volume of 552,088 shares, compared to its average volume of 717,721. Concentrix Co. has a 52 week low of $36.28 and a 52 week high of $77.00. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.17. The company has a market capitalization of $3.62 billion, a price-to-earnings ratio of 15.26, a PEG ratio of 0.63 and a beta of 0.56. The stock's 50 day moving average price is $52.01 and its 200 day moving average price is $48.45.

Concentrix (NASDAQ:CNXC - Get Free Report) last posted its quarterly earnings results on Wednesday, March 26th. The company reported $2.79 earnings per share for the quarter, beating the consensus estimate of $2.58 by $0.21. Concentrix had a net margin of 2.61% and a return on equity of 16.67%. The firm had revenue of $2.37 billion during the quarter, compared to the consensus estimate of $2.37 billion. During the same period in the previous year, the firm posted $2.57 earnings per share. The business's revenue was down 1.3% compared to the same quarter last year. On average, research analysts anticipate that Concentrix Co. will post 10.11 earnings per share for the current fiscal year.

Concentrix Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, May 6th. Stockholders of record on Friday, April 25th were issued a dividend of $0.3328 per share. This represents a $1.33 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date of this dividend was Friday, April 25th. Concentrix's dividend payout ratio is currently 33.33%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on CNXC shares. Bank of America lifted their target price on shares of Concentrix from $58.00 to $59.00 and gave the stock a "neutral" rating in a research note on Thursday, March 27th. Barrington Research lowered their target price on shares of Concentrix from $70.00 to $54.00 and set an "outperform" rating for the company in a research note on Monday, March 24th. One equities research analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $65.75.

Insider Activity

In other news, CEO Christopher A. Caldwell purchased 1,000 shares of the business's stock in a transaction that occurred on Monday, April 21st. The shares were acquired at an average cost of $46.00 per share, for a total transaction of $46,000.00. Following the completion of the acquisition, the chief executive officer now owns 303,362 shares in the company, valued at $13,954,652. This trade represents a 0.33% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Olivier Duha sold 29,444 shares of the business's stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $48.52, for a total transaction of $1,428,622.88. Following the transaction, the director now owns 1,155,862 shares in the company, valued at approximately $56,082,424.24. This trade represents a 2.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 30,944 shares of company stock worth $1,510,158 over the last three months. 3.20% of the stock is currently owned by insiders.

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.