Invenomic Capital Management LP Purchases 194,190 Shares of Concentrix Co. (NASDAQ:CNXC)

Invenomic Capital Management LP grew its position in shares of Concentrix Co. (NASDAQ:CNXC - Free Report) by 41.1% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 666,433 shares of the company's stock after acquiring an additional 194,190 shares during the quarter. Concentrix comprises approximately 1.4% of Invenomic Capital Management LP's holdings, making the stock its 12th largest holding. Invenomic Capital Management LP owned 1.03% of Concentrix worth $28,837,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Steward Partners Investment Advisory LLC grew its stake in shares of Concentrix by 81.3% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 638 shares of the company's stock worth $28,000 after buying an additional 286 shares in the last quarter. Venturi Wealth Management LLC grew its position in Concentrix by 159.6% in the fourth quarter. Venturi Wealth Management LLC now owns 797 shares of the company's stock worth $34,000 after acquiring an additional 490 shares in the last quarter. Parkside Financial Bank & Trust increased its stake in Concentrix by 58.7% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,201 shares of the company's stock worth $52,000 after acquiring an additional 444 shares during the last quarter. KBC Group NV raised its position in Concentrix by 68.3% during the fourth quarter. KBC Group NV now owns 2,008 shares of the company's stock valued at $87,000 after purchasing an additional 815 shares during the period. Finally, Quarry LP lifted its stake in shares of Concentrix by 843.9% in the 4th quarter. Quarry LP now owns 2,539 shares of the company's stock valued at $110,000 after purchasing an additional 2,270 shares during the last quarter. 90.34% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Concentrix

In other news, Director Olivier Duha sold 29,444 shares of the company's stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $48.52, for a total value of $1,428,622.88. Following the completion of the sale, the director now owns 1,155,862 shares of the company's stock, valued at approximately $56,082,424.24. This represents a 2.48 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Cormac J. Twomey sold 500 shares of the business's stock in a transaction that occurred on Wednesday, April 30th. The stock was sold at an average price of $50.70, for a total transaction of $25,350.00. Following the completion of the transaction, the executive vice president now directly owns 38,630 shares of the company's stock, valued at $1,958,541. This trade represents a 1.28 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 30,444 shares of company stock valued at $1,481,628. 3.20% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have recently weighed in on CNXC shares. Bank of America boosted their target price on Concentrix from $58.00 to $59.00 and gave the company a "neutral" rating in a research report on Thursday, March 27th. Barrington Research reduced their target price on shares of Concentrix from $70.00 to $54.00 and set an "outperform" rating on the stock in a research note on Monday, March 24th. Finally, Canaccord Genuity Group lowered their target price on shares of Concentrix from $100.00 to $80.00 and set a "buy" rating for the company in a report on Thursday, January 16th. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $65.75.

Concentrix Stock Up 2.5 %

NASDAQ:CNXC opened at $53.33 on Friday. The company has a market cap of $3.41 billion, a price-to-earnings ratio of 14.37, a price-to-earnings-growth ratio of 0.63 and a beta of 0.52. Concentrix Co. has a twelve month low of $36.28 and a twelve month high of $77.00. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 1.17. The stock has a fifty day simple moving average of $48.79 and a 200-day simple moving average of $46.48.

Concentrix (NASDAQ:CNXC - Get Free Report) last released its quarterly earnings data on Wednesday, March 26th. The company reported $2.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.58 by $0.21. Concentrix had a net margin of 2.61% and a return on equity of 16.67%. The company had revenue of $2.37 billion during the quarter, compared to analysts' expectations of $2.37 billion. During the same period in the previous year, the company earned $2.57 EPS. The firm's quarterly revenue was down 1.3% on a year-over-year basis. Analysts anticipate that Concentrix Co. will post 10.11 EPS for the current year.

Concentrix Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 6th. Shareholders of record on Friday, April 25th were issued a $0.3328 dividend. This represents a $1.33 annualized dividend and a dividend yield of 2.50%. The ex-dividend date of this dividend was Friday, April 25th. Concentrix's dividend payout ratio is 33.33%.

Concentrix 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.

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