Envestnet Asset Management Inc. Buys 54,449 Shares of Concentrix Corporation $CNXC

Envestnet Asset Management Inc. lifted its position in Concentrix Corporation (NASDAQ:CNXC) by 32.9% in the 2nd quarter, Holdings Channel.com reports. The fund owned 220,030 shares of the company’s stock after acquiring an additional 54,449 shares during the period. Envestnet Asset Management Inc.’s holdings in Concentrix were worth $11,630,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in Concentrix by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 5,242,763 shares of the company’s stock valued at $291,707,000 after acquiring an additional 106,217 shares during the period. AQR Capital Management LLC lifted its position in shares of Concentrix by 850.1% during the first quarter. AQR Capital Management LLC now owns 3,429,913 shares of the company’s stock worth $190,840,000 after purchasing an additional 3,068,916 shares during the last quarter. Boston Partners boosted its stake in shares of Concentrix by 17.1% during the first quarter. Boston Partners now owns 624,274 shares of the company’s stock valued at $33,991,000 after purchasing an additional 91,130 shares during the period. Northern Trust Corp grew its holdings in shares of Concentrix by 6.2% in the first quarter. Northern Trust Corp now owns 522,746 shares of the company’s stock worth $29,086,000 after purchasing an additional 30,527 shares during the last quarter. Finally, Alyeska Investment Group L.P. increased its stake in Concentrix by 5.5% in the 1st quarter. Alyeska Investment Group L.P. now owns 514,924 shares of the company’s stock worth $28,650,000 after buying an additional 26,746 shares during the period. 90.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CNXC has been the subject of several research analyst reports. Robert W. Baird decreased their price target on shares of Concentrix from $75.00 to $62.00 and set an “outperform” rating for the company in a research note on Monday, September 29th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $80.00 target price on shares of Concentrix in a research report on Tuesday, September 23rd. Wall Street Zen raised Concentrix from a “hold” rating to a “buy” rating in a research report on Saturday, October 25th. Barrington Research restated an “outperform” rating and set a $62.00 price target on shares of Concentrix in a research note on Wednesday, September 24th. Finally, Weiss Ratings raised shares of Concentrix from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, October 8th. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, Concentrix presently has an average rating of “Moderate Buy” and an average price target of $66.25.

Concentrix Stock Down 5.1%

CNXC stock opened at $34.76 on Friday. The stock has a market capitalization of $2.16 billion, a PE ratio of 7.35, a price-to-earnings-growth ratio of 0.50 and a beta of 0.49. Concentrix Corporation has a 52 week low of $34.02 and a 52 week high of $66.00. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 1.10. The firm has a 50 day moving average of $48.22 and a 200 day moving average of $51.86.

Concentrix Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 4th. Shareholders of record on Friday, October 24th were paid a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date was Friday, October 24th. This is an increase from Concentrix’s previous quarterly dividend of $0.33. Concentrix’s dividend payout ratio (DPR) is 30.44%.

Insider Activity

In related news, CEO Christopher A. Caldwell purchased 2,000 shares of the firm’s stock in a transaction on Thursday, October 30th. The stock was bought at an average cost of $42.03 per share, with a total value of $84,060.00. Following the completion of the acquisition, the chief executive officer owned 286,661 shares of the company’s stock, valued at $12,048,361.83. The trade was a 0.70% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last ninety days, insiders bought 4,000 shares of company stock valued at $169,410. Insiders own 3.20% of the company’s stock.

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.