Invenomic Capital Management LP Boosts Stake in Concentrix Co. (NASDAQ:CNXC)

Invenomic Capital Management LP increased its holdings in Concentrix Co. (NASDAQ:CNXC) by 354.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 472,243 shares of the company’s stock after purchasing an additional 368,295 shares during the quarter. Concentrix accounts for about 1.3% of Invenomic Capital Management LP’s holdings, making the stock its 23rd largest holding. Invenomic Capital Management LP’s holdings in Concentrix were worth $24,202,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. SummerHaven Investment Management LLC raised its position in Concentrix by 2.9% during the 2nd quarter. SummerHaven Investment Management LLC now owns 8,662 shares of the company’s stock worth $548,000 after buying an additional 248 shares during the last quarter. First Horizon Advisors Inc. raised its stake in shares of Concentrix by 54.0% in the 2nd quarter. First Horizon Advisors Inc. now owns 813 shares of the company’s stock worth $51,000 after buying an additional 285 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Concentrix by 64.9% in the 3rd quarter. GAMMA Investing LLC now owns 729 shares of the company’s stock valued at $37,000 after acquiring an additional 287 shares in the last quarter. nVerses Capital LLC raised its holdings in shares of Concentrix by 10.7% in the second quarter. nVerses Capital LLC now owns 3,100 shares of the company’s stock valued at $196,000 after purchasing an additional 300 shares during the last quarter. Finally, Hexagon Capital Partners LLC lifted its stake in shares of Concentrix by 2,992.3% during the 2nd quarter. Hexagon Capital Partners LLC now owns 402 shares of the company’s stock valued at $25,000 after buying an additional 389 shares in the last quarter. 90.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Christopher A. Caldwell sold 9,823 shares of the stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 241,841 shares of the company’s stock, valued at approximately $12,745,020.70. This represents a 3.90 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Cormac J. Twomey sold 1,544 shares of the stock in a transaction on Monday, September 30th. The stock was sold at an average price of $51.38, for a total transaction of $79,330.72. Following the completion of the transaction, the executive vice president now directly owns 27,783 shares in the company, valued at $1,427,490.54. The trade was a 5.26 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 11,867 shares of company stock valued at $619,093. Corporate insiders own 3.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on CNXC. Baird R W raised shares of Concentrix to a “strong-buy” rating in a research note on Thursday, October 3rd. Bank of America lowered their price target on Concentrix from $85.00 to $70.00 and set a “neutral” rating for the company in a research report on Thursday, September 26th. Robert W. Baird assumed coverage on shares of Concentrix in a research note on Thursday, October 3rd. They issued an “outperform” rating and a $70.00 target price on the stock. Barrington Research reduced their target price on shares of Concentrix from $84.00 to $70.00 and set an “outperform” rating on the stock in a report on Thursday, September 26th. Finally, Canaccord Genuity Group reduced their price objective on shares of Concentrix from $125.00 to $100.00 and set a “buy” rating for the company in a research report on Thursday, September 26th. One analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Concentrix currently has a consensus rating of “Buy” and a consensus price target of $79.00.

Concentrix Price Performance

Shares of NASDAQ CNXC opened at $45.50 on Tuesday. The stock has a market cap 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. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.57 and a current ratio of 1.57. Concentrix Co. has a fifty-two week low of $36.28 and a fifty-two week high of $106.10. The stock has a fifty day moving average of $46.48 and a 200-day moving average of $58.92.

Concentrix (NASDAQ:CNXC) last released its earnings results on Wednesday, September 25th. The company reported $2.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.93 by ($0.06). Concentrix had a return on equity of 16.57% and a net margin of 2.18%. The firm had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.38 billion. During the same period in the prior year, the company posted $2.54 earnings per share. The company’s revenue was up 46.2% compared to the same quarter last year. Equities research analysts anticipate that Concentrix Co. will post 10.18 earnings per share for the current year.

Concentrix Increases Dividend

The company also recently declared 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 is a boost from Concentrix’s previous quarterly dividend of $0.30. The ex-dividend date was Friday, October 25th. This represents a $1.33 annualized dividend and a dividend yield of 2.93%. Concentrix’s payout ratio is presently 43.18%.

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.