Concentrix Corporation $CNXC Shares Acquired by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC raised its holdings in shares of Concentrix Corporation (NASDAQ:CNXC) by 16.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 58,427 shares of the company’s stock after acquiring an additional 8,157 shares during the quarter. Wealth Enhancement Advisory Services LLC owned approximately 0.09% of Concentrix worth $3,340,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CNXC. Envestnet Asset Management Inc. boosted its stake in shares of Concentrix by 7.9% during the 1st quarter. Envestnet Asset Management Inc. now owns 165,581 shares of the company’s stock worth $9,213,000 after purchasing an additional 12,162 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Concentrix by 761.3% in the first quarter. GAMMA Investing LLC now owns 2,446 shares of the company’s stock valued at $136,000 after buying an additional 2,162 shares during the last quarter. Fifth Third Bancorp grew its stake in Concentrix by 36.5% in the 1st quarter. Fifth Third Bancorp now owns 2,051 shares of the company’s stock worth $114,000 after acquiring an additional 548 shares during the period. Janney Montgomery Scott LLC purchased a new stake in Concentrix in the 1st quarter worth approximately $495,000. Finally, UMB Bank n.a. grew its stake in Concentrix by 47.3% in 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. Hedge funds and other institutional investors own 90.34% of the company’s stock.

Concentrix Stock Down 13.3%

Shares of NASDAQ CNXC opened at $47.66 on Friday. Concentrix Corporation has a 12-month low of $36.28 and a 12-month high of $66.00. The company has a market cap of $3.00 billion, a P/E ratio of 10.08, a P/E/G ratio of 0.73 and a beta of 0.53. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 1.14. The stock has a fifty day moving average price of $52.47 and a 200 day moving average price of $52.62.

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 3.25% and a return on equity of 16.24%. The company had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.38 billion. During the same quarter in the prior year, the company posted $2.69 earnings per share. The firm’s revenue for the quarter was up 1.5% on a year-over-year basis. Research analysts anticipate that Concentrix Corporation will post 10.11 EPS for the current fiscal year.

Concentrix Increases Dividend

The business also recently declared 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 is a boost from Concentrix’s previous quarterly dividend of $0.33. The ex-dividend date of this dividend is Friday, October 24th. This represents a $1.44 annualized dividend and a yield of 3.0%. Concentrix’s dividend payout ratio is presently 36.54%.

Analyst Ratings Changes

CNXC has been the topic of several analyst reports. Wall Street Zen cut Concentrix from a “buy” rating to a “hold” rating in a report on Saturday, June 21st. Barrington Research reiterated an “outperform” rating and set a $62.00 price objective on shares of Concentrix in a report on Wednesday. Canaccord Genuity Group restated a “buy” rating and issued a $80.00 target price on shares of Concentrix in a report on Tuesday. Bank of America cut their target price on Concentrix from $65.00 to $61.00 and set a “neutral” rating on the stock in a research report on Friday, June 27th. Finally, Robert W. Baird upped their price target on Concentrix from $72.00 to $75.00 and gave the stock an “outperform” rating in a research note on Thursday, September 18th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, Concentrix currently has a consensus rating of “Buy” and an average price target of $69.50.

Insider Activity

In other news, EVP Cormac J. Twomey sold 500 shares of Concentrix stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $57.91, for a total transaction of $28,955.00. Following the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 3.20% of the stock is 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.