Wealth Enhancement Advisory Services LLC Purchases 43,888 Shares of Concentrix Corporation (NASDAQ:CNXC)

Wealth Enhancement Advisory Services LLC raised its position in shares of Concentrix Corporation (NASDAQ:CNXC) by 687.7% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 50,270 shares of the company’s stock after purchasing an additional 43,888 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Concentrix were worth $2,797,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. NorthCrest Asset Manangement LLC bought a new stake in Concentrix during the 1st quarter valued at about $340,000. Fifth Third Bancorp increased its stake in Concentrix by 36.5% during the 1st quarter. Fifth Third Bancorp now owns 2,051 shares of the company’s stock valued at $114,000 after purchasing an additional 548 shares in the last quarter. Thompson Investment Management Inc. increased its stake in Concentrix by 1.5% during the 1st quarter. Thompson Investment Management Inc. now owns 142,543 shares of the company’s stock valued at $7,931,000 after purchasing an additional 2,132 shares in the last quarter. SG Americas Securities LLC bought a new stake in Concentrix during the 1st quarter valued at about $347,000. Finally, GAMMA Investing LLC increased its stake in Concentrix by 761.3% during the 1st quarter. GAMMA Investing LLC now owns 2,446 shares of the company’s stock valued at $136,000 after purchasing an additional 2,162 shares in the last quarter. 90.34% of the stock is currently owned by institutional investors.

Insider Transactions at Concentrix

In other Concentrix news, EVP Cormac J. Twomey sold 500 shares of the firm’s stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $55.31, for a total transaction of $27,655.00. Following the sale, the executive vice president now owns 39,130 shares in the company, valued at approximately $2,164,280.30. This trade represents a 1.26% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Christopher A. Caldwell bought 1,000 shares of the firm’s stock in a transaction on Monday, April 21st. The shares were purchased at an average price of $46.00 per share, for a total transaction of $46,000.00. Following the purchase, the chief executive officer now owns 303,362 shares in the company, valued at $13,954,652. This trade represents a 0.33% increase in their position. The disclosure for this purchase can be found here. Insiders have sold 30,944 shares of company stock worth $1,510,158 in the last quarter. Company insiders own 3.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on CNXC shares. Robert W. Baird raised their price objective on shares of Concentrix from $62.00 to $72.00 and gave the company an “outperform” rating in a research note on Thursday. Wall Street Zen cut shares of Concentrix from a “buy” rating to a “hold” rating in a research note on Saturday, June 21st. Bank of America lowered their target price on shares of Concentrix from $65.00 to $61.00 and set a “neutral” rating on the stock in a research note on Friday. Finally, Barrington Research restated an “outperform” rating and set a $54.00 target price on shares of Concentrix in a research note on Tuesday. Two analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $66.75.

Concentrix Trading Down 6.2%

Shares of NASDAQ:CNXC opened at $51.71 on Friday. The stock’s 50-day simple moving average is $53.86 and its two-hundred day simple moving average is $49.47. The stock has a market capitalization of $3.30 billion, a price-to-earnings ratio of 14.21, a PEG ratio of 0.71 and a beta of 0.56. Concentrix Corporation has a 52-week low of $36.28 and a 52-week high of $77.00. The company has a debt-to-equity ratio of 1.22, a quick ratio of 1.65 and a current ratio of 1.65.

Concentrix (NASDAQ:CNXC) last issued its quarterly earnings data on Thursday, June 26th. The company reported $2.70 earnings per share for the quarter, missing the consensus estimate of $2.76 by ($0.06). Concentrix had a return on equity of 16.51% and a net margin of 2.54%. The business had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.38 billion. During the same quarter last year, the company earned $2.69 EPS. Concentrix’s revenue for the quarter was up 1.5% on a year-over-year basis. Analysts expect that Concentrix Corporation will post 10.11 EPS for the current year.

Concentrix Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 5th. Stockholders of record on Friday, July 25th will be paid a $0.3328 dividend. This represents a $1.33 annualized dividend and a dividend yield of 2.57%. The ex-dividend date of this dividend is Friday, July 25th. Concentrix’s dividend payout ratio (DPR) is presently 33.33%.

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.