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

Several other institutional investors have also added to or reduced their stakes in the business. Fuller & Thaler Asset Management Inc. increased its position in shares of Concentrix by 38.1% during 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 buying an additional 823,228 shares during the period. Alyeska Investment Group L.P. bought a new stake in shares of Concentrix during the fourth quarter valued at about $21,123,000. Millennium Management LLC increased its position in shares of Concentrix by 232.9% during the fourth quarter. Millennium Management LLC now owns 578,700 shares of the company's stock valued at $25,040,000 after buying an additional 404,885 shares during the period. Marshall Wace LLP increased its position in shares of Concentrix by 209.0% during the fourth quarter. Marshall Wace LLP now owns 593,043 shares of the company's stock valued at $25,661,000 after buying an additional 401,133 shares during the period. Finally, Deprince Race & Zollo Inc. increased its position 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 buying an additional 359,476 shares during the period. 90.34% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Insider Transactions at Concentrix

In other Concentrix news, EVP Cormac J. Twomey sold 500 shares of the company's 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 sale, the executive vice president owned 37,130 shares of the company's stock, valued at $2,150,198.30. This represents a 1.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 3.20% of the stock is currently owned by corporate insiders.

Concentrix Price Performance

Shares of CNXC stock traded down $5.75 during trading on Friday, hitting $46.22. The company had a trading volume of 1,002,733 shares, compared to its average volume of 626,299. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 1.14. The stock's 50-day moving average is $56.23 and its two-hundred day moving average is $51.78. The stock has a market capitalization of $2.91 billion, a price-to-earnings ratio of 12.70, a price-to-earnings-growth ratio of 0.69 and a beta of 0.53. Concentrix Corporation has a 52 week low of $36.28 and a 52 week high of $77.00.

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

Concentrix Announces Dividend

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

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.