Principal Financial Group Inc. Sells 47,014 Shares of Concentrix Co. (NASDAQ:CNXC)

Principal Financial Group Inc. decreased its position in shares of Concentrix Co. (NASDAQ:CNXC) by 30.1% in the 3rd quarter, Holdings Channel reports. The firm owned 109,029 shares of the company’s stock after selling 47,014 shares during the quarter. Principal Financial Group Inc.’s holdings in Concentrix were worth $5,588,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CNXC. SummerHaven Investment Management LLC raised its stake in Concentrix by 2.9% during the second quarter. SummerHaven Investment Management LLC now owns 8,662 shares of the company’s stock worth $548,000 after buying an additional 248 shares during the last quarter. First Horizon Advisors Inc. raised its position in shares of Concentrix by 54.0% in the 2nd quarter. First Horizon Advisors Inc. now owns 813 shares of the company’s stock worth $51,000 after acquiring an additional 285 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Concentrix by 64.9% in the 3rd quarter. GAMMA Investing LLC now owns 729 shares of the company’s stock valued at $37,000 after purchasing an additional 287 shares during the period. nVerses Capital LLC boosted its position in shares of Concentrix by 10.7% during the 2nd quarter. nVerses Capital LLC now owns 3,100 shares of the company’s stock valued at $196,000 after purchasing an additional 300 shares in the last quarter. Finally, Hexagon Capital Partners LLC grew its stake in Concentrix by 2,992.3% during the second quarter. Hexagon Capital Partners LLC now owns 402 shares of the company’s stock worth $25,000 after purchasing an additional 389 shares during the period. Institutional investors and hedge funds own 90.34% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Bank of America dropped their price target on Concentrix from $85.00 to $70.00 and set a “neutral” rating on the stock in a research note on Thursday, September 26th. Barrington Research dropped their target price on shares of Concentrix from $84.00 to $70.00 and set an “outperform” rating on the stock in a research report on Thursday, September 26th. Baird R W upgraded shares of Concentrix to a “strong-buy” rating in a report on Thursday, October 3rd. Robert W. Baird began coverage on shares of Concentrix in a report on Thursday, October 3rd. They set an “outperform” rating and a $70.00 price objective on the stock. Finally, Canaccord Genuity Group reduced their target price on Concentrix from $125.00 to $100.00 and set a “buy” rating for the company in a research note on Thursday, September 26th. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $79.00.

Insider Buying and Selling at Concentrix

In other Concentrix news, CEO Christopher A. Caldwell sold 9,823 shares of Concentrix stock in a transaction that occurred on Friday, October 4th. The shares were sold at an average price of $52.70, for a total transaction of $517,672.10. Following the transaction, the chief executive officer now owns 241,841 shares of the company’s stock, valued at $12,745,020.70. This trade represents a 3.90 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Cormac J. Twomey sold 1,544 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $51.38, for a total value of $79,330.72. Following the completion of the transaction, the executive vice president now owns 27,783 shares in the company, valued at $1,427,490.54. The trade was a 5.26 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 12,267 shares of company stock worth $648,945. Corporate insiders own 3.10% of the company’s stock.

Concentrix Stock Up 6.7 %

Concentrix stock opened at $39.76 on Thursday. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 1.18. The firm’s fifty day moving average price is $49.45 and its two-hundred day moving average price is $59.82. The firm has a market capitalization of $2.58 billion, a price-to-earnings ratio of 12.91, a price-to-earnings-growth ratio of 0.53 and a beta of 0.61. Concentrix Co. has a 1-year low of $36.28 and a 1-year high of $106.10.

Concentrix (NASDAQ:CNXC) last released its quarterly earnings results on Wednesday, September 25th. The company reported $2.87 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.06). The company had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.38 billion. Concentrix had a net margin of 2.18% and a return on equity of 16.57%. Concentrix’s revenue for the quarter was up 46.2% on a year-over-year basis. During the same quarter last year, the firm posted $2.54 EPS. On average, equities research analysts predict that Concentrix Co. will post 10.18 earnings per share for the current fiscal year.

Concentrix Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 5th. Investors of record on Friday, October 25th were given a $0.333 dividend. This is a positive change from Concentrix’s previous quarterly dividend of $0.30. This represents a $1.33 dividend on an annualized basis and a yield of 3.35%. The ex-dividend date of this dividend was Friday, October 25th. Concentrix’s dividend payout ratio is presently 43.18%.

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.