Thompson Investment Management Inc. Raises Position in Concentrix Corporation $CNXC

Key Points

• Thompson Investment Management Inc. has increased its stake in Concentrix Corporation by 6.1%, now owning 151,187 shares valued at approximately $7.99 million.
• Concentrix has announced a quarterly dividend of $0.36 per share, set to be paid on November 4th, marking an increase from the previous dividend of $0.33.
• Analysts have recently downgraded Concentrix's stock rating, including Bank of America, which lowered its price target from $65.00 to $61.00 with a "neutral" rating.

Thompson Investment Management Inc. increased its position in shares of Concentrix Corporation (NASDAQ:CNXC - Free Report) by 6.1% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 151,187 shares of the company's stock after purchasing an additional 8,644 shares during the period. Thompson Investment Management Inc. owned approximately 0.24% of Concentrix worth $7,991,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. IFP Advisors Inc increased its position in Concentrix by 473.8% during the 2nd quarter. IFP Advisors Inc now owns 700 shares of the company's stock worth $37,000 after purchasing an additional 578 shares during the period. KLP Kapitalforvaltning AS raised its position in Concentrix by 2.8% in the second quarter. KLP Kapitalforvaltning AS now owns 14,800 shares of the company's stock worth $782,000 after acquiring an additional 400 shares in the last quarter. State of Alaska Department of Revenue lifted its holdings in Concentrix by 19.7% in the second quarter. State of Alaska Department of Revenue now owns 77,478 shares of the company's stock valued at $4,094,000 after acquiring an additional 12,745 shares during the period. Unified Investment Management boosted its position in shares of Concentrix by 2.9% during the 2nd quarter. Unified Investment Management now owns 19,694 shares of the company's stock worth $1,041,000 after purchasing an additional 548 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of Concentrix by 45.2% during the 2nd quarter. GAMMA Investing LLC now owns 3,552 shares of the company's stock worth $188,000 after purchasing an additional 1,106 shares during the period. Institutional investors and hedge funds own 90.34% of the company's stock.

Concentrix Price Performance

NASDAQ:CNXC opened at $48.01 on Friday. The firm has a market cap of $2.99 billion, a price-to-earnings ratio of 10.15, a price-to-earnings-growth ratio of 0.69 and a beta of 0.50. The company has a current ratio of 1.56, a quick ratio of 1.61 and a debt-to-equity ratio of 1.10. The company's 50-day moving average is $50.53 and its two-hundred day moving average is $52.78. Concentrix Corporation has a 12-month low of $36.28 and a 12-month high of $66.00.

Concentrix Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 4th. Investors of record on Friday, October 24th will be given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 3.0%. This is an increase from Concentrix's previous quarterly dividend of $0.33. The ex-dividend date is Friday, October 24th. Concentrix's dividend payout ratio (DPR) is 28.12%.

Insiders Place Their Bets

In other Concentrix news, EVP Cormac J. Twomey sold 500 shares of the stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $57.91, for a total transaction of $28,955.00. Following the transaction, the executive vice president owned 37,130 shares of the company's stock, valued at $2,150,198.30. This represents a 1.33% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 3.20% of the company's stock.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Bank of America reduced their price objective on shares of Concentrix from $65.00 to $61.00 and set a "neutral" rating for the company in a research note on Friday, June 27th. Wall Street Zen downgraded shares of Concentrix from a "buy" rating to a "hold" rating in a research report on Saturday, June 21st. Robert W. Baird lowered their price target on Concentrix from $75.00 to $62.00 and set an "outperform" rating on the stock in a report on Monday, September 29th. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $80.00 price objective on shares of Concentrix in a research note on Tuesday, September 23rd. Finally, Barrington Research reissued an "outperform" rating and issued a $62.00 target price on shares of Concentrix in a report on Wednesday, September 24th. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Concentrix has an average rating of "Moderate Buy" and a consensus price target of $66.25.

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.

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