AlphaQuest LLC Increases Stock Holdings in Concentrix Co. (NASDAQ:CNXC)

AlphaQuest LLC boosted its stake in shares of Concentrix Co. (NASDAQ:CNXC) by 119.0% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 6,238 shares of the company’s stock after buying an additional 3,389 shares during the period. AlphaQuest LLC’s holdings in Concentrix were worth $270,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. State Street Corp raised its stake in shares of Concentrix by 1.3% in the third quarter. State Street Corp now owns 1,401,953 shares of the company’s stock valued at $71,850,000 after acquiring an additional 18,304 shares during the period. Copeland Capital Management LLC raised its position in Concentrix by 32.9% in the 4th quarter. Copeland Capital Management LLC now owns 1,333,206 shares of the company’s stock worth $57,688,000 after purchasing an additional 329,831 shares during the period. Geode Capital Management LLC lifted its stake in Concentrix by 5.2% in the third quarter. Geode Capital Management LLC now owns 878,092 shares of the company’s stock worth $45,013,000 after purchasing an additional 43,295 shares during the last quarter. Invenomic Capital Management LP lifted its stake in Concentrix by 354.3% in the third quarter. Invenomic Capital Management LP now owns 472,243 shares of the company’s stock worth $24,202,000 after purchasing an additional 368,295 shares during the last quarter. Finally, Loomis Sayles & Co. L P boosted its position in shares of Concentrix by 8.1% during the third 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. 90.34% of the stock is owned by hedge funds and other institutional investors.

Concentrix Stock Performance

Shares of NASDAQ:CNXC opened at $45.02 on Friday. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.42 and a current ratio of 1.42. The firm has a market cap of $2.90 billion, a PE ratio of 12.13, a price-to-earnings-growth ratio of 0.63 and a beta of 0.69. The firm’s 50 day simple moving average is $47.66 and its 200-day simple moving average is $49.35. Concentrix Co. has a one year low of $36.28 and a one year high of $77.00.

Concentrix (NASDAQ:CNXC) last released its quarterly earnings data on Wednesday, January 15th. The company reported $3.26 EPS for the quarter, topping the consensus estimate of $3.01 by $0.25. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. The company had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.44 billion. During the same period last year, the business posted $3.36 EPS. Concentrix’s quarterly revenue was up 9.7% on a year-over-year basis. As a group, equities analysts predict that Concentrix Co. will post 10.11 EPS for the current year.

Concentrix Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, February 11th. Shareholders of record on Friday, January 31st were issued a dividend of $0.3328 per share. This represents a $1.33 annualized dividend and a yield of 2.96%. The ex-dividend date was Friday, January 31st. Concentrix’s payout ratio is 35.85%.

Analyst Ratings Changes

Separately, Canaccord Genuity Group reduced their price target on Concentrix from $100.00 to $80.00 and set a “buy” rating on the stock in a report on Thursday, January 16th. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $75.00.

Insider Buying and Selling at Concentrix

In other news, EVP Cormac J. Twomey sold 500 shares of the stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $55.60, for a total transaction of $27,800.00. Following the transaction, the executive vice president now directly owns 41,111 shares in the company, valued at approximately $2,285,771.60. This trade represents a 1.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 3.20% of the company’s stock.

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.