Raymond James Financial Services Advisors Inc. Increases Stock Position in Concentrix Co. (NASDAQ:CNXC)

Raymond James Financial Services Advisors Inc. lifted its holdings in Concentrix Co. (NASDAQ:CNXC) by 26.7% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 6,179 shares of the company’s stock after purchasing an additional 1,304 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Concentrix were worth $607,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of CNXC. Quarry LP acquired a new stake in Concentrix in the first quarter valued at approximately $26,000. Headlands Technologies LLC acquired a new stake in Concentrix in the third quarter valued at approximately $65,000. Ronald Blue Trust Inc. boosted its stake in Concentrix by 382.1% in the third quarter. Ronald Blue Trust Inc. now owns 887 shares of the company’s stock valued at $72,000 after acquiring an additional 703 shares in the last quarter. State of Wyoming boosted its stake in Concentrix by 388.1% in the second quarter. State of Wyoming now owns 1,064 shares of the company’s stock valued at $86,000 after acquiring an additional 846 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its stake in Concentrix by 134.9% in the third quarter. EverSource Wealth Advisors LLC now owns 1,313 shares of the company’s stock valued at $105,000 after acquiring an additional 754 shares in the last quarter. Hedge funds and other institutional investors own 90.34% of the company’s stock.

Concentrix Trading Down 0.9 %

NASDAQ:CNXC opened at $54.75 on Friday. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 1.23. The firm has a fifty day simple moving average of $68.08 and a 200-day simple moving average of $81.96. Concentrix Co. has a 12 month low of $54.29 and a 12 month high of $110.49. The company has a market capitalization of $3.61 billion, a P/E ratio of 11.29, a PEG ratio of 0.66 and a beta of 0.48.

Concentrix (NASDAQ:CNXC) last issued its earnings results on Tuesday, March 26th. The company reported $2.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.36 by ($0.03). Concentrix had a return on equity of 17.70% and a net margin of 3.53%. The business had revenue of $2.40 billion for the quarter, compared to analysts’ expectations of $2.38 billion. On average, equities research analysts anticipate that Concentrix Co. will post 11.03 earnings per share for the current year.

Concentrix Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 7th. Shareholders of record on Friday, April 26th will be issued a $0.303 dividend. This is a boost from Concentrix’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Thursday, April 25th. This represents a $1.21 dividend on an annualized basis and a yield of 2.21%. Concentrix’s payout ratio is presently 24.95%.

Analyst Ratings Changes

Several equities research analysts have weighed in on CNXC shares. Barrington Research lowered their target price on shares of 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 set a $60.00 price objective (down from $85.00) on shares of Concentrix in a research note on Wednesday, March 27th. One research analyst has rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $82.25.

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.