Verition Fund Management LLC Boosts Holdings in Concentrix Co. (NASDAQ:CNXC)

Verition Fund Management LLC boosted its holdings in Concentrix Co. (NASDAQ:CNXC - Free Report) by 221.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 42,054 shares of the company's stock after acquiring an additional 28,989 shares during the quarter. Verition Fund Management LLC owned 0.06% of Concentrix worth $2,155,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Hexagon Capital Partners LLC raised its holdings in shares of Concentrix by 2,992.3% during the second quarter. Hexagon Capital Partners LLC now owns 402 shares of the company's stock valued at $25,000 after purchasing an additional 389 shares during the last quarter. GAMMA Investing LLC raised its stake in Concentrix by 1,005.0% during the 2nd quarter. GAMMA Investing LLC now owns 442 shares of the company's stock valued at $28,000 after buying an additional 402 shares during the last quarter. First Horizon Advisors Inc. lifted its holdings in shares of Concentrix by 54.0% during the 2nd quarter. First Horizon Advisors Inc. now owns 813 shares of the company's stock valued at $51,000 after buying an additional 285 shares during the period. Benjamin F. Edwards & Company Inc. purchased a new position in shares of Concentrix in the 2nd quarter worth $68,000. Finally, Quarry LP grew its holdings in shares of Concentrix by 769.9% in the second quarter. Quarry LP now owns 1,244 shares of the company's stock worth $79,000 after acquiring an additional 1,101 shares during the period. 90.34% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Concentrix

In other news, EVP Cormac J. Twomey sold 1,544 shares of the stock in a transaction that occurred on 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 transaction, the executive vice president now directly owns 27,783 shares in the company, valued at approximately $1,427,490.54. This represents a 5.26 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Christopher A. Caldwell sold 9,823 shares of the company's stock in a transaction on Friday, October 4th. The shares were sold at an average price of $52.70, for a total transaction of $517,672.10. Following 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 disclosure for this sale can be found here. Insiders sold 12,367 shares of company stock valued at $641,668 in the last 90 days. Insiders own 3.10% of the company's stock.

Concentrix Price Performance

Shares of Concentrix stock traded down $0.93 during trading hours on Friday, hitting $43.28. The company's stock had a trading volume of 704,096 shares, compared to its average volume of 577,189. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.57 and a current ratio of 1.57. Concentrix Co. has a 12-month low of $36.28 and a 12-month high of $106.10. The business has a 50 day moving average price of $45.24 and a two-hundred day moving average price of $58.45. The company has a market cap of $2.81 billion, a PE ratio of 14.35, a PEG ratio of 0.58 and a beta of 0.63.

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

Concentrix Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 5th. Shareholders of record on Friday, October 25th were paid a $0.333 dividend. The ex-dividend date was Friday, October 25th. This represents a $1.33 annualized dividend and a yield of 3.08%. This is a boost from Concentrix's previous quarterly dividend of $0.30. Concentrix's payout ratio is presently 43.18%.

Analysts Set New Price Targets

A number of research analysts have weighed in on CNXC shares. Canaccord Genuity Group lowered their target price on Concentrix from $125.00 to $100.00 and set a "buy" rating on the stock in a report on Thursday, September 26th. Barrington Research cut their target price on shares of Concentrix from $84.00 to $70.00 and set an "outperform" rating for the company in a research report on Thursday, September 26th. Baird R W upgraded shares of Concentrix to a "strong-buy" rating in a research note 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. Finally, Robert W. Baird assumed coverage on Concentrix in a research report on Thursday, October 3rd. They set an "outperform" rating and a $70.00 target price on the stock. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Concentrix presently has a consensus 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.