Invenomic Capital Management LP Purchases 51,896 Shares of Concentrix Corporation $CNXC

Invenomic Capital Management LP boosted its position in Concentrix Corporation (NASDAQ:CNXC) by 6.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 874,241 shares of the company’s stock after purchasing an additional 51,896 shares during the quarter. Concentrix comprises about 1.7% of Invenomic Capital Management LP’s portfolio, making the stock its 15th biggest holding. Invenomic Capital Management LP owned approximately 1.42% of Concentrix worth $36,351,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. AQR Capital Management LLC boosted its stake in Concentrix by 1.8% in the 3rd quarter. AQR Capital Management LLC now owns 4,380,821 shares of the company’s stock valued at $202,175,000 after purchasing an additional 75,352 shares during the period. Pzena Investment Management LLC boosted its stake in Concentrix by 32.3% in the 4th quarter. Pzena Investment Management LLC now owns 2,927,196 shares of the company’s stock valued at $121,713,000 after purchasing an additional 714,604 shares during the period. Dimensional Fund Advisors LP raised its holdings in Concentrix by 28.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,491,270 shares of the company’s stock valued at $103,588,000 after acquiring an additional 551,778 shares in the last quarter. State Street Corp raised its holdings in Concentrix by 8.7% in the 2nd quarter. State Street Corp now owns 1,622,854 shares of the company’s stock valued at $85,776,000 after acquiring an additional 130,529 shares in the last quarter. Finally, First Trust Advisors LP raised its holdings in Concentrix by 37.7% in the 4th quarter. First Trust Advisors LP now owns 805,898 shares of the company’s stock valued at $33,509,000 after acquiring an additional 220,590 shares in the last quarter. 90.34% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Concentrix news, CFO Andre S. Valentine purchased 2,500 shares of the stock in a transaction dated Thursday, April 9th. The stock was bought at an average price of $27.95 per share, with a total value of $69,875.00. Following the acquisition, the chief financial officer owned 89,066 shares of the company’s stock, valued at approximately $2,489,394.70. This represents a 2.89% 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, major shareholder Bruxelles Lambert Groupe sold 6,000,000 shares of the business’s stock in a transaction on Wednesday, April 29th. The stock was sold at an average price of $22.25, for a total value of $133,500,000.00. Following the transaction, the insider directly owned 2,773,667 shares of the company’s stock, valued at $61,714,090.75. This trade represents a 68.39% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.90% of the stock is currently owned by insiders.

Concentrix Price Performance

Concentrix stock opened at $25.42 on Thursday. The company has a debt-to-equity ratio of 1.43, a quick ratio of 1.18 and a current ratio of 1.18. Concentrix Corporation has a 52 week low of $22.05 and a 52 week high of $62.14. The stock has a market capitalization of $1.55 billion, a P/E ratio of -1.18, a price-to-earnings-growth ratio of 0.33 and a beta of 0.44. The stock has a fifty day moving average of $26.42 and a 200-day moving average of $32.79.

Concentrix (NASDAQ:CNXC) last posted its quarterly earnings results on Tuesday, March 24th. The company reported $2.61 EPS for the quarter, missing analysts’ consensus estimates of $2.65 by ($0.04). Concentrix had a positive return on equity of 17.80% and a negative net margin of 13.35%.The business had revenue of $2.50 billion for the quarter, compared to analyst estimates of $2.49 billion. During the same period last year, the firm posted $2.79 EPS. Concentrix’s quarterly revenue was up 5.4% on a year-over-year basis. On average, sell-side analysts expect that Concentrix Corporation will post 10.42 earnings per share for the current fiscal year.

Concentrix Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 5th. Stockholders of record on Friday, April 24th were issued a dividend of $0.36 per share. The ex-dividend date of this dividend was Friday, April 24th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 5.7%. Concentrix’s payout ratio is -6.68%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Canaccord Genuity Group dropped their price objective on Concentrix from $80.00 to $55.00 and set a “buy” rating for the company in a report on Wednesday, March 25th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Concentrix in a report on Monday, April 27th. Barrington Research dropped their price objective on Concentrix from $62.00 to $38.00 and set an “outperform” rating for the company in a report on Wednesday, March 25th. Wall Street Zen cut Concentrix from a “buy” rating to a “hold” rating in a report on Saturday, March 28th. Finally, Robert W. Baird dropped their price objective on Concentrix from $52.00 to $40.00 and set an “outperform” rating for the company in a report on Wednesday, March 25th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $48.50.

Concentrix Company Profile

Concentrix Inc (NASDAQ: CNXC) is a global business services company specializing in customer engagement solutions and technology?driven business process outsourcing. The firm’s offerings encompass customer care delivered across voice and digital channels, back?office processing, analytics and consulting, and automated workflow management. By integrating proprietary platforms, strategic partnerships and advanced automation, Concentrix helps clients enhance customer experiences and streamline operations.

Its capabilities extend to digital marketing and technology implementation, leveraging artificial intelligence, machine learning and data analytics to optimize customer journeys.