Capital Management Corp VA Invests $17.23 Million in Concentrix Corporation $CNXC

Capital Management Corp VA bought a new position in Concentrix Corporation (NASDAQ:CNXC) during the second quarter, Holdings Channel reports. The fund bought 325,993 shares of the company’s stock, valued at approximately $17,230,000. Concentrix comprises about 2.9% of Capital Management Corp VA’s holdings, making the stock its 11th largest position.

Several other hedge funds have also modified their holdings of CNXC. Envestnet Asset Management Inc. raised its stake in Concentrix by 7.9% during the 1st quarter. Envestnet Asset Management Inc. now owns 165,581 shares of the company’s stock valued at $9,213,000 after purchasing an additional 12,162 shares during the period. GAMMA Investing LLC grew its holdings in shares of Concentrix by 761.3% during the first quarter. GAMMA Investing LLC now owns 2,446 shares of the company’s stock valued at $136,000 after buying an additional 2,162 shares in the last quarter. State of Alaska Department of Revenue raised its position in Concentrix by 19.7% during the second quarter. State of Alaska Department of Revenue now owns 77,478 shares of the company’s stock valued at $4,094,000 after buying an additional 12,745 shares during the period. Fifth Third Bancorp lifted its stake in Concentrix by 36.5% in the 1st quarter. Fifth Third Bancorp now owns 2,051 shares of the company’s stock worth $114,000 after acquiring an additional 548 shares in the last quarter. Finally, Janney Montgomery Scott LLC purchased a new stake in Concentrix in the 1st quarter worth about $495,000. 90.34% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Christopher A. Caldwell purchased 1,000 shares of Concentrix stock in a transaction on Friday, October 10th. The stock was bought at an average price of $45.35 per share, with a total value of $45,350.00. Following the completion of the transaction, the chief executive officer directly owned 305,345 shares of the company’s stock, valued at approximately $13,847,395.75. This represents a 0.33% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Cormac J. Twomey sold 500 shares of the company’s stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $57.91, for a total value of $28,955.00. Following the sale, the executive vice president owned 37,130 shares of the company’s stock, valued at approximately $2,150,198.30. This trade represents a 1.33% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 3.20% of the company’s stock.

Concentrix Price Performance

Shares of CNXC opened at $44.92 on Wednesday. The company has a debt-to-equity ratio of 1.10, a quick ratio of 1.56 and a current ratio of 1.56. The firm has a market cap of $2.80 billion, a PE ratio of 9.50, a PEG ratio of 0.65 and a beta of 0.50. The firm’s 50 day moving average price is $50.42 and its 200 day moving average price is $52.60. Concentrix Corporation has a twelve month low of $36.28 and a twelve month high of $66.00.

Concentrix Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 4th. Investors of record on Friday, October 24th will be paid a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend is Friday, October 24th. This is a boost from Concentrix’s previous quarterly dividend of $0.33. Concentrix’s dividend payout ratio (DPR) is presently 28.12%.

Analysts Set New Price Targets

Several research firms have weighed in on CNXC. Weiss Ratings raised Concentrix from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, October 8th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $80.00 price objective on shares of Concentrix in a research report on Tuesday, September 23rd. Wall Street Zen lowered shares of Concentrix from a “buy” rating to a “hold” rating in a research note on Saturday, June 21st. Robert W. Baird decreased their target price on shares of Concentrix from $75.00 to $62.00 and set an “outperform” rating for the company in a research note on Monday, September 29th. Finally, Barrington Research restated an “outperform” rating and set a $62.00 price target on shares of Concentrix in a report on Wednesday, September 24th. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $66.25.

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.