Invenomic Capital Management LP Purchases 194,190 Shares of Concentrix Co. (NASDAQ:CNXC)

Invenomic Capital Management LP raised its position in Concentrix Co. (NASDAQ:CNXC) by 41.1% in the 4th quarter, Holdings Channel.com reports. The fund owned 666,433 shares of the company’s stock after acquiring an additional 194,190 shares during the quarter. Concentrix makes up approximately 1.4% of Invenomic Capital Management LP’s portfolio, making the stock its 12th biggest position. Invenomic Capital Management LP’s holdings in Concentrix were worth $28,837,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of CNXC. Steward Partners Investment Advisory LLC lifted its holdings in shares of Concentrix by 81.3% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 638 shares of the company’s stock valued at $28,000 after purchasing an additional 286 shares during the last quarter. Venturi Wealth Management LLC increased its position in Concentrix by 159.6% during the 4th quarter. Venturi Wealth Management LLC now owns 797 shares of the company’s stock valued at $34,000 after buying an additional 490 shares in the last quarter. Parkside Financial Bank & Trust raised its stake 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 last quarter. KBC Group NV boosted its holdings in Concentrix by 68.3% in the fourth quarter. KBC Group NV now owns 2,008 shares of the company’s stock worth $87,000 after acquiring an additional 815 shares in the last quarter. Finally, Quarry LP boosted its holdings in Concentrix by 843.9% in the fourth quarter. Quarry LP now owns 2,539 shares of the company’s stock worth $110,000 after acquiring an additional 2,270 shares in the last quarter. 90.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Barrington Research lowered their target price on shares of Concentrix from $70.00 to $54.00 and set an “outperform” rating for the company in a research note on Monday, March 24th. Bank of America boosted their price objective on shares of Concentrix from $58.00 to $59.00 and gave the company a “neutral” rating in a report on Thursday, March 27th. Finally, Canaccord Genuity Group reduced their target price on Concentrix from $100.00 to $80.00 and set a “buy” rating for the company in a research note on Thursday, January 16th. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Concentrix currently has an average rating of “Buy” and a consensus price target of $65.75.

Insider Activity

In other Concentrix news, CEO Christopher A. Caldwell bought 1,000 shares of the company’s stock in a transaction dated Monday, April 21st. The shares were purchased at an average cost of $46.00 per share, for a total transaction of $46,000.00. Following the transaction, the chief executive officer now directly owns 303,362 shares of the company’s stock, valued at approximately $13,954,652. The trade was a 0.33 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Cormac J. Twomey sold 500 shares of the company’s stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $55.31, for a total value of $27,655.00. Following the completion of the transaction, the executive vice president now directly owns 39,130 shares of the company’s stock, valued at $2,164,280.30. The trade was a 1.26 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 30,444 shares of company stock valued at $1,481,628 in the last three months. 3.20% of the stock is currently owned by corporate insiders.

Concentrix Stock Up 2.5 %

NASDAQ:CNXC opened at $53.33 on Friday. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.42 and a quick ratio of 1.42. The company’s fifty day moving average price is $48.79 and its 200-day moving average price is $46.48. Concentrix Co. has a 1-year low of $36.28 and a 1-year high of $77.00. The firm has a market capitalization of $3.41 billion, a P/E ratio of 14.37, a PEG ratio of 0.63 and a beta of 0.52.

Concentrix (NASDAQ:CNXC) last released its quarterly earnings data on Wednesday, March 26th. The company reported $2.79 earnings per share for the quarter, beating analysts’ consensus estimates of $2.58 by $0.21. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. The business had revenue of $2.37 billion during the quarter, compared to analyst estimates of $2.37 billion. During the same quarter last year, the business posted $2.57 EPS. The company’s revenue was down 1.3% on a year-over-year basis. As a group, equities research analysts anticipate that Concentrix Co. will post 10.11 EPS for the current year.

Concentrix Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 6th. Stockholders of record on Friday, April 25th were paid a dividend of $0.3328 per share. The ex-dividend date was Friday, April 25th. This represents a $1.33 dividend on an annualized basis and a dividend yield of 2.50%. Concentrix’s payout ratio is 33.33%.

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.