Entropy Technologies LP Invests $458,000 in Concentrix Corporation (NASDAQ:CNXC)

Entropy Technologies LP purchased a new position in shares of Concentrix Corporation (NASDAQ:CNXC) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 8,240 shares of the company’s stock, valued at approximately $458,000.

Several other hedge funds also recently made changes to their positions in CNXC. UMB Bank n.a. grew its stake 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 in the last quarter. First Horizon Advisors Inc. boosted its holdings 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 buying an additional 444 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in shares of Concentrix by 47.3% in the first quarter. PNC Financial Services Group Inc. now owns 1,504 shares of the company’s stock valued at $84,000 after buying an additional 483 shares in the last quarter. Quarry LP grew its stake in shares of Concentrix by 843.9% in the fourth quarter. Quarry LP now owns 2,539 shares of the company’s stock valued at $110,000 after buying an additional 2,270 shares in the last quarter. Finally, Fifth Third Bancorp grew its stake in shares of Concentrix by 36.5% in the first quarter. Fifth Third Bancorp now owns 2,051 shares of the company’s stock valued at $114,000 after buying an additional 548 shares in the last quarter. 90.34% of the stock is owned by institutional investors.

Concentrix Trading Up 6.1%

Shares of Concentrix stock opened at $49.19 on Thursday. The business has a fifty day simple moving average of $54.76 and a two-hundred day simple moving average of $51.61. Concentrix Corporation has a 1 year low of $36.28 and a 1 year high of $77.00. The company has a market capitalization of $3.10 billion, a price-to-earnings ratio of 13.51, a P/E/G ratio of 0.62 and a beta of 0.53. The company has a debt-to-equity ratio of 1.14, a current ratio of 1.61 and a quick ratio of 1.61.

Concentrix (NASDAQ:CNXC) last announced its quarterly 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 business had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.38 billion. During the same period in the prior year, the business earned $2.69 EPS. The company’s revenue for the quarter was up 1.5% compared to the same quarter last year. Research analysts forecast that Concentrix Corporation will post 10.11 EPS for the current year.

Concentrix Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 5th. Shareholders of record on Friday, July 25th were given a dividend of $0.3328 per share. The ex-dividend date was Friday, July 25th. This represents a $1.33 annualized dividend and a yield of 2.7%. Concentrix’s dividend payout ratio (DPR) is presently 36.54%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Wall Street Zen cut shares of Concentrix from a “buy” rating to a “hold” rating in a research note on Saturday, June 21st. Bank of America decreased their target price 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. Canaccord Genuity Group reissued a “buy” rating and issued a $80.00 target price on shares of Concentrix in a research note on Monday, June 30th. Barrington Research reissued an “outperform” rating and issued a $54.00 target price on shares of Concentrix in a research note on Tuesday, June 24th. Finally, Robert W. Baird raised their target price on shares of Concentrix from $62.00 to $72.00 and gave the company an “outperform” rating in a research note on Thursday, June 26th. Two investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $66.75.

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 in the company, valued at $2,150,198.30. This trade represents a 1.33% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.20% of the stock is owned by insiders.

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.