Corton Capital Inc. Has $292,000 Position in Concentrix Co. (NASDAQ:CNXC)

Corton Capital Inc. raised its position in Concentrix Co. (NASDAQ:CNXC) by 72.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,759 shares of the company’s stock after buying an additional 2,849 shares during the quarter. Corton Capital Inc.’s holdings in Concentrix were worth $292,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in CNXC. Crestline Management LP bought a new position in Concentrix during the fourth quarter worth about $310,000. Brevan Howard Capital Management LP increased its position in shares of Concentrix by 444.6% in the fourth quarter. Brevan Howard Capital Management LP now owns 44,983 shares of the company’s stock worth $1,946,000 after purchasing an additional 36,723 shares during the period. Bank of America Corp DE raised its stake in Concentrix by 8.3% in the fourth quarter. Bank of America Corp DE now owns 251,938 shares of the company’s stock valued at $10,901,000 after purchasing an additional 19,255 shares in the last quarter. BNP Paribas Financial Markets acquired a new stake in Concentrix during the fourth quarter worth about $294,000. Finally, Ameriprise Financial Inc. increased its holdings in Concentrix by 22.1% in the 4th quarter. Ameriprise Financial Inc. now owns 78,159 shares of the company’s stock valued at $3,382,000 after buying an additional 14,145 shares during the period. Institutional investors own 90.34% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on CNXC shares. Canaccord Genuity Group reduced their price target on shares of Concentrix from $100.00 to $80.00 and set a “buy” rating on the stock in a research report on Thursday, January 16th. Barrington Research lowered their price target on Concentrix from $70.00 to $54.00 and set an “outperform” rating for the company in a report on Monday, March 24th. Finally, Bank of America raised their price objective on Concentrix from $58.00 to $59.00 and gave the company a “neutral” rating in a research note on Thursday, March 27th. One analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Concentrix currently has an average rating of “Buy” and an average price target of $65.75.

Insider Buying and Selling

In other news, CEO Christopher A. Caldwell bought 1,000 shares of the business’s stock in a transaction that occurred on Monday, April 21st. The shares were bought at an average cost of $46.00 per share, for a total transaction of $46,000.00. Following the acquisition, the chief executive officer now directly owns 303,362 shares in the company, valued at approximately $13,954,652. This trade represents a 0.33 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Cormac J. Twomey sold 500 shares of the company’s stock in a transaction on Monday, March 31st. The stock was sold at an average price of $55.31, for a total transaction of $27,655.00. Following the transaction, the executive vice president now owns 39,130 shares in the company, valued at approximately $2,164,280.30. The trade was a 1.26 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 30,444 shares of company stock valued at $1,481,628 over the last ninety days. 3.20% of the stock is owned by corporate insiders.

Concentrix Stock Performance

Shares of CNXC opened at $50.27 on Wednesday. The firm’s fifty day simple moving average is $48.29 and its two-hundred day simple moving average is $46.35. Concentrix Co. has a 12 month low of $36.28 and a 12 month high of $77.00. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 1.17. The stock has a market capitalization of $3.21 billion, a P/E ratio of 13.55, a price-to-earnings-growth ratio of 0.63 and a beta of 0.52.

Concentrix (NASDAQ:CNXC) last released its earnings results on Wednesday, March 26th. The company reported $2.79 EPS for the quarter, topping the consensus estimate of $2.58 by $0.21. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. The business had revenue of $2.37 billion during the quarter, compared to analysts’ expectations of $2.37 billion. During the same quarter last year, the firm posted $2.57 earnings per share. The firm’s revenue was down 1.3% on a year-over-year basis. As a group, analysts predict that Concentrix Co. will post 10.11 EPS for the current year.

Concentrix Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 6th. Investors of record on Friday, April 25th were given a dividend of $0.3328 per share. The ex-dividend date was Friday, April 25th. This represents a $1.33 dividend on an annualized basis and a dividend yield of 2.65%. Concentrix’s payout ratio is presently 33.33%.

Concentrix 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.