AlphaQuest LLC Acquires 994 Shares of Concentrix Corporation $CNXC

AlphaQuest LLC raised its stake in shares of Concentrix Corporation (NASDAQ:CNXC) by 13.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 8,398 shares of the company’s stock after buying an additional 994 shares during the period. AlphaQuest LLC’s holdings in Concentrix were worth $444,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Ethic Inc. raised its stake in Concentrix by 66.8% during the 2nd quarter. Ethic Inc. now owns 6,789 shares of the company’s stock valued at $351,000 after buying an additional 2,718 shares during the last quarter. Parcion Private Wealth LLC raised its stake in Concentrix by 19.4% during the 2nd quarter. Parcion Private Wealth LLC now owns 6,434 shares of the company’s stock valued at $340,000 after buying an additional 1,047 shares during the last quarter. Chicago Partners Investment Group LLC purchased a new stake in Concentrix during the 2nd quarter valued at $302,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Concentrix during the 2nd quarter valued at $1,689,000. Finally, Capital Management Corp VA purchased a new stake in Concentrix during the 2nd quarter valued at $17,230,000. 90.34% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Concentrix

In other Concentrix news, CEO Christopher A. Caldwell purchased 1,000 shares of the business’s stock in a transaction on Friday, October 10th. The stock was acquired at an average price of $45.35 per share, for a total transaction of $45,350.00. Following the purchase, the chief executive officer owned 305,345 shares of the company’s stock, valued at approximately $13,847,395.75. This represents a 0.33% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 3.20% of the company’s stock.

Concentrix Trading Down 6.0%

Shares of CNXC stock opened at $42.65 on Thursday. Concentrix Corporation has a 52-week low of $36.28 and a 52-week high of $66.00. The company has a debt-to-equity ratio of 1.10, a quick ratio of 1.56 and a current ratio of 1.56. The firm has a market capitalization of $2.66 billion, a PE ratio of 9.02, a PEG ratio of 0.65 and a beta of 0.50. The stock has a fifty day simple moving average of $49.97 and a two-hundred day simple moving average of $52.31.

Concentrix Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 4th. Shareholders of record on Friday, October 24th will be paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date is Friday, October 24th. This is a boost from Concentrix’s previous quarterly dividend of $0.33. Concentrix’s dividend payout ratio (DPR) is currently 30.44%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Wall Street Zen upgraded shares of Concentrix from a “hold” rating to a “buy” rating in a research note on Saturday, October 25th. Weiss Ratings raised Concentrix from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, October 8th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $80.00 target price on shares of Concentrix in a report on Tuesday, September 23rd. Robert W. Baird decreased their target price on Concentrix from $75.00 to $62.00 and set an “outperform” rating on the stock in a report on Monday, September 29th. Finally, Barrington Research reaffirmed an “outperform” rating and issued a $62.00 target price on shares of Concentrix in a report on Wednesday, September 24th. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Concentrix presently has an average rating of “Moderate Buy” and an average target price of $66.25.

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.