Quarry LP Purchases 1,101 Shares of Concentrix Co. (NASDAQ:CNXC)

Quarry LP boosted its holdings in Concentrix Co. (NASDAQ:CNXC) by 769.9% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 1,244 shares of the company’s stock after buying an additional 1,101 shares during the period. Quarry LP’s holdings in Concentrix were worth $79,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in CNXC. Pineridge Advisors LLC purchased a new position in shares of Concentrix in the fourth quarter worth $35,000. Hexagon Capital Partners LLC raised its position in Concentrix by 2,992.3% in the 2nd quarter. Hexagon Capital Partners LLC now owns 402 shares of the company’s stock worth $25,000 after buying an additional 389 shares during the last quarter. GAMMA Investing LLC lifted 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 acquiring an additional 402 shares during the period. First Horizon Advisors Inc. boosted 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 acquiring an additional 285 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. bought a new stake in shares of Concentrix in the second quarter worth approximately $68,000. 90.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on CNXC. Canaccord Genuity Group lowered their price objective on shares of Concentrix from $125.00 to $100.00 and set a “buy” rating on the stock in a research report on Thursday, September 26th. Barrington Research dropped their price target on Concentrix from $84.00 to $70.00 and set an “outperform” rating on the stock in a research note on Thursday, September 26th. Finally, Bank of America cut their price objective on Concentrix from $85.00 to $70.00 and set a “neutral” rating for the company in a report on Thursday, September 26th. One equities research analyst has rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, Concentrix presently has a consensus rating of “Moderate Buy” and a consensus price target of $81.25.

Insiders Place Their Bets

In other news, EVP Cormac J. Twomey sold 1,544 shares of the stock in a transaction on 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 sale, the executive vice president now directly owns 27,783 shares of the company’s stock, valued at $1,427,490.54. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Concentrix news, EVP Cormac J. Twomey sold 400 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $74.63, for a total value of $29,852.00. Following the completion of the transaction, the executive vice president now directly owns 29,327 shares in the company, valued at approximately $2,188,674.01. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Cormac J. Twomey sold 1,544 shares of Concentrix stock in a transaction that occurred on 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 owns 27,783 shares in the company, valued at approximately $1,427,490.54. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,344 shares of company stock worth $136,075. Company insiders own 3.00% of the company’s stock.

Concentrix Stock Up 1.5 %

CNXC opened at $51.70 on Thursday. Concentrix Co. has a 1-year low of $50.23 and a 1-year high of $106.10. The firm’s 50 day simple moving average is $66.40 and its two-hundred day simple moving average is $63.36. The company has a current ratio of 1.57, a quick ratio of 1.56 and a debt-to-equity ratio of 1.18. The company has a market capitalization of $3.38 billion, a PE ratio of 11.97, a PEG ratio of 0.55 and a beta of 0.61.

Concentrix (NASDAQ:CNXC) last released its 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 company had revenue of $2.39 billion for the quarter, compared to analysts’ expectations of $2.38 billion. Concentrix had a net margin of 2.18% and a return on equity of 16.57%. Concentrix’s revenue for the quarter was up 46.2% on a year-over-year basis. During the same quarter last year, the firm posted $2.54 earnings per share. As a group, equities analysts forecast that Concentrix Co. will post 10.18 EPS for the current year.

Concentrix Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 5th. Investors of record on Friday, October 25th will be issued a $0.333 dividend. This represents a $1.33 annualized dividend and a yield of 2.58%. This is a positive change from Concentrix’s previous quarterly dividend of $0.30. The ex-dividend date is Friday, October 25th. Concentrix’s dividend payout ratio is currently 30.79%.

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.