Versor Investments LP Trims Stock Holdings in Concentrix Co. (NASDAQ:CNXC)

Versor Investments LP decreased its holdings in Concentrix Co. (NASDAQ:CNXC) by 72.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,757 shares of the company’s stock after selling 14,836 shares during the period. Versor Investments LP’s holdings in Concentrix were worth $295,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of CNXC. Hexagon Capital Partners LLC increased its stake in shares of Concentrix by 2,992.3% in the second quarter. Hexagon Capital Partners LLC now owns 402 shares of the company’s stock worth $25,000 after purchasing an additional 389 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Concentrix by 1,005.0% in the second quarter. GAMMA Investing LLC now owns 442 shares of the company’s stock worth $28,000 after purchasing an additional 402 shares in the last quarter. First Horizon Advisors Inc. increased its stake in shares of Concentrix by 54.0% in the second quarter. First Horizon Advisors Inc. now owns 813 shares of the company’s stock worth $51,000 after purchasing an additional 285 shares in the last quarter. Benjamin F. Edwards & Company Inc. purchased a new position in shares of Concentrix in the second quarter worth about $68,000. Finally, Quarry LP grew its stake in Concentrix by 769.9% during the second quarter. Quarry LP now owns 1,244 shares of the company’s stock valued at $79,000 after acquiring an additional 1,101 shares in the last quarter. Hedge funds and other institutional investors own 90.34% of the company’s stock.

Insider Transactions at Concentrix

In other news, CEO Christopher A. Caldwell sold 9,823 shares of the business’s stock in a transaction that occurred on Friday, October 4th. The shares were sold at an average price of $52.70, for a total value of $517,672.10. Following the completion of the sale, the chief executive officer now directly owns 241,841 shares in the company, valued at approximately $12,745,020.70. The trade was a 3.90 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Cormac J. Twomey sold 400 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $74.63, for a total transaction of $29,852.00. Following the completion of the sale, the executive vice president now owns 29,327 shares of the company’s stock, valued at approximately $2,188,674.01. The trade was a 1.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 12,267 shares of company stock worth $648,945. 3.10% of the stock is currently owned by insiders.

Concentrix Price Performance

CNXC stock opened at $38.29 on Friday. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.57 and a quick ratio of 1.57. Concentrix Co. has a one year low of $37.94 and a one year high of $106.10. The stock has a market cap of $2.48 billion, a PE ratio of 12.43, a P/E/G ratio of 0.56 and a beta of 0.61. The firm has a 50 day simple moving average of $51.33 and a two-hundred day simple moving average of $60.19.

Concentrix (NASDAQ:CNXC) last released its quarterly earnings results on Wednesday, September 25th. The company reported $2.87 EPS for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.06). Concentrix had a return on equity of 16.57% and a net margin of 2.18%. The company had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.38 billion. During the same period in the prior year, the firm earned $2.54 EPS. Concentrix’s quarterly revenue was up 46.2% on a year-over-year basis. On average, analysts predict that Concentrix Co. will post 10.18 EPS for the current fiscal year.

Concentrix Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, November 5th. Stockholders of record on Friday, October 25th were issued a $0.333 dividend. This represents a $1.33 dividend on an annualized basis and a dividend yield of 3.48%. This is a positive change from Concentrix’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Friday, October 25th. Concentrix’s payout ratio is presently 43.18%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on CNXC shares. Robert W. Baird started coverage on shares of Concentrix in a research note on Thursday, October 3rd. They set an “outperform” rating and a $70.00 price objective for the company. Bank of America reduced their price objective on shares of Concentrix from $85.00 to $70.00 and set a “neutral” rating for the company in a research note on Thursday, September 26th. Canaccord Genuity Group reduced their price objective on shares of Concentrix from $125.00 to $100.00 and set a “buy” rating for the company in a research note on Thursday, September 26th. Baird R W raised shares of Concentrix to a “strong-buy” rating in a research note on Thursday, October 3rd. Finally, Barrington Research reduced their price objective on shares of Concentrix from $84.00 to $70.00 and set an “outperform” rating for the company in a research note on Thursday, September 26th. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $79.00.

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.