Retirement Systems of Alabama Trims Stock Holdings in Concentrix Co. (NASDAQ:CNXC)

Retirement Systems of Alabama trimmed its stake in Concentrix Co. (NASDAQ:CNXC) by 0.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 56,746 shares of the company’s stock after selling 393 shares during the quarter. Retirement Systems of Alabama owned 0.09% of Concentrix worth $2,455,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in CNXC. GAMMA Investing LLC lifted its holdings in shares of Concentrix by 64.9% during the third quarter. GAMMA Investing LLC now owns 729 shares of the company’s stock valued at $37,000 after purchasing an additional 287 shares in the last quarter. KBC Group NV increased its position in Concentrix by 68.3% in the fourth quarter. KBC Group NV now owns 2,008 shares of the company’s stock worth $87,000 after buying an additional 815 shares in the last quarter. Quest Partners LLC purchased a new stake in shares of Concentrix during the third quarter worth about $146,000. Blue Trust Inc. grew its position in shares of Concentrix by 62.4% during the third quarter. Blue Trust Inc. now owns 3,132 shares of the company’s stock worth $161,000 after purchasing an additional 1,204 shares in the last quarter. Finally, Parametrica Management Ltd purchased a new stake in shares of Concentrix during the third quarter worth about $214,000. 90.34% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, EVP Cormac J. Twomey sold 500 shares of the company’s stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $55.60, for a total value of $27,800.00. Following the completion of the sale, the executive vice president now directly owns 41,111 shares in the company, valued at $2,285,771.60. This represents a 1.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last three months, insiders sold 1,500 shares of company stock worth $72,400. Corporate insiders own 3.10% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Canaccord Genuity Group cut their price target on Concentrix from $100.00 to $80.00 and set a “buy” rating for the company in a report on Thursday, January 16th. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $75.00.

Concentrix Stock Up 1.2 %

Shares of CNXC stock opened at $47.92 on Wednesday. The stock’s fifty day moving average price is $46.54 and its 200 day moving average price is $52.67. Concentrix Co. has a 1-year low of $36.28 and a 1-year high of $85.35. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.42 and a quick ratio of 1.42. The company has a market cap of $3.09 billion, a price-to-earnings ratio of 12.92, a price-to-earnings-growth ratio of 0.66 and a beta of 0.67.

Concentrix (NASDAQ:CNXC) last issued its quarterly earnings results on Wednesday, January 15th. The company reported $3.26 EPS for the quarter, topping analysts’ consensus estimates of $3.01 by $0.25. The company had revenue of $2.45 billion during the quarter, compared to analysts’ expectations of $2.44 billion. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. The firm’s revenue was up 9.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.36 EPS. On average, research analysts expect that Concentrix Co. will post 10.11 earnings per share for the current fiscal year.

Concentrix Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, February 11th. Investors of record on Friday, January 31st were issued a $0.3328 dividend. The ex-dividend date was Friday, January 31st. This represents a $1.33 dividend on an annualized basis and a yield of 2.78%. Concentrix’s payout ratio is 35.85%.

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.