Phocas Financial Corp. Invests $3.60 Million in Concentrix Co. (NASDAQ:CNXC)

Phocas Financial Corp. bought a new position in Concentrix Co. (NASDAQ:CNXC) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 36,693 shares of the company’s stock, valued at approximately $3,604,000. Phocas Financial Corp. owned 0.06% of Concentrix at the end of the most recent quarter.

Several other large investors have also made changes to their positions in CNXC. Cambridge Investment Research Advisors Inc. raised its position in Concentrix by 7.7% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 1,859 shares of the company’s stock valued at $310,000 after purchasing an additional 133 shares during the period. BlackRock Inc. grew its stake in shares of Concentrix by 1.0% during the first quarter. BlackRock Inc. now owns 3,668,975 shares of the company’s stock valued at $611,103,000 after acquiring an additional 35,619 shares in the last quarter. Great West Life Assurance Co. Can grew its stake in shares of Concentrix by 8.0% during the first quarter. Great West Life Assurance Co. Can now owns 23,644 shares of the company’s stock valued at $4,049,000 after acquiring an additional 1,761 shares in the last quarter. Sei Investments Co. grew its stake in shares of Concentrix by 168.7% during the first quarter. Sei Investments Co. now owns 22,904 shares of the company’s stock valued at $3,823,000 after acquiring an additional 14,380 shares in the last quarter. Finally, Aviva PLC acquired a new stake in shares of Concentrix during the first quarter valued at about $593,000. 90.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently commented on CNXC. Barrington Research decreased their price target on Concentrix from $121.00 to $84.00 and set an “outperform” rating for the company in a research note on Wednesday, March 27th. Bank of America reiterated an “underperform” rating and issued a $60.00 price target (down from $85.00) on shares of Concentrix in a research note on Wednesday, March 27th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $82.25.

Concentrix Stock Performance

CNXC opened at $59.22 on Monday. The business’s 50 day moving average is $70.37 and its 200-day moving average is $82.65. The stock has a market cap of $3.91 billion, a PE ratio of 12.21, a price-to-earnings-growth ratio of 0.68 and a beta of 0.48. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 1.23. Concentrix Co. has a twelve month low of $56.81 and a twelve month high of $113.04.

Concentrix (NASDAQ:CNXC) last announced its earnings results on Wednesday, January 24th. The company reported $3.07 EPS for the quarter, topping the consensus estimate of $2.92 by $0.15. The firm had revenue of $2.23 billion for the quarter, compared to analysts’ expectations of $2.20 billion. Concentrix had a return on equity of 17.70% and a net margin of 3.53%. On average, analysts predict that Concentrix Co. will post 11.03 earnings per share for the current year.

Concentrix Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 7th. Stockholders of record on Friday, April 26th will be given a dividend of $0.303 per share. This represents a $1.21 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date of this dividend is Thursday, April 25th. This is an increase from Concentrix’s previous quarterly dividend of $0.30. Concentrix’s dividend payout ratio is 24.95%.

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.