NorthCrest Asset Manangement LLC Acquires Shares of 6,102 Concentrix Corporation (NASDAQ:CNXC)

NorthCrest Asset Manangement LLC purchased a new stake in Concentrix Corporation (NASDAQ:CNXC - Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 6,102 shares of the company's stock, valued at approximately $340,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Steward Partners Investment Advisory LLC raised its holdings in Concentrix by 81.3% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 638 shares of the company's stock valued at $28,000 after acquiring 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 worth $38,000 after acquiring an additional 217 shares in the last quarter. Venturi Wealth Management LLC increased its position in shares of Concentrix by 159.6% in the 4th quarter. Venturi Wealth Management LLC now owns 797 shares of the company's stock valued at $34,000 after purchasing an additional 490 shares during the last quarter. Parkside Financial Bank & Trust raised its holdings in shares of Concentrix by 58.7% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,201 shares of the company's stock valued at $52,000 after purchasing an additional 444 shares in the last quarter. Finally, Fifth Third Bancorp lifted its position in shares of 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 purchasing an additional 548 shares during the last quarter. Hedge funds and other institutional investors own 90.34% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently commented on CNXC shares. Bank of America boosted their target price on shares of Concentrix from $59.00 to $65.00 and gave the stock a "neutral" rating in a research note on Monday, June 9th. Barrington Research decreased their price target on Concentrix from $70.00 to $54.00 and set an "outperform" rating for the company in a report on Monday, March 24th. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $67.25.

Concentrix Stock Down 4.4%

Shares of Concentrix stock traded down $2.47 during trading hours on Thursday, hitting $53.16. The company had a trading volume of 894,402 shares, compared to its average volume of 720,407. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.65 and a quick ratio of 1.65. The company's 50-day moving average is $53.19 and its two-hundred day moving average is $49.09. The company has a market cap of $3.40 billion, a P/E ratio of 13.32, a price-to-earnings-growth ratio of 0.72 and a beta of 0.56. Concentrix Corporation has a twelve month low of $36.28 and a twelve month high of $77.00.

Concentrix (NASDAQ:CNXC - Get Free Report) last released its quarterly earnings data on Wednesday, March 26th. The company reported $2.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.58 by $0.21. Concentrix had a net margin of 2.81% and a return on equity of 16.73%. The company had revenue of $2.37 billion during the quarter, compared to the consensus estimate of $2.37 billion. During the same quarter in the prior year, the firm posted $2.57 earnings per share. Concentrix's revenue for the quarter was down 1.3% on a year-over-year basis. Analysts anticipate that Concentrix Corporation will post 10.11 earnings per share for the current fiscal year.

Concentrix Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 6th. Investors of record on Friday, April 25th were given a $0.3328 dividend. The ex-dividend date of this dividend was Friday, April 25th. This represents a $1.33 annualized dividend and a yield of 2.50%. Concentrix's dividend payout ratio (DPR) is 33.33%.

Insider Buying and Selling

In related news, CEO Christopher A. Caldwell bought 1,000 shares of the stock in a transaction on Monday, April 21st. The shares were bought at an average cost of $46.00 per share, for a total transaction of $46,000.00. Following the purchase, the chief executive officer now owns 303,362 shares of the company's stock, valued at $13,954,652. This trade represents a 0.33% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Cormac J. Twomey sold 500 shares of the stock in a transaction on Monday, March 31st. The stock was sold at an average price of $55.31, for a total value of $27,655.00. Following the sale, the executive vice president now directly owns 39,130 shares of the company's stock, valued at approximately $2,164,280.30. This represents a 1.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 30,944 shares of company stock worth $1,510,158 in the last 90 days. Company insiders own 3.20% of the company's stock.

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.