Invenomic Capital Management LP Buys 368,295 Shares of Concentrix Co. (NASDAQ:CNXC)

Invenomic Capital Management LP lifted its position in Concentrix Co. (NASDAQ:CNXC) by 354.3% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 472,243 shares of the company’s stock after buying an additional 368,295 shares during the period. Concentrix makes up about 1.3% of Invenomic Capital Management LP’s portfolio, making the stock its 23rd largest position. Invenomic Capital Management LP owned approximately 0.73% of Concentrix worth $24,202,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD grew its stake in shares of Concentrix by 4.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 28,796 shares of the company’s stock worth $1,908,000 after purchasing an additional 1,353 shares during the period. GAMMA Investing LLC boosted its holdings in Concentrix by 1,005.0% in the 2nd quarter. GAMMA Investing LLC now owns 442 shares of the company’s stock valued at $28,000 after purchasing an additional 402 shares during the period. First Hawaiian Bank increased its holdings in shares of Concentrix by 97.9% in the second quarter. First Hawaiian Bank now owns 9,000 shares of the company’s stock valued at $570,000 after purchasing an additional 4,452 shares in the last quarter. Harbor Capital Advisors Inc. raised its position in shares of Concentrix by 296.0% during the second quarter. Harbor Capital Advisors Inc. now owns 10,479 shares of the company’s stock worth $663,000 after purchasing an additional 7,833 shares during the period. Finally, CWM LLC lifted its stake in Concentrix by 119.9% in the second quarter. CWM LLC now owns 6,458 shares of the company’s stock valued at $409,000 after acquiring an additional 3,521 shares during the last quarter. 90.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on CNXC shares. Bank of America decreased their price objective on shares of Concentrix from $85.00 to $70.00 and set a “neutral” rating for the company in a report on Thursday, September 26th. Robert W. Baird started coverage on Concentrix in a report on Thursday, October 3rd. They issued an “outperform” rating and a $70.00 price objective for the company. Barrington Research cut their target price 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. Canaccord Genuity Group lowered their target price on Concentrix from $125.00 to $100.00 and set a “buy” rating for the company in a report on Thursday, September 26th. Finally, Baird R W raised shares of Concentrix to a “strong-buy” rating in a research note on Thursday, October 3rd. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Concentrix presently has a consensus rating of “Buy” and an average target price of $79.00.

Concentrix Stock Up 1.2 %

Concentrix stock opened at $45.50 on Tuesday. Concentrix Co. has a twelve month low of $36.28 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 company has a 50 day moving average of $46.48 and a 200-day moving average of $58.92. The stock has a market capitalization of $2.95 billion, a PE ratio of 14.77, a price-to-earnings-growth ratio of 0.62 and a beta of 0.63.

Concentrix (NASDAQ:CNXC) last posted its quarterly earnings results on Wednesday, September 25th. The company reported $2.87 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.06). The business had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.38 billion. Concentrix had a return on equity of 16.57% and a net margin of 2.18%. Concentrix’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 earnings per share. On average, equities research analysts anticipate that Concentrix Co. will post 10.18 EPS for the current fiscal year.

Concentrix Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 5th. Stockholders of record on Friday, October 25th were given a dividend of $0.333 per share. This represents a $1.33 annualized dividend and a dividend yield of 2.93%. This is an increase from Concentrix’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Friday, October 25th. Concentrix’s dividend payout ratio (DPR) is 43.18%.

Insider Transactions at Concentrix

In related news, CEO Christopher A. Caldwell sold 9,823 shares of the business’s stock in a transaction on Friday, October 4th. The shares were sold at an average price of $52.70, for a total transaction of $517,672.10. Following the transaction, the chief executive officer now directly owns 241,841 shares in the company, valued at approximately $12,745,020.70. The trade was a 3.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Cormac J. Twomey sold 1,544 shares of the company’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of $51.38, for a total value of $79,330.72. Following the sale, the executive vice president now owns 27,783 shares of the company’s stock, valued at $1,427,490.54. The trade was a 5.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 11,867 shares of company stock valued at $619,093. Corporate insiders own 3.10% of the company’s stock.

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.