Parkside Financial Bank & Trust Increases Stake in Concentrix Co. (NASDAQ:CNXC)

Parkside Financial Bank & Trust grew its holdings in shares of Concentrix Co. (NASDAQ:CNXC) by 58.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,201 shares of the company’s stock after purchasing an additional 444 shares during the quarter. Parkside Financial Bank & Trust’s holdings in Concentrix were worth $52,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of CNXC. Raymond James & Associates boosted its position in Concentrix by 73.3% during the third quarter. Raymond James & Associates now owns 55,313 shares of the company’s stock worth $2,835,000 after acquiring an additional 23,387 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in Concentrix by 16.3% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 10,543 shares of the company’s stock worth $540,000 after purchasing an additional 1,475 shares in the last quarter. Harbor Capital Advisors Inc. boosted its holdings in shares of Concentrix by 106.8% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 21,667 shares of the company’s stock worth $1,110,000 after purchasing an additional 11,188 shares during the last quarter. Verity Asset Management Inc. purchased a new stake in shares of Concentrix in the third quarter valued at approximately $247,000. Finally, Covestor Ltd increased its holdings in shares of Concentrix by 233.3% in the third quarter. Covestor Ltd now owns 13,554 shares of the company’s stock valued at $694,000 after purchasing an additional 9,487 shares during the last quarter. Hedge funds and other institutional investors own 90.34% of the company’s stock.

Insider Buying and Selling at Concentrix

In other news, EVP Cormac J. Twomey sold 500 shares of the business’s stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $55.60, for a total value of $27,800.00. Following the sale, the executive vice president now directly owns 41,111 shares of the company’s stock, valued at approximately $2,285,771.60. The trade was a 1.20 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.20% of the stock is currently owned by corporate insiders.

Concentrix Stock Performance

Concentrix stock opened at $42.86 on Tuesday. The firm has a 50 day simple moving average of $47.49 and a 200-day simple moving average of $50.76. The stock has a market cap of $2.76 billion, a price-to-earnings ratio of 11.55, a price-to-earnings-growth ratio of 0.63 and a beta of 0.67. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.42 and a quick ratio of 1.42. Concentrix Co. has a 1-year low of $36.28 and a 1-year high of $77.00.

Concentrix (NASDAQ:CNXC) last issued its quarterly earnings data on Wednesday, January 15th. The company reported $3.26 earnings per share for the quarter, topping the consensus estimate of $3.01 by $0.25. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. The company had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.44 billion. During the same period in the prior year, the business posted $3.36 earnings per share. The firm’s revenue for the quarter was up 9.7% compared to the same quarter last year. On average, analysts expect that Concentrix Co. will post 10.11 EPS for the current year.

Concentrix Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 11th. Investors of record on Friday, January 31st were issued a $0.3328 dividend. The ex-dividend date of this dividend was Friday, January 31st. This represents a $1.33 annualized dividend and a yield of 3.11%. Concentrix’s dividend payout ratio (DPR) is currently 35.85%.

Wall Street Analysts Forecast Growth

Separately, Canaccord Genuity Group lowered their price objective on Concentrix from $100.00 to $80.00 and set a “buy” rating on the stock in a research note on Thursday, January 16th. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $75.00.

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.