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

Versor Investments LP lessened its holdings in shares of Concentrix Co. (NASDAQ:CNXC - Free Report) by 72.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm 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.

A number of other hedge funds have also recently modified their holdings of the business. SummerHaven Investment Management LLC lifted its holdings in Concentrix by 2.9% during the 2nd quarter. SummerHaven Investment Management LLC now owns 8,662 shares of the company's stock valued at $548,000 after buying an additional 248 shares in the last quarter. First Horizon Advisors Inc. increased its position in shares of Concentrix by 54.0% during the second quarter. First Horizon Advisors Inc. now owns 813 shares of the company's stock worth $51,000 after acquiring an additional 285 shares during the period. GAMMA Investing LLC raised its stake in shares of 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 acquiring 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 valued at $196,000 after purchasing an additional 300 shares during the period. Finally, Hexagon Capital Partners LLC grew its stake in 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. Institutional investors own 90.34% of the company's stock.

Insider Activity

In other news, CEO Christopher A. Caldwell sold 9,823 shares of the stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $52.70, for a total value of $517,672.10. Following the transaction, the chief executive officer now directly owns 241,841 shares of the company's stock, valued at approximately $12,745,020.70. This represents a 3.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 value 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 $1,427,490.54. This represents a 5.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 12,267 shares of company stock valued at $648,945. Company insiders own 3.10% of the company's stock.

Concentrix Stock Down 3.8 %

NASDAQ:CNXC traded down $1.50 during mid-day trading on Friday, hitting $38.29. 652,854 shares of the company's stock traded hands, compared to its average volume of 560,466. The company has a fifty day moving average of $51.33 and a 200 day moving average of $60.19. Concentrix Co. has a twelve month low of $37.94 and a twelve month high of $106.10. The company has a market capitalization of $2.48 billion, a P/E ratio of 12.43, a P/E/G ratio of 0.56 and a beta of 0.61. 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 (NASDAQ:CNXC - Get Free Report) last announced its 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). Concentrix had a net margin of 2.18% and a return on equity of 16.57%. The business had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.38 billion. During the same period in the prior year, the company earned $2.54 earnings per share. The company's quarterly revenue was up 46.2% on a year-over-year basis. On average, analysts forecast that Concentrix Co. will post 10.18 EPS for the current year.

Concentrix Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 5th. Investors 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 yield of 3.48%. The ex-dividend date was Friday, October 25th. Concentrix's dividend payout ratio is currently 43.18%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. 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 for the company. Barrington Research decreased their price objective on Concentrix from $84.00 to $70.00 and set an "outperform" rating for the company in a report on Thursday, September 26th. Baird R W upgraded shares of Concentrix to a "strong-buy" rating in a report on Thursday, October 3rd. Canaccord Genuity Group reduced their price target 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. Finally, Bank of America dropped their price objective on shares of Concentrix from $85.00 to $70.00 and set a "neutral" rating on the stock in a research note on Thursday, September 26th. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Concentrix currently has a consensus rating of "Buy" and an average price target 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.