Invenomic Capital Management LP Decreases Stock Holdings in Concentrix Corporation $CNXC

Key Points

• Invenomic Capital Management LP has decreased its stake in Concentrix Corporation by 19.8%, selling 132,169 shares and now holding around 534,264 shares, valued at approximately $29.7 million.
• Several hedge funds, including Envestnet Asset Management and GAMMA Investing, have modified their holdings in Concentrix, indicating shifting investment dynamics around the stock.
• Concentrix's recent earnings report revealed a missed EPS estimate, posting $2.70 against expectations of $2.76, while the company also announced a quarterly dividend with a yield of 2.5%.

Invenomic Capital Management LP reduced its holdings in shares of Concentrix Corporation (NASDAQ:CNXC - Free Report) by 19.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 534,264 shares of the company's stock after selling 132,169 shares during the quarter. Concentrix makes up about 1.5% of Invenomic Capital Management LP's holdings, making the stock its 16th largest position. Invenomic Capital Management LP owned about 0.84% of Concentrix worth $29,726,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in Concentrix by 2.1% during the first quarter. Vanguard Group Inc. now owns 5,242,763 shares of the company's stock worth $291,707,000 after buying an additional 106,217 shares in the last quarter. AQR Capital Management LLC lifted its stake in shares of Concentrix by 850.1% in the 1st quarter. AQR Capital Management LLC now owns 3,429,913 shares of the company's stock valued at $190,840,000 after acquiring an additional 3,068,916 shares during the last quarter. Copeland Capital Management LLC raised its position in Concentrix by 3.0% during the 1st 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. Deprince Race & Zollo Inc. raised its position in Concentrix by 55.3% during the 4th quarter. Deprince Race & Zollo Inc. now owns 1,009,133 shares of the company's stock valued at $43,665,000 after purchasing an additional 359,476 shares during the last quarter. Finally, Paradigm Capital Management Inc. NY grew its holdings in shares of Concentrix by 2.7% during the 4th quarter. Paradigm Capital Management Inc. NY now owns 750,142 shares of the company's stock worth $32,459,000 after acquiring an additional 19,418 shares during the period. 90.34% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Concentrix Stock Up 2.6%

Concentrix stock traded up $1.36 during mid-day trading on Friday, reaching $53.82. 614,358 shares of the company were exchanged, compared to its average volume of 576,874. The business has a fifty day moving average of $53.38 and a 200 day moving average of $51.78. The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.61 and a current ratio of 1.61. The firm has a market cap of $3.39 billion, a P/E ratio of 14.79, a PEG ratio of 0.72 and a beta of 0.53. Concentrix Corporation has a 12-month low of $36.28 and a 12-month high of $74.32.

Concentrix (NASDAQ:CNXC - Get Free Report) last posted its earnings results 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 return on equity of 16.31% and a net margin of 2.54%.The company had revenue of $2.42 billion for the quarter, compared to analysts' expectations of $2.38 billion. During the same quarter in the prior year, the company earned $2.69 EPS. The firm's quarterly revenue was up 1.5% on a year-over-year basis. Concentrix has set its FY 2025 guidance at 11.530-11.760 EPS. Q3 2025 guidance at 2.800-2.910 EPS. Research analysts anticipate that Concentrix Corporation will post 10.11 earnings per share for the current fiscal year.

Concentrix Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 5th. Stockholders of record on Friday, July 25th were paid a dividend of $0.3328 per share. This represents a $1.33 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend was Friday, July 25th. Concentrix's dividend payout ratio is presently 36.54%.

Insider Activity

In other news, EVP Cormac J. Twomey sold 500 shares of the stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $57.91, for a total transaction of $28,955.00. Following the sale, the executive vice president directly owned 37,130 shares of the company's stock, valued at $2,150,198.30. This represents a 1.33% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 3.20% of the stock is currently owned by insiders.

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.