Phocas Financial Corp. Buys New Stake in Concentrix Co. (NASDAQ:CNXC)

Phocas Financial Corp. bought a new position in shares of Concentrix Co. (NASDAQ:CNXC - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 36,693 shares of the company's stock, valued at approximately $3,604,000. Phocas Financial Corp. owned about 0.06% of Concentrix as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of CNXC. Fuller & Thaler Asset Management Inc. boosted its position in shares of Concentrix by 470.1% during the third quarter. Fuller & Thaler Asset Management Inc. now owns 969,707 shares of the company's stock worth $77,683,000 after acquiring an additional 799,625 shares during the last quarter. Impactive Capital LP boosted its position in shares of Concentrix by 30.2% during the third quarter. Impactive Capital LP now owns 3,255,172 shares of the company's stock worth $260,772,000 after acquiring an additional 754,566 shares during the last quarter. AQR Capital Management LLC raised its stake in Concentrix by 161.3% during the third quarter. AQR Capital Management LLC now owns 794,300 shares of the company's stock valued at $63,488,000 after purchasing an additional 490,361 shares in the last quarter. Norges Bank purchased a new stake in Concentrix during the fourth quarter valued at $56,061,000. Finally, Copeland Capital Management LLC purchased a new stake in Concentrix during the fourth quarter valued at $40,339,000. Institutional investors own 90.34% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CNXC. Barrington Research decreased their price target on shares of Concentrix from $121.00 to $84.00 and set an "outperform" rating on the stock in a research note on Wednesday, March 27th. Bank of America reaffirmed an "underperform" rating and set a $60.00 price target (down previously from $85.00) on shares of Concentrix in a research note on Wednesday, March 27th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $82.25.

Concentrix Trading Down 3.0 %

Shares of CNXC traded down $1.77 during midday trading on Monday, hitting $57.45. The stock had a trading volume of 610,332 shares, compared to its average volume of 560,795. Concentrix Co. has a 1 year low of $56.81 and a 1 year high of $110.98. The firm has a market cap of $3.79 billion, a PE ratio of 12.21, a price-to-earnings-growth ratio of 0.68 and a beta of 0.48. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.56 and a quick ratio of 1.56. The stock's 50 day moving average is $70.37 and its 200 day moving average is $82.65.

Concentrix (NASDAQ:CNXC - Get Free Report) last announced its earnings results on Wednesday, January 24th. The company reported $3.07 earnings per share for the quarter, beating the consensus estimate of $2.92 by $0.15. Concentrix had a net margin of 3.53% and a return on equity of 17.70%. The business had revenue of $2.23 billion for the quarter, compared to the consensus estimate of $2.20 billion. As a group, analysts forecast that Concentrix Co. will post 11.03 EPS for the current fiscal year.

Concentrix Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, May 7th. Stockholders of record on Friday, April 26th will be paid a $0.303 dividend. The ex-dividend date of this dividend is Thursday, April 25th. This represents a $1.21 annualized dividend and a dividend yield of 2.11%. This is an increase from Concentrix's previous quarterly dividend of $0.30. Concentrix's dividend payout ratio is currently 24.95%.

Concentrix 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.