Pallas Capital Advisors LLC Makes New Investment in Concentrix Co. (NASDAQ:CNXC)

Pallas Capital Advisors LLC bought a new position in shares of Concentrix Co. (NASDAQ:CNXC - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 27,318 shares of the company's stock, valued at approximately $1,520,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Steward Partners Investment Advisory LLC increased its position in 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 buying an additional 286 shares during the period. Venturi Wealth Management LLC increased its position in 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 buying an additional 490 shares during the period. UMB Bank n.a. increased its position in Concentrix by 47.3% during the first quarter. UMB Bank n.a. now owns 676 shares of the company's stock worth $38,000 after buying an additional 217 shares during the period. Parkside Financial Bank & Trust increased its position in 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 buying an additional 444 shares during the period. Finally, KBC Group NV increased its position in 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 buying an additional 815 shares during the period. Institutional investors and hedge funds own 90.34% of the company's stock.

Concentrix Stock Performance

Shares of CNXC stock traded down $1.83 during midday trading on Friday, hitting $55.32. The company had a trading volume of 455,393 shares, compared to its average volume of 716,851. The company's 50 day simple moving average is $52.55 and its 200 day simple moving average is $48.80. Concentrix Co. has a 52-week low of $36.28 and a 52-week high of $77.00. The stock has a market cap of $3.53 billion, a price-to-earnings ratio of 14.91, a PEG ratio of 0.63 and a beta of 0.56. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.42 and a quick ratio of 1.42.

Concentrix (NASDAQ:CNXC - Get Free Report) last announced its 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 return on equity of 16.67% and a net margin of 2.61%. The company had revenue of $2.37 billion for the quarter, compared to the consensus estimate of $2.37 billion. During the same period last year, the business posted $2.57 EPS. The company's revenue was down 1.3% on a year-over-year basis. Research analysts anticipate that Concentrix Co. will post 10.11 earnings per share for the current fiscal year.

Concentrix Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 6th. Investors 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 dividend on an annualized basis and a dividend yield of 2.41%. Concentrix's dividend payout ratio (DPR) is presently 33.33%.

Analysts Set New Price Targets

Several research firms have commented on CNXC. Bank of America lifted their price target on Concentrix from $59.00 to $65.00 and gave the stock a "neutral" rating in a research report on Monday. Barrington Research lowered their target price on Concentrix from $70.00 to $54.00 and set an "outperform" rating on the stock 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 given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $67.25.

Insider Activity at Concentrix

In other Concentrix news, CEO Christopher A. Caldwell purchased 1,000 shares of the firm's stock in a transaction that occurred on Monday, April 21st. The shares were purchased at an average cost of $46.00 per share, for a total transaction of $46,000.00. Following the completion of the purchase, the chief executive officer now directly owns 303,362 shares in the company, valued at $13,954,652. This represents a 0.33% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 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 value of $1,428,622.88. Following the completion of the sale, 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 have sold a total of 30,944 shares of company stock worth $1,510,158 over the last three months. 3.20% of the stock is currently owned by corporate insiders.

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.