Quest Partners LLC Takes Position in Concentrix Co. (NASDAQ:CNXC)

Quest Partners LLC purchased a new stake in shares of Concentrix Co. (NASDAQ:CNXC) during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 2,849 shares of the company’s stock, valued at approximately $146,000.

Other institutional investors have also recently made changes to their positions in the company. Hexagon Capital Partners LLC increased its position in shares of Concentrix by 2,992.3% during the 2nd 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 increased its stake in Concentrix by 1,005.0% in the 2nd quarter. GAMMA Investing LLC now owns 442 shares of the company’s stock worth $28,000 after purchasing an additional 402 shares during the period. First Horizon Advisors Inc. lifted its position in Concentrix by 54.0% in the second quarter. First Horizon Advisors Inc. now owns 813 shares of the company’s stock valued at $51,000 after purchasing an additional 285 shares during the last quarter. Benjamin F. Edwards & Company Inc. purchased a new stake in shares of Concentrix during the second quarter valued at approximately $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 purchasing an additional 1,101 shares during the last quarter. Institutional investors own 90.34% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently commented on CNXC. 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 target for the company. Baird R W raised shares of Concentrix to a “strong-buy” rating in a research note on Thursday, October 3rd. Canaccord Genuity Group cut their target price on Concentrix from $125.00 to $100.00 and set a “buy” rating on the stock in a research note on Thursday, September 26th. Bank of America reduced their price target on Concentrix from $85.00 to $70.00 and set a “neutral” rating on the stock in a report on Thursday, September 26th. Finally, Barrington Research dropped 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. One 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 company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $79.00.

Insider Buying and Selling

In other news, EVP Cormac J. Twomey sold 1,544 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The stock was 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. This trade represents a 5.26 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Christopher A. Caldwell sold 9,823 shares of the business’s stock in a transaction that occurred on Friday, October 4th. The shares were 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 in the company, valued at approximately $12,745,020.70. This represents a 3.90 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 11,867 shares of company stock worth $619,093. 3.10% of the stock is owned by corporate insiders.

Concentrix Stock Up 0.8 %

Shares of NASDAQ:CNXC opened at $44.92 on Friday. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 1.18. The stock has a market capitalization of $2.91 billion, a price-to-earnings ratio of 14.58, a PEG ratio of 0.61 and a beta of 0.61. Concentrix Co. has a 12-month low of $36.28 and a 12-month high of $106.10. The stock has a fifty day simple moving average of $47.23 and a two-hundred day simple moving average of $59.22.

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 the consensus estimate of $2.93 by ($0.06). The firm had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.38 billion. Concentrix had a net margin of 2.18% and a return on equity of 16.57%. Concentrix’s quarterly revenue was up 46.2% compared to the same quarter last year. During the same period in the previous year, the company earned $2.54 earnings per share. On average, research analysts anticipate that Concentrix Co. will post 10.18 earnings per share for the current fiscal year.

Concentrix Increases Dividend

The company also recently disclosed 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 represents a $1.33 annualized dividend and a dividend yield of 2.97%. This is an increase from Concentrix’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Friday, October 25th. Concentrix’s dividend payout ratio (DPR) is presently 43.18%.

Concentrix Company Profile

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.