Invenomic Capital Management LP Has $28.84 Million Stock Position in Concentrix Co. (NASDAQ:CNXC)

Invenomic Capital Management LP raised its stake in shares of Concentrix Co. (NASDAQ:CNXC - Free Report) by 41.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 666,433 shares of the company's stock after buying an additional 194,190 shares during the quarter. Concentrix comprises 1.4% of Invenomic Capital Management LP's portfolio, making the stock its 12th biggest position. Invenomic Capital Management LP owned 1.03% of Concentrix worth $28,837,000 as of its most recent filing with the Securities and Exchange Commission.

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

Concentrix Stock Up 2.0%

Concentrix stock traded up $1.08 during mid-day trading on Friday, reaching $56.22. The company's stock had a trading volume of 975,059 shares, compared to its average volume of 705,666. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.42 and a current ratio of 1.42. Concentrix Co. has a 12 month low of $36.28 and a 12 month high of $77.00. The business's 50 day simple moving average is $49.57 and its 200 day simple moving average is $46.75. The company has a market capitalization of $3.59 billion, a price-to-earnings ratio of 15.15, a price-to-earnings-growth ratio of 0.63 and a beta of 0.52.

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

Concentrix Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 6th. Investors of record on Friday, April 25th were paid a $0.3328 dividend. The ex-dividend date of this dividend was Friday, April 25th. This represents a $1.33 annualized dividend and a dividend yield of 2.37%. Concentrix's dividend payout ratio is presently 33.33%.

Insider Buying and Selling

In other Concentrix news, CEO Christopher A. Caldwell purchased 1,000 shares of the stock in a transaction on Monday, April 21st. The shares were purchased at an average price of $46.00 per share, with a total value of $46,000.00. Following the completion of the transaction, the chief executive officer now directly owns 303,362 shares in the company, valued at $13,954,652. This represents a 0.33% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Cormac J. Twomey sold 500 shares of the firm's stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $55.31, for a total value of $27,655.00. Following the completion of the sale, the executive vice president now directly owns 39,130 shares of the company's stock, valued at approximately $2,164,280.30. The trade was a 1.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 30,444 shares of company stock worth $1,481,628. Insiders own 3.20% of the company's stock.

Wall Street Analyst Weigh In

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

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.