Verition Fund Management LLC Grows Stock Position in Concentrix Co. (NASDAQ:CNXC)

Verition Fund Management LLC increased its stake in Concentrix Co. (NASDAQ:CNXC) by 221.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 42,054 shares of the company’s stock after acquiring an additional 28,989 shares during the period. Verition Fund Management LLC owned about 0.06% of Concentrix worth $2,155,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of CNXC. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Concentrix by 22.1% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,054 shares of the company’s stock valued at $515,000 after purchasing an additional 1,821 shares during the last quarter. Clark Estates Inc. NY raised its holdings in Concentrix by 2.0% during the 3rd quarter. Clark Estates Inc. NY now owns 45,150 shares of the company’s stock valued at $2,314,000 after buying an additional 900 shares during the last quarter. Loomis Sayles & Co. L P boosted its position in Concentrix by 8.1% during the 3rd quarter. Loomis Sayles & Co. L P now owns 305,492 shares of the company’s stock valued at $15,657,000 after buying an additional 22,815 shares during the period. Cerity Partners LLC grew its holdings in Concentrix by 92.6% in the 3rd quarter. Cerity Partners LLC now owns 11,778 shares of the company’s stock worth $604,000 after acquiring an additional 5,663 shares during the last quarter. Finally, Intech Investment Management LLC purchased a new position in shares of Concentrix in the third quarter valued at about $1,255,000. 90.34% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently weighed in on CNXC. Canaccord Genuity Group dropped their target price on shares of Concentrix from $125.00 to $100.00 and set a “buy” rating for the company in a report on Thursday, September 26th. Baird R W upgraded Concentrix to a “strong-buy” rating in a research report on Thursday, October 3rd. Barrington Research decreased their target price on Concentrix from $84.00 to $70.00 and set an “outperform” rating for the company in a report on Thursday, September 26th. Robert W. Baird began coverage on shares of Concentrix in a report on Thursday, October 3rd. They issued an “outperform” rating and a $70.00 price target on the stock. Finally, Bank of America decreased their price objective on shares of Concentrix from $85.00 to $70.00 and set a “neutral” rating for the company in a report on Thursday, September 26th. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Concentrix has a consensus rating of “Buy” and an average target price of $79.00.

Insider Activity at Concentrix

In related news, EVP Cormac J. Twomey sold 1,544 shares of the stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $51.38, for a total transaction of $79,330.72. Following the sale, the executive vice president now directly owns 27,783 shares of the company’s stock, valued at approximately $1,427,490.54. This represents a 5.26 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Christopher A. Caldwell sold 9,823 shares of Concentrix stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $52.70, for a total transaction of $517,672.10. Following the completion of the transaction, the chief executive officer now directly owns 241,841 shares of the company’s stock, valued at $12,745,020.70. This trade represents a 3.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 12,367 shares of company stock valued at $641,668 in the last 90 days. Corporate insiders own 3.10% of the company’s stock.

Concentrix Price Performance

Shares of CNXC stock opened at $44.21 on Friday. The business’s fifty day moving average is $45.39 and its 200 day moving average is $58.55. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 1.18. The stock has a market cap of $2.87 billion, a price-to-earnings ratio of 14.35, a PEG ratio of 0.58 and a beta of 0.63. Concentrix Co. has a twelve month low of $36.28 and a twelve month high of $106.10.

Concentrix (NASDAQ:CNXC) last released its earnings results on Wednesday, September 25th. The company reported $2.87 earnings per share 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 business 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 company earned $2.54 earnings per share. The firm’s quarterly revenue was up 46.2% compared to the same quarter last year. Research analysts expect that Concentrix Co. will post 10.18 EPS for the current fiscal year.

Concentrix Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 5th. Investors of record on Friday, October 25th were paid a $0.333 dividend. The ex-dividend date of this dividend was Friday, October 25th. This represents a $1.33 annualized dividend and a dividend yield of 3.01%. This is an increase from Concentrix’s previous quarterly dividend of $0.30. Concentrix’s dividend payout ratio is presently 43.18%.

Concentrix Company 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.