Dimension Capital Management LLC Makes New $1.66 Million Investment in Concentrix Co. (NASDAQ:CNXC)

Dimension Capital Management LLC purchased a new position in Concentrix Co. (NASDAQ:CNXC) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 38,261 shares of the company’s stock, valued at approximately $1,656,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Corton Capital Inc. lifted its position in Concentrix by 72.9% during the fourth quarter. Corton Capital Inc. now owns 6,759 shares of the company’s stock valued at $292,000 after buying an additional 2,849 shares in the last quarter. Crestline Management LP acquired a new position in Concentrix in the fourth quarter worth about $310,000. Brevan Howard Capital Management LP lifted its stake in Concentrix by 444.6% during 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 last quarter. Bank of America Corp DE boosted its holdings in shares of Concentrix by 8.3% in the 4th quarter. Bank of America Corp DE now owns 251,938 shares of the company’s stock valued at $10,901,000 after buying an additional 19,255 shares during the period. Finally, BNP Paribas Financial Markets bought a new position in shares of Concentrix during the fourth quarter valued at approximately $294,000. 90.34% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently issued reports on CNXC shares. Barrington Research decreased their price target on Concentrix from $70.00 to $54.00 and set an “outperform” rating for the company in a research note on Monday, March 24th. Bank of America upped their price target on shares of Concentrix from $58.00 to $59.00 and gave the company a “neutral” rating in a research report on Thursday, March 27th. Finally, Canaccord Genuity Group cut their target price on shares of Concentrix from $100.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday, January 16th. One investment 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’s stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $65.75.

Insiders Place Their Bets

In other news, EVP Cormac J. Twomey sold 500 shares of the business’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 completion of the transaction, the executive vice president now owns 39,130 shares of the company’s stock, valued at approximately $2,164,280.30. The trade was a 1.26 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Olivier Duha sold 29,444 shares of the company’s stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $48.52, for a total value of $1,428,622.88. Following the completion of the transaction, the director now directly owns 1,155,862 shares of the company’s stock, valued at $56,082,424.24. This represents a 2.48 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 30,444 shares of company stock valued at $1,481,628. 3.20% of the stock is currently owned by corporate insiders.

Concentrix Price Performance

CNXC opened at $50.38 on Thursday. The company’s 50 day simple moving average is $48.39 and its 200-day simple moving average is $46.38. The stock has a market capitalization of $3.22 billion, a P/E ratio of 13.58, a price-to-earnings-growth ratio of 0.63 and a beta of 0.52. Concentrix Co. has a one year low of $36.28 and a one year high of $77.00. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.42 and a quick ratio of 1.42.

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

Concentrix Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 6th. Stockholders of record on Friday, April 25th were paid a dividend of $0.3328 per share. This represents a $1.33 dividend on an annualized basis and a dividend yield of 2.64%. The ex-dividend date of this dividend was Friday, April 25th. Concentrix’s dividend payout ratio is currently 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.