Islay Capital Management LLC Invests $838,000 in Concentrix Co. (NASDAQ:CNXC)

Islay Capital Management LLC acquired a new stake in Concentrix Co. (NASDAQ:CNXC) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 16,355 shares of the company’s stock, valued at approximately $838,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Hexagon Capital Partners LLC raised its position in Concentrix by 2,992.3% during the second quarter. Hexagon Capital Partners LLC now owns 402 shares of the company’s stock worth $25,000 after acquiring an additional 389 shares during the last quarter. GAMMA Investing LLC lifted its stake in Concentrix by 1,005.0% in the 2nd quarter. GAMMA Investing LLC now owns 442 shares of the company’s stock valued at $28,000 after buying an additional 402 shares in the last quarter. First Horizon Advisors Inc. lifted its stake in Concentrix by 54.0% in the 2nd quarter. First Horizon Advisors Inc. now owns 813 shares of the company’s stock valued at $51,000 after buying an additional 285 shares in the last quarter. Benjamin F. Edwards & Company Inc. acquired a new stake in Concentrix during the 2nd quarter valued at $68,000. Finally, Quarry LP increased its position in Concentrix by 769.9% during the second quarter. Quarry LP now owns 1,244 shares of the company’s stock worth $79,000 after buying an additional 1,101 shares in the last quarter. 90.34% of the stock is owned by institutional investors and hedge funds.

Concentrix Trading Down 3.8 %

NASDAQ CNXC opened at $38.29 on Monday. The company has a market cap of $2.48 billion, a P/E ratio of 12.43, a P/E/G ratio of 0.53 and a beta of 0.61. Concentrix Co. has a 12 month low of $37.94 and a 12 month high of $106.10. 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 has a 50-day moving average of $51.33 and a 200-day moving average of $60.26.

Concentrix (NASDAQ:CNXC) last issued its quarterly earnings results on Wednesday, September 25th. The company reported $2.87 EPS 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 analyst estimates of $2.38 billion. Concentrix had a return on equity of 16.57% and a net margin of 2.18%. The business’s revenue for the quarter was up 46.2% on a year-over-year basis. During the same period last year, the company posted $2.54 EPS. As a group, equities analysts predict that Concentrix Co. will post 10.18 earnings per share for the current year.

Concentrix Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, November 5th. Investors of record on Friday, October 25th were issued a $0.333 dividend. The ex-dividend date was Friday, October 25th. This represents a $1.33 dividend on an annualized basis and a yield of 3.48%. This is a boost from Concentrix’s previous quarterly dividend of $0.30. Concentrix’s dividend payout ratio (DPR) is presently 43.18%.

Insider Buying and Selling at Concentrix

In related news, CEO Christopher A. Caldwell sold 9,823 shares of Concentrix stock in a transaction on Friday, October 4th. The shares were sold at an average price of $52.70, for a total transaction of $517,672.10. Following the transaction, the chief executive officer now owns 241,841 shares in the company, valued at approximately $12,745,020.70. The trade was a 3.90 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 owns 27,783 shares of the company’s stock, valued at approximately $1,427,490.54. This represents a 5.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 12,267 shares of company stock valued at $648,945. Company insiders own 3.10% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CNXC. Baird R W upgraded Concentrix to a “strong-buy” rating in a research report on Thursday, October 3rd. Bank of America reduced their target price 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. Barrington Research lowered their price target on shares of Concentrix from $84.00 to $70.00 and set an “outperform” rating for the company in a report on Thursday, September 26th. Robert W. Baird assumed coverage on shares of Concentrix in a research note on Thursday, October 3rd. They set an “outperform” rating and a $70.00 price objective on the stock. Finally, Canaccord Genuity Group lowered their target price on shares of Concentrix from $125.00 to $100.00 and set a “buy” rating for the company in a research note 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. According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $79.00.

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.