Pallas Capital Advisors LLC Invests $1.52 Million in Concentrix Co. (NASDAQ:CNXC)

Pallas Capital Advisors LLC purchased a new position in shares of Concentrix Co. (NASDAQ:CNXC) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 27,318 shares of the company’s stock, valued at approximately $1,520,000.

A number of other hedge funds also recently modified their holdings of CNXC. Steward Partners Investment Advisory LLC lifted its holdings in Concentrix by 81.3% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 638 shares of the company’s stock valued at $28,000 after buying an additional 286 shares during the period. Venturi Wealth Management LLC lifted its holdings in Concentrix by 159.6% in the fourth quarter. Venturi Wealth Management LLC now owns 797 shares of the company’s stock valued at $34,000 after buying an additional 490 shares during the period. UMB Bank n.a. lifted its holdings in Concentrix by 47.3% in the first quarter. UMB Bank n.a. now owns 676 shares of the company’s stock valued at $38,000 after buying an additional 217 shares during the period. Parkside Financial Bank & Trust lifted its holdings in Concentrix by 58.7% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,201 shares of the company’s stock valued at $52,000 after buying an additional 444 shares during the period. Finally, KBC Group NV lifted its holdings in Concentrix by 68.3% in the fourth quarter. KBC Group NV now owns 2,008 shares of the company’s stock valued at $87,000 after buying an additional 815 shares during the period. Institutional investors and hedge funds own 90.34% of the company’s stock.

Concentrix Trading Down 1.4%

CNXC opened at $55.83 on Tuesday. Concentrix Co. has a 1-year low of $36.28 and a 1-year high of $77.00. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 1.17. The company has a market cap of $3.57 billion, a P/E ratio of 15.05, a price-to-earnings-growth ratio of 0.63 and a beta of 0.56. The company has a fifty day moving average price of $52.04 and a two-hundred day moving average price of $48.60.

Concentrix (NASDAQ:CNXC) last posted its quarterly earnings results on Wednesday, March 26th. The company reported $2.79 earnings per share for the quarter, beating the consensus estimate of $2.58 by $0.21. Concentrix had a net margin of 2.61% and a return on equity of 16.67%. The firm had revenue of $2.37 billion during the quarter, compared to the consensus estimate of $2.37 billion. During the same period in the previous year, the firm posted $2.57 earnings per share. The business’s revenue was down 1.3% compared to the same quarter last year. Analysts predict that Concentrix Co. will post 10.11 EPS for the current fiscal year.

Concentrix Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, May 6th. Shareholders of record on Friday, April 25th were paid a $0.3328 dividend. This represents a $1.33 annualized dividend and a yield of 2.38%. The ex-dividend date of this dividend was Friday, April 25th. Concentrix’s dividend payout ratio (DPR) is currently 33.33%.

Wall Street Analysts Forecast Growth

CNXC has been the topic of several recent analyst reports. Barrington Research dropped their target price on shares of Concentrix from $70.00 to $54.00 and set an “outperform” rating on the stock in a report on Monday, March 24th. Bank of America boosted their target price on shares of Concentrix from $59.00 to $65.00 and gave the company a “neutral” rating in a report on Monday. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $67.25.

Insider Transactions at Concentrix

In other news, Director Olivier Duha sold 29,444 shares of the business’s stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $48.52, for a total transaction of $1,428,622.88. Following the completion of the sale, the director now directly owns 1,155,862 shares of the company’s stock, valued at $56,082,424.24. The trade was a 2.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Cormac J. Twomey sold 500 shares of the business’s stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $57.06, for a total transaction of $28,530.00. Following the sale, the executive vice president now directly owns 38,130 shares of the company’s stock, valued at approximately $2,175,697.80. The trade was a 1.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 30,944 shares of company stock valued at $1,510,158 over the last three months. Corporate insiders own 3.20% of the company’s stock.

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.