Valley Wealth Managers Inc. Has $110,000 Stake in Concentrix Co. (NASDAQ:CNXC)

Valley Wealth Managers Inc. reduced its stake in shares of Concentrix Co. (NASDAQ:CNXC) by 98.7% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,147 shares of the company’s stock after selling 166,335 shares during the period. Valley Wealth Managers Inc.’s holdings in Concentrix were worth $110,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Parametrica Management Ltd bought a new position in Concentrix during the 3rd quarter worth approximately $214,000. Victory Capital Management Inc. raised its stake in Concentrix by 32.1% during the third quarter. Victory Capital Management Inc. now owns 28,773 shares of the company’s stock worth $1,475,000 after buying an additional 6,990 shares during the last quarter. GSA Capital Partners LLP acquired a new position in Concentrix in the third quarter valued at $1,243,000. Covestor Ltd boosted its position in Concentrix by 233.3% during the third quarter. Covestor Ltd now owns 13,554 shares of the company’s stock valued at $694,000 after acquiring an additional 9,487 shares during the last quarter. Finally, Verity Asset Management Inc. acquired a new stake in Concentrix during the 3rd quarter worth about $247,000. 90.34% of the stock is owned by institutional investors and hedge funds.

Concentrix Price Performance

Shares of NASDAQ:CNXC opened at $38.29 on Friday. The stock’s 50 day moving average is $51.33 and its 200-day moving average is $60.19. Concentrix Co. has a twelve month low of $37.94 and a twelve month high of $106.10. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 1.18. The firm has a market capitalization of $2.48 billion, a price-to-earnings ratio of 12.43, a PEG ratio of 0.56 and a beta of 0.61.

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

Concentrix Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 5th. Shareholders of record on Friday, October 25th were issued a dividend of $0.333 per share. 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 3.48%. The ex-dividend date was Friday, October 25th. Concentrix’s payout ratio is currently 43.18%.

Analysts Set New Price Targets

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

Insider Transactions at Concentrix

In other Concentrix news, CEO Christopher A. Caldwell sold 9,823 shares of the company’s stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $52.70, for a total value of $517,672.10. Following the completion of the sale, the chief executive officer now directly owns 241,841 shares of the company’s stock, valued at approximately $12,745,020.70. This represents a 3.90 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Cormac J. Twomey sold 400 shares of the stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $74.63, for a total transaction of $29,852.00. Following the completion of the sale, the executive vice president now owns 29,327 shares of the company’s stock, valued at approximately $2,188,674.01. This trade represents a 1.35 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 12,267 shares of company stock valued at $648,945 over the last ninety days. 3.10% of the stock is currently owned by insiders.

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.