Concentrix Co. (NASDAQ:CNXC) Shares Acquired by New York State Common Retirement Fund

New York State Common Retirement Fund increased its holdings in Concentrix Co. (NASDAQ:CNXC) by 47.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 144,557 shares of the company’s stock after acquiring an additional 46,406 shares during the quarter. New York State Common Retirement Fund owned approximately 0.22% of Concentrix worth $6,255,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Venturi Wealth Management LLC increased its stake in Concentrix by 159.6% in the fourth quarter. Venturi Wealth Management LLC now owns 797 shares of the company’s stock valued at $34,000 after purchasing an additional 490 shares during the period. Sanctuary Advisors LLC acquired a new position in Concentrix in the 4th quarter valued at about $497,000. Rhumbline Advisers increased its position in Concentrix by 0.3% in the 4th quarter. Rhumbline Advisers now owns 128,617 shares of the company’s stock valued at $5,565,000 after acquiring an additional 324 shares during the period. Thompson Investment Management Inc. raised its stake in Concentrix by 1,232.8% during the 4th quarter. Thompson Investment Management Inc. now owns 140,411 shares of the company’s stock valued at $6,076,000 after acquiring an additional 129,876 shares during the last quarter. Finally, Bleakley Financial Group LLC acquired a new stake in Concentrix during the 4th quarter worth approximately $276,000. Hedge funds and other institutional investors own 90.34% of the company’s stock.

Analyst Ratings Changes

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 research note on Thursday, January 16th. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Concentrix presently has a consensus rating of “Buy” and an average target price of $75.00.

Concentrix Price Performance

Shares of CNXC opened at $45.43 on Thursday. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 1.17. The stock’s 50 day moving average is $47.28 and its two-hundred day moving average is $51.28. Concentrix Co. has a twelve month low of $36.28 and a twelve month high of $84.11. The firm has a market capitalization of $2.92 billion, a PE ratio of 12.24, a P/E/G ratio of 0.63 and a beta of 0.66.

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

Concentrix Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 11th. Investors of record on Friday, January 31st were paid a $0.3328 dividend. This represents a $1.33 annualized dividend and a dividend yield of 2.93%. The ex-dividend date of this dividend was Friday, January 31st. Concentrix’s dividend payout ratio (DPR) is 35.85%.

Insider Buying and Selling

In related news, EVP Cormac J. Twomey sold 500 shares of Concentrix stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $55.60, for a total transaction of $27,800.00. Following the completion of the transaction, the executive vice president now directly owns 41,111 shares of the company’s stock, valued at approximately $2,285,771.60. The trade was a 1.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Over the last 90 days, insiders have sold 1,500 shares of company stock valued at $72,400. Corporate insiders own 3.20% of the company’s stock.

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.