Pacer Advisors Inc. Sells 20,643 Shares of Concentrix Corporation (NASDAQ:CNXC)

Key Points

• Pacer Advisors Inc. sold 20,643 shares of Concentrix Corporation, reducing its stake by 82.3%, and now holds 4,441 shares valued at approximately $247,000.
• Concentrix recently reported earnings of $2.70 EPS for the quarter, missing analysts' expectations, though it generated revenue of $2.42 billion, exceeding estimates.
• The company declared a quarterly dividend of $0.3328 per share, representing an annualized yield of 2.9% and a payout ratio of 36.54%.

Pacer Advisors Inc. trimmed its position in shares of Concentrix Corporation (NASDAQ:CNXC - Free Report) by 82.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,441 shares of the company's stock after selling 20,643 shares during the period. Pacer Advisors Inc.'s holdings in Concentrix were worth $247,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CNXC. UMB Bank n.a. lifted 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 buying an additional 217 shares in the last quarter. First Horizon Advisors Inc. lifted its stake 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 purchasing an additional 444 shares during the period. Quarry LP lifted its stake in shares of Concentrix by 843.9% in the 4th quarter. Quarry LP now owns 2,539 shares of the company's stock valued at $110,000 after purchasing an additional 2,270 shares during the period. Fifth Third Bancorp lifted its stake in shares of Concentrix by 36.5% in the 1st quarter. Fifth Third Bancorp now owns 2,051 shares of the company's stock valued at $114,000 after purchasing an additional 548 shares during the period. Finally, Versant Capital Management Inc lifted its stake in shares of Concentrix by 582.5% in the 1st quarter. Versant Capital Management Inc now owns 2,109 shares of the company's stock valued at $117,000 after purchasing an additional 1,800 shares during the period. 90.34% of the stock is currently owned by institutional investors.

Insider Transactions at Concentrix

In related news, EVP Cormac J. Twomey sold 500 shares of the firm's stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $57.91, for a total value of $28,955.00. Following the completion of the sale, the executive vice president directly owned 37,130 shares in the company, valued at approximately $2,150,198.30. This trade represents a 1.33% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 3.20% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Robert W. Baird raised their price objective on Concentrix from $62.00 to $72.00 and gave the stock an "outperform" rating in a research note on Thursday, June 26th. Barrington Research reaffirmed an "outperform" rating and set a $54.00 price objective on shares of Concentrix in a research note on Tuesday, June 24th. Wall Street Zen downgraded Concentrix from a "buy" rating to a "hold" rating in a research note on Saturday, June 21st. Canaccord Genuity Group reaffirmed a "buy" rating and set a $80.00 price objective on shares of Concentrix in a research note on Monday, June 30th. Finally, Bank of America dropped their price objective on Concentrix from $65.00 to $61.00 and set a "neutral" rating on the stock in a research note on Friday, June 27th. Two analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Concentrix presently has an average rating of "Moderate Buy" and a consensus target price of $66.75.

Concentrix Stock Down 1.3%

Shares of NASDAQ CNXC traded down $0.63 during mid-day trading on Wednesday, hitting $46.71. The company had a trading volume of 531,755 shares, compared to its average volume of 810,733. The company has a market capitalization of $2.94 billion, a PE ratio of 12.83, a price-to-earnings-growth ratio of 0.61 and a beta of 0.53. The firm has a 50-day simple moving average of $55.83 and a two-hundred day simple moving average of $51.78. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 1.14. Concentrix Corporation has a one year low of $36.28 and a one year high of $77.00.

Concentrix (NASDAQ:CNXC - Get Free Report) last issued its 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 firm had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.38 billion. During the same quarter last year, the business posted $2.69 earnings per share. The company's revenue for the quarter was up 1.5% on a year-over-year basis. On average, equities analysts expect that Concentrix Corporation will post 10.11 EPS for the current year.

Concentrix Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 5th. Investors of record on Friday, July 25th were paid a $0.3328 dividend. This represents a $1.33 annualized dividend and a yield of 2.8%. The ex-dividend date was Friday, July 25th. Concentrix's dividend payout ratio (DPR) is 36.54%.

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.