Bayforest Capital Ltd Acquires New Shares in Concentrix Corporation (NASDAQ:CNXC)

Key Points

• Bayforest Capital Ltd acquired 14,619 shares of Concentrix Corporation (NASDAQ:CNXC) valued at approximately $813,000 in the 1st quarter.
• Concentrix reported quarterly earnings of $2.70 per share, missing expectations, while its revenue rose to $2.42 billion, exceeding analyst estimates.
• Concentrix declared a quarterly dividend of $0.3328 per share with an annualized yield of 2.30%, set to be paid on August 5th.

Bayforest Capital Ltd bought a new stake in Concentrix Corporation (NASDAQ:CNXC - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 14,619 shares of the company's stock, valued at approximately $813,000.

Several other large investors also recently bought and sold shares of the company. Fuller & Thaler Asset Management Inc. grew its holdings in Concentrix by 38.1% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 2,981,227 shares of the company's stock valued at $128,998,000 after purchasing an additional 823,228 shares during the last quarter. Copeland Capital Management LLC grew its holdings in Concentrix by 3.0% in the first quarter. Copeland Capital Management LLC now owns 1,373,432 shares of the company's stock valued at $76,418,000 after purchasing an additional 40,226 shares during the last quarter. Lyrical Asset Management LP boosted its stake in shares of Concentrix by 3.4% during the fourth quarter. Lyrical Asset Management LP now owns 1,258,398 shares of the company's stock valued at $54,451,000 after acquiring an additional 41,540 shares during the last quarter. Deprince Race & Zollo Inc. boosted its stake in shares of Concentrix by 55.3% during the fourth quarter. Deprince Race & Zollo Inc. now owns 1,009,133 shares of the company's stock valued at $43,665,000 after acquiring an additional 359,476 shares during the last quarter. Finally, Paradigm Capital Management Inc. NY boosted its stake in shares of Concentrix by 2.7% during the fourth quarter. Paradigm Capital Management Inc. NY now owns 750,142 shares of the company's stock valued at $32,459,000 after acquiring an additional 19,418 shares during the last quarter. Institutional investors and hedge funds own 90.34% of the company's stock.

Analysts Set New Price Targets

CNXC has been the topic of a number of analyst reports. Bank of America decreased their price objective on Concentrix from $65.00 to $61.00 and set a "neutral" rating on the stock in a research note on Friday, June 27th. Barrington Research reaffirmed an "outperform" rating and set a $54.00 price objective on shares of Concentrix in a research note on Tuesday, June 24th. Canaccord Genuity Group reiterated a "buy" rating and set a $80.00 target price on shares of Concentrix in a research report on Monday, June 30th. Robert W. Baird increased their target price on Concentrix from $62.00 to $72.00 and gave the stock an "outperform" rating in a research report on Thursday, June 26th. Finally, Wall Street Zen downgraded Concentrix from a "buy" rating to a "hold" rating in a research report on Saturday, June 21st. Two investment analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Concentrix has a consensus rating of "Moderate Buy" and a consensus price target of $66.75.

Concentrix Stock Down 11.1%

NASDAQ CNXC traded down $5.75 during mid-day trading on Friday, reaching $46.22. 1,002,733 shares of the company's stock traded hands, compared to its average volume of 676,440. Concentrix Corporation has a 1-year low of $36.28 and a 1-year high of $77.00. The company has a fifty day simple moving average of $56.23 and a 200-day simple moving average of $51.81. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 1.14. The company has a market cap of $2.91 billion, a price-to-earnings ratio of 4.47, a P/E/G ratio of 0.62 and a beta of 0.53.

Concentrix (NASDAQ:CNXC - Get Free Report) last issued its quarterly earnings data on Thursday, June 26th. The company reported $2.70 earnings per share for the quarter, missing analysts' consensus estimates of $2.76 by ($0.06). Concentrix had a net margin of 2.54% and a return on equity of 16.31%. The business had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.38 billion. During the same quarter last year, the business earned $2.69 EPS. Concentrix's revenue for the quarter was up 1.5% compared to the same quarter last year. As a group, equities research analysts expect that Concentrix Corporation will post 10.11 EPS for the current year.

Concentrix Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 5th. Stockholders of record on Friday, July 25th will be given a $0.3328 dividend. The ex-dividend date is Friday, July 25th. This represents a $1.33 annualized dividend and a dividend yield of 2.9%. Concentrix's dividend payout ratio (DPR) is presently 36.54%.

Insider Activity at Concentrix

In other news, EVP Cormac J. Twomey sold 500 shares of Concentrix stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $57.91, for a total value of $28,955.00. Following the completion of the transaction, the executive vice president owned 37,130 shares in the company, valued at approximately $2,150,198.30. This trade represents a 1.33% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 3.20% of the company's stock.

About Concentrix

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.