IMA Wealth Inc. Has $1.02 Million Stock Holdings in Concentrix Co. (NASDAQ:CNXC)

IMA Wealth Inc. decreased its position in shares of Concentrix Co. (NASDAQ:CNXC) by 3.8% during the 4th quarter, HoldingsChannel.com reports. The fund owned 10,347 shares of the company’s stock after selling 408 shares during the period. IMA Wealth Inc.’s holdings in Concentrix were worth $1,016,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Fifth Third Bancorp lifted its stake in Concentrix by 9.1% in the 4th quarter. Fifth Third Bancorp now owns 1,481 shares of the company’s stock valued at $145,000 after purchasing an additional 123 shares during the last quarter. Miracle Mile Advisors LLC lifted its stake in Concentrix by 4.0% in the 3rd quarter. Miracle Mile Advisors LLC now owns 4,366 shares of the company’s stock valued at $350,000 after purchasing an additional 168 shares during the last quarter. Arizona State Retirement System lifted its stake in Concentrix by 1.4% in the 3rd quarter. Arizona State Retirement System now owns 12,598 shares of the company’s stock valued at $1,009,000 after purchasing an additional 168 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in Concentrix by 6.4% in the 3rd quarter. PNC Financial Services Group Inc. now owns 3,318 shares of the company’s stock valued at $266,000 after purchasing an additional 199 shares during the last quarter. Finally, Blue Trust Inc. lifted its stake in Concentrix by 29.8% in the 4th quarter. Blue Trust Inc. now owns 1,151 shares of the company’s stock valued at $113,000 after purchasing an additional 264 shares during the last quarter. Institutional investors own 90.34% of the company’s stock.

Concentrix Trading Down 0.8 %

Shares of CNXC stock traded down $0.47 during trading hours on Friday, hitting $55.01. 331,745 shares of the company’s stock traded hands, compared to its average volume of 610,460. Concentrix Co. has a 12 month low of $54.16 and a 12 month high of $106.10. The stock’s 50 day simple moving average is $64.81 and its 200 day simple moving average is $80.96. The stock has a market cap of $3.63 billion, a PE ratio of 11.34, a price-to-earnings-growth ratio of 0.64 and a beta of 0.48. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 1.23.

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

Concentrix Increases Dividend

The business also recently declared 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 represents a $1.21 dividend on an annualized basis and a yield of 2.20%. This is a boost from Concentrix’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Thursday, April 25th. Concentrix’s dividend payout ratio (DPR) is presently 24.95%.

Analyst Ratings Changes

CNXC has been the subject of several research reports. Bank of America reissued an “underperform” rating and issued a $60.00 price objective (down previously from $85.00) on shares of Concentrix in a research note on Wednesday, March 27th. Barrington Research dropped their price target 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. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $82.25.

Insiders Place Their Bets

In related news, CEO Christopher A. Caldwell purchased 900 shares of Concentrix stock in a transaction on Friday, April 19th. The stock was acquired at an average cost of $54.59 per share, for a total transaction of $49,131.00. Following the completion of the acquisition, the chief executive officer now owns 239,128 shares of the company’s stock, valued at approximately $13,053,997.52. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Over the last ninety days, insiders purchased 1,879 shares of company stock worth $116,400. 3.00% of the stock is currently owned by company insiders.

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.