Sanctuary Advisors LLC Acquires New Holdings in Concentrix Co. (NASDAQ:CNXC)
Sanctuary Advisors LLC has acquired a new position in Concentrix Co. (NASDAQ:CNXC), purchasing 11,482 shares valued at approximately $497,000. Other institutional investors have also increased their stakes in the company. Concentrix's stock is currently rated as 'Buy' by analysts, with a consensus target price of $75.00. The company reported earnings of $3.26 per share, exceeding estimates, and announced a quarterly dividend of $0.3328. However, the stock has seen a decline of 0.4% recently, with a current price of $45.16.
Sanctuary Advisors LLC 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 fund bought 11,482 shares of the company's stock, valued at approximately $497,000.
- Concentrix: High Debt and Struggling Margins
Several other institutional investors and hedge funds also recently modified their holdings of CNXC. Raymond James & Associates raised its position in shares of Concentrix by 73.3% during the 3rd quarter. Raymond James & Associates now owns 55,313 shares of the company's stock worth $2,835,000 after purchasing an additional 23,387 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Concentrix by 16.3% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 10,543 shares of the company's stock worth $540,000 after acquiring an additional 1,475 shares during the last quarter. Harbor Capital Advisors Inc. lifted its position in shares of Concentrix by 106.8% in the third quarter. Harbor Capital Advisors Inc. now owns 21,667 shares of the company's stock valued at $1,110,000 after acquiring an additional 11,188 shares in the last quarter. Verity Asset Management Inc. acquired a new stake in shares of Concentrix during the third quarter valued at $247,000. Finally, Covestor Ltd increased its position in Concentrix by 233.3% during the 3rd quarter. Covestor Ltd now owns 13,554 shares of the company's stock worth $694,000 after purchasing an additional 9,487 shares in 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 Concentrix news, Director Kathryn Hayley bought 500 shares of the company's stock in a transaction that occurred on Wednesday, January 22nd. The stock was purchased at an average price of $50.22 per share, with a total value of $25,110.00. Following the transaction, the director now owns 3,034 shares in the company, valued at $152,367.48. This trade represents a 19.73 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 3.20% of the stock is owned by company insiders.
Wall Street Analysts Forecast Growth
Separately, Canaccord Genuity Group decreased their price target on shares of Concentrix from $100.00 to $80.00 and set a "buy" rating on the stock in a research note on Thursday, January 16th. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Concentrix currently has an average rating of "Buy" and a consensus target price of $75.00.
Read Our Latest Stock Analysis on Concentrix
Concentrix Stock Down 0.4 %
Shares of NASDAQ:CNXC opened at $45.16 on Friday. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 1.17. The firm has a market cap of $2.91 billion, a price-to-earnings ratio of 12.17, a PEG ratio of 0.63 and a beta of 0.67. The stock's 50-day moving average price is $47.47 and its two-hundred day moving average price is $51.02. Concentrix Co. has a 12-month low of $36.28 and a 12-month high of $77.00.
Concentrix (NASDAQ:CNXC - Get Free Report) last released its earnings results on Wednesday, January 15th. The company reported $3.26 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.01 by $0.25. The firm had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.44 billion. Concentrix had a net margin of 2.61% and a return on equity of 16.67%. Concentrix's revenue was up 9.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.36 earnings per share. On average, research analysts forecast that Concentrix Co. will post 10.11 EPS for the current year.
Concentrix Cuts Dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, February 11th. Investors of record on Friday, January 31st were issued a $0.3328 dividend. This represents a $1.33 dividend on an annualized basis and a yield of 2.95%. The ex-dividend date of this dividend was Friday, January 31st. Concentrix's payout ratio is currently 35.85%.
Concentrix Profile
(Free Report)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.
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Want to see what other hedge funds are holding CNXC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Concentrix Co. (NASDAQ:CNXC - Free Report).
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