Pallas Capital Advisors LLC Acquires Shares of 27,318 Concentrix Co. (NASDAQ:CNXC)

Pallas Capital Advisors LLC acquired a new position in Concentrix Co. (NASDAQ:CNXC - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 27,318 shares of the company's stock, valued at approximately $1,520,000.

Several other institutional investors also recently modified their holdings of CNXC. Steward Partners Investment Advisory LLC lifted its position in Concentrix by 81.3% in 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 4th quarter. Venturi Wealth Management LLC now owns 797 shares of the company's stock worth $34,000 after acquiring an additional 490 shares during the period. UMB Bank n.a. lifted its holdings 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 during the period. Parkside Financial Bank & Trust boosted its position in shares of Concentrix by 58.7% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,201 shares of the company's stock valued at $52,000 after acquiring an additional 444 shares in the last quarter. Finally, KBC Group NV increased its stake in Concentrix by 68.3% in the fourth quarter. KBC Group NV now owns 2,008 shares of the company's stock valued at $87,000 after acquiring an additional 815 shares during the period. Institutional investors and hedge funds own 90.34% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on CNXC shares. Bank of America raised their price target on shares of Concentrix from $59.00 to $65.00 and gave the stock a "neutral" rating in a research note on Monday. Barrington Research cut their target price on Concentrix from $70.00 to $54.00 and set an "outperform" rating for the company in a research report on Monday, March 24th. One 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 stock. Based on data from MarketBeat, Concentrix presently has an average rating of "Buy" and a consensus target price of $67.25.

Concentrix Price Performance

CNXC traded up $0.79 during midday trading on Tuesday, hitting $56.62. The company had a trading volume of 352,109 shares, compared to its average volume of 714,940. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.42 and a current ratio of 1.42. The firm's 50-day simple moving average is $52.04 and its 200-day simple moving average is $48.60. Concentrix Co. has a twelve month low of $36.28 and a twelve month high of $77.00. The company has a market capitalization of $3.62 billion, a PE ratio of 15.26, a P/E/G ratio of 0.63 and a beta of 0.56.

Concentrix (NASDAQ:CNXC - Get Free Report) last issued its earnings results on Wednesday, March 26th. The company reported $2.79 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.58 by $0.21. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. The firm had revenue of $2.37 billion for the quarter, compared to analysts' expectations of $2.37 billion. During the same quarter last year, the business earned $2.57 earnings per share. The company's revenue was down 1.3% compared to the same quarter last year. Equities research analysts predict that Concentrix Co. will post 10.11 EPS for the current fiscal year.

Concentrix Dividend Announcement

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

Insider Buying and Selling

In other news, EVP Cormac J. Twomey sold 500 shares of Concentrix stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $57.06, for a total value of $28,530.00. Following the completion of the sale, the executive vice president now directly owns 38,130 shares in the company, valued at approximately $2,175,697.80. The trade was a 1.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Olivier Duha sold 29,444 shares of Concentrix stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $48.52, for a total transaction of $1,428,622.88. Following the completion of the transaction, the director now directly owns 1,155,862 shares in the company, valued at $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. Over the last quarter, insiders have sold 30,944 shares of company stock worth $1,510,158. Corporate insiders own 3.20% of the company's stock.

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.