Bayesian Capital Management LP Takes $658,000 Position in Concentrix Co. (NASDAQ:CNXC)

Bayesian Capital Management LP purchased a new stake in Concentrix Co. (NASDAQ:CNXC) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 9,936 shares of the company’s stock, valued at approximately $658,000.

Several other hedge funds have also modified their holdings of CNXC. First Horizon Advisors Inc. lifted its holdings in shares of Concentrix by 381.7% in the 4th quarter. First Horizon Advisors Inc. now owns 342 shares of the company’s stock valued at $34,000 after buying an additional 271 shares during the period. Pineridge Advisors LLC acquired a new stake in shares of Concentrix in the 4th quarter valued at approximately $35,000. Parkside Financial Bank & Trust lifted its holdings in shares of Concentrix by 146.1% in the 4th quarter. Parkside Financial Bank & Trust now owns 630 shares of the company’s stock valued at $62,000 after buying an additional 374 shares during the period. Blue Trust Inc. lifted its holdings in shares of Concentrix by 29.8% in the 4th quarter. Blue Trust Inc. now owns 1,151 shares of the company’s stock valued at $113,000 after buying an additional 264 shares during the period. Finally, Covestor Ltd raised its holdings in Concentrix by 49.8% during the first quarter. Covestor Ltd now owns 1,918 shares of the company’s stock worth $127,000 after purchasing an additional 638 shares during the last quarter. 90.34% of the stock is owned by institutional investors and hedge funds.

Concentrix Trading Up 3.0 %

CNXC stock traded up $2.07 during trading on Tuesday, reaching $69.94. 603,051 shares of the stock traded hands, compared to its average volume of 501,855. The business’s 50 day moving average price is $63.53 and its 200-day moving average price is $68.59. Concentrix Co. has a 52-week low of $53.89 and a 52-week high of $106.10. The company has a debt-to-equity ratio of 1.21, a current ratio of 1.54 and a quick ratio of 1.56. The firm has a market capitalization of $4.57 billion, a PE ratio of 15.71, a P/E/G ratio of 0.71 and a beta of 0.60.

Concentrix (NASDAQ:CNXC) last issued its quarterly earnings data on Wednesday, June 26th. The company reported $2.69 EPS for the quarter, topping analysts’ consensus estimates of $2.63 by $0.06. The company had revenue of $2.38 billion for the quarter, compared to analysts’ expectations of $2.35 billion. Concentrix had a return on equity of 17.00% and a net margin of 3.08%. The firm’s quarterly revenue was up 47.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.50 earnings per share. As a group, sell-side analysts forecast that Concentrix Co. will post 10.8 earnings per share for the current year.

Concentrix Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 6th. Shareholders of record on Friday, July 26th will be paid a dividend of $0.303 per share. This represents a $1.21 dividend on an annualized basis and a dividend yield of 1.73%. The ex-dividend date of this dividend is Friday, July 26th. Concentrix’s dividend payout ratio is presently 28.01%.

Insiders Place Their Bets

In other Concentrix news, EVP Cormac J. Twomey sold 400 shares of the business’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $63.21, for a total transaction of $25,284.00. Following the transaction, the executive vice president now owns 30,127 shares in the company, valued at $1,904,327.67. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 3.00% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have recently commented on CNXC shares. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $125.00 price objective on shares of Concentrix in a research report on Thursday, June 27th. Barrington Research reissued an “outperform” rating and set a $84.00 price target on shares of Concentrix in a research report on Friday, June 21st. Finally, Scotiabank lowered their price target on Concentrix from $120.00 to $85.00 and set a “sector outperform” rating for the company in a research report on Monday, April 29th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $84.80.

About Concentrix

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.