Verition Fund Management LLC Raises Stock Holdings in Concentrix Co. (NASDAQ:CNXC)

Verition Fund Management LLC grew its stake in shares of Concentrix Co. (NASDAQ:CNXC) by 221.9% during the third quarter, HoldingsChannel.com reports. The fund owned 42,054 shares of the company’s stock after buying an additional 28,989 shares during the quarter. Verition Fund Management LLC’s holdings in Concentrix were worth $2,155,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the stock. Hexagon Capital Partners LLC lifted its position in Concentrix by 2,992.3% during the second quarter. Hexagon Capital Partners LLC now owns 402 shares of the company’s stock valued at $25,000 after purchasing an additional 389 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Concentrix by 1,005.0% during the 2nd quarter. GAMMA Investing LLC now owns 442 shares of the company’s stock valued at $28,000 after buying an additional 402 shares during the period. First Horizon Advisors Inc. boosted 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 during the last quarter. Benjamin F. Edwards & Company Inc. bought a new stake in shares of Concentrix in the second quarter worth $68,000. Finally, Quarry LP increased its position in Concentrix by 769.9% during the second quarter. Quarry LP now owns 1,244 shares of the company’s stock valued at $79,000 after acquiring an additional 1,101 shares during the last quarter. Hedge funds and other institutional investors own 90.34% of the company’s stock.

Concentrix Stock Down 2.4 %

CNXC opened at $44.21 on Friday. Concentrix Co. has a fifty-two week low of $36.28 and a fifty-two week high of $106.10. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.57 and a current ratio of 1.57. The stock has a market cap of $2.87 billion, a price-to-earnings ratio of 14.35, a price-to-earnings-growth ratio of 0.58 and a beta of 0.63. The firm’s fifty day moving average is $45.39 and its 200 day moving average is $58.55.

Concentrix (NASDAQ:CNXC) last posted its quarterly earnings results on Wednesday, September 25th. The company reported $2.87 EPS for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.06). Concentrix had a return on equity of 16.57% and a net margin of 2.18%. The business 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 firm posted $2.54 earnings per share. The firm’s revenue for the quarter was up 46.2% on a year-over-year basis. On average, sell-side analysts forecast that Concentrix Co. will post 10.18 earnings per share for the current fiscal year.

Concentrix Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, November 5th. Investors of record on Friday, October 25th were paid a dividend of $0.333 per share. This represents a $1.33 annualized dividend and a yield of 3.01%. This is a boost from Concentrix’s previous quarterly dividend of $0.30. The ex-dividend date was Friday, October 25th. Concentrix’s dividend payout ratio (DPR) is presently 43.18%.

Analyst Ratings Changes

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

Insider Buying and Selling 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 value of $517,672.10. Following the sale, the chief executive officer now 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 document filed with the SEC, which is accessible through this hyperlink. Also, EVP Cormac J. Twomey sold 1,544 shares of the company’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $51.38, for a total transaction of $79,330.72. Following the sale, the executive vice president now owns 27,783 shares in the company, valued at $1,427,490.54. This represents a 5.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 12,367 shares of company stock worth $641,668. Insiders own 3.10% of the company’s stock.

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.