Islay Capital Management LLC Invests $838,000 in Concentrix Co. (NASDAQ:CNXC)

Islay Capital Management LLC acquired a new stake in Concentrix Co. (NASDAQ:CNXC - Free Report) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 16,355 shares of the company's stock, valued at approximately $838,000.

Several other large investors have also bought and sold shares of the company. SummerHaven Investment Management LLC raised its position in shares of Concentrix by 2.9% during the second quarter. SummerHaven Investment Management LLC now owns 8,662 shares of the company's stock worth $548,000 after purchasing an additional 248 shares during the period. First Horizon Advisors Inc. lifted its stake in Concentrix by 54.0% during the second quarter. First Horizon Advisors Inc. now owns 813 shares of the company's stock valued at $51,000 after buying an additional 285 shares in the last quarter. GAMMA Investing LLC lifted its stake in Concentrix by 64.9% during the third quarter. GAMMA Investing LLC now owns 729 shares of the company's stock valued at $37,000 after buying an additional 287 shares in the last quarter. nVerses Capital LLC boosted its holdings in shares of Concentrix by 10.7% in the second quarter. nVerses Capital LLC now owns 3,100 shares of the company's stock worth $196,000 after buying an additional 300 shares during the period. Finally, Hexagon Capital Partners LLC increased its position 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 acquiring an additional 389 shares in the last quarter. Institutional investors own 90.34% of the company's stock.

Concentrix Stock Down 1.4 %

Shares of NASDAQ CNXC traded down $0.52 during trading hours on Monday, hitting $37.77. The stock had a trading volume of 932,334 shares, compared to its average volume of 562,133. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.57 and a current ratio of 1.57. The company has a market capitalization of $2.45 billion, a P/E ratio of 12.26, a P/E/G ratio of 0.53 and a beta of 0.61. Concentrix Co. has a 52 week low of $37.60 and a 52 week high of $106.10. The firm's 50-day moving average price is $50.66 and its two-hundred day moving average price is $60.12.

Concentrix (NASDAQ:CNXC - Get Free Report) last issued its quarterly earnings results on Wednesday, September 25th. The company reported $2.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.93 by ($0.06). The business had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.38 billion. Concentrix had a net margin of 2.18% and a return on equity of 16.57%. The company's revenue for the quarter was up 46.2% compared to the same quarter last year. During the same period in the prior year, the business posted $2.54 earnings per share. Analysts anticipate that Concentrix Co. will post 10.18 EPS for the current fiscal year.

Concentrix Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 5th. Stockholders of record on Friday, October 25th were given a dividend of $0.333 per share. This is a positive change from Concentrix's previous quarterly dividend of $0.30. This represents a $1.33 annualized dividend and a dividend yield of 3.53%. The ex-dividend date of this dividend was Friday, October 25th. Concentrix's payout ratio is 43.18%.

Insider Activity at Concentrix

In related news, CEO Christopher A. Caldwell sold 9,823 shares of the business's stock in a transaction on Friday, October 4th. The stock was sold at an average price of $52.70, for a total value of $517,672.10. Following the sale, the chief executive officer now owns 241,841 shares of the company's stock, valued at $12,745,020.70. The trade was a 3.90 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Cormac J. Twomey sold 1,544 shares of the company's stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $51.38, for a total transaction of $79,330.72. Following the completion of the sale, the executive vice president now directly owns 27,783 shares in the company, valued at approximately $1,427,490.54. The trade was a 5.26 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 12,267 shares of company stock valued at $648,945 over the last quarter. 3.10% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Canaccord Genuity Group decreased 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 upgraded Concentrix to a "strong-buy" rating in a report on Thursday, October 3rd. Bank of America reduced their price objective on Concentrix from $85.00 to $70.00 and set a "neutral" rating for the company in a research note on Thursday, September 26th. Robert W. Baird initiated coverage on Concentrix in a research report on Thursday, October 3rd. They set an "outperform" rating and a $70.00 price objective for the company. Finally, Barrington Research dropped their target price on Concentrix from $84.00 to $70.00 and set an "outperform" rating on the stock in a report on Thursday, September 26th. One equities research 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 stock. According to MarketBeat, the stock has an average rating of "Buy" and a consensus 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.