Versor Investments LP Sells 14,836 Shares of Concentrix Co. (NASDAQ:CNXC)

Versor Investments LP reduced its position in Concentrix Co. (NASDAQ:CNXC) by 72.0% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 5,757 shares of the company’s stock after selling 14,836 shares during the quarter. Versor Investments LP’s holdings in Concentrix were worth $295,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of CNXC. SG Americas Securities LLC bought a new position in Concentrix during the second quarter worth $1,445,000. Raymond James & Associates boosted its stake in Concentrix by 73.3% during the third quarter. Raymond James & Associates now owns 55,313 shares of the company’s stock worth $2,835,000 after acquiring an additional 23,387 shares in the last quarter. State of Alaska Department of Revenue boosted its stake in Concentrix by 24.8% during the third quarter. State of Alaska Department of Revenue now owns 64,783 shares of the company’s stock worth $3,319,000 after acquiring an additional 12,870 shares in the last quarter. Natixis bought a new position in Concentrix during the first quarter worth $542,000. Finally, Sanders Morris Harris LLC bought a new position in Concentrix during the third quarter worth $2,562,000. 90.34% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on CNXC. Canaccord Genuity Group cut their target price on shares of Concentrix from $125.00 to $100.00 and set a “buy” rating on the stock in a research note on Thursday, September 26th. Barrington Research lowered their price objective on shares of Concentrix from $84.00 to $70.00 and set an “outperform” rating on the stock 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. Robert W. Baird initiated coverage on shares of Concentrix in a report on Thursday, October 3rd. They set an “outperform” rating and a $70.00 price objective on the stock. Finally, Bank of America lowered their price objective on shares of Concentrix from $85.00 to $70.00 and set a “neutral” rating on the stock in a report on Thursday, September 26th. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $79.00.

Concentrix Stock Down 3.8 %

CNXC opened at $38.29 on Friday. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.57 and a quick ratio of 1.57. The company’s 50-day moving average is $51.33 and its 200 day moving average is $60.19. Concentrix Co. has a fifty-two week low of $37.94 and a fifty-two week high of $106.10. The firm has a market capitalization of $2.48 billion, a P/E ratio of 12.43, a PEG ratio of 0.56 and a beta of 0.61.

Concentrix (NASDAQ:CNXC) last released its quarterly earnings results on Wednesday, September 25th. The company reported $2.87 earnings per share for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.06). Concentrix had a net margin of 2.18% and a return on equity of 16.57%. The firm had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.38 billion. During the same period in the previous year, the business earned $2.54 earnings per share. The firm’s revenue for the quarter was up 46.2% on a year-over-year basis. Research analysts expect that Concentrix Co. will post 10.18 earnings per share for the current fiscal year.

Concentrix Increases Dividend

The company also recently declared 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 dividend on an annualized basis and a dividend yield of 3.48%. The ex-dividend date of this dividend was Friday, October 25th. Concentrix’s dividend payout ratio (DPR) is presently 43.18%.

Insider Activity at Concentrix

In other Concentrix news, CEO Christopher A. Caldwell sold 9,823 shares of Concentrix stock in a transaction dated Friday, October 4th. The shares were 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 approximately $12,745,020.70. The trade was a 3.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Cormac J. Twomey sold 1,544 shares of Concentrix 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. This represents a 5.26 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 12,267 shares of company stock valued at $648,945 over the last ninety days. Corporate insiders own 3.10% of the company’s stock.

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.