State of New Jersey Common Pension Fund D Sells 3,286 Shares of Concentrix Co. (NASDAQ:CNXC)

State of New Jersey Common Pension Fund D reduced its holdings in Concentrix Co. (NASDAQ:CNXC) by 9.7% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 30,645 shares of the company’s stock after selling 3,286 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Concentrix were worth $1,939,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Hexagon Capital Partners LLC grew its position in shares of Concentrix by 2,992.3% during the 2nd quarter. Hexagon Capital Partners LLC now owns 402 shares of the company’s stock worth $25,000 after buying an additional 389 shares during the period. GAMMA Investing LLC grew its holdings in Concentrix by 1,005.0% in the second quarter. GAMMA Investing LLC now owns 442 shares of the company’s stock worth $28,000 after purchasing an additional 402 shares during the period. Pineridge Advisors LLC acquired a new stake in Concentrix in the fourth quarter worth $35,000. First Horizon Advisors Inc. raised its holdings in shares of Concentrix by 54.0% during the second quarter. First Horizon Advisors Inc. now owns 813 shares of the company’s stock valued at $51,000 after purchasing an additional 285 shares during the period. Finally, Fifth Third Bancorp boosted its position in shares of Concentrix by 51.7% during the 2nd quarter. Fifth Third Bancorp now owns 1,573 shares of the company’s stock worth $100,000 after purchasing an additional 536 shares in the last quarter. 90.34% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Concentrix

In other Concentrix news, EVP Cormac J. Twomey sold 400 shares of the company’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $74.63, for a total value of $29,852.00. Following the completion of the sale, the executive vice president now directly owns 29,327 shares of the company’s stock, valued at approximately $2,188,674.01. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 1,200 shares of company stock valued at $82,028 over the last ninety days. Corporate insiders own 3.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Canaccord Genuity Group reaffirmed a “buy” rating and set a $125.00 price target on shares of Concentrix in a research note on Thursday, June 27th. Bank of America upgraded Concentrix from an “underperform” rating to a “neutral” rating and boosted their price objective for the company from $65.00 to $85.00 in a report on Wednesday, August 28th. Finally, Barrington Research reiterated an “outperform” rating and issued a $84.00 target price on shares of Concentrix in a report on Friday. One equities research analyst has rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, Concentrix has an average rating of “Moderate Buy” and a consensus target price of $94.75.

Concentrix Price Performance

CNXC stock opened at $63.38 on Friday. The company has a debt-to-equity ratio of 1.21, a quick ratio of 1.56 and a current ratio of 1.54. The business has a 50-day simple moving average of $68.36 and a two-hundred day simple moving average of $63.86. The company has a market capitalization of $4.14 billion, a P/E ratio of 14.67, a price-to-earnings-growth ratio of 0.70 and a beta of 0.61. Concentrix Co. has a 52-week low of $53.89 and a 52-week high of $106.10.

Concentrix (NASDAQ:CNXC) last announced its earnings results on Wednesday, June 26th. The company reported $2.69 earnings per share (EPS) for the quarter, beating the consensus estimate 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%. Concentrix’s quarterly revenue was up 47.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.50 earnings per share. Research analysts expect that Concentrix Co. will post 10.8 EPS for the current fiscal year.

Concentrix Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 6th. Stockholders of record on Friday, July 26th were issued a $0.303 dividend. The ex-dividend date of this dividend was Friday, July 26th. This represents a $1.21 annualized dividend and a dividend yield of 1.91%. Concentrix’s dividend payout ratio is currently 28.01%.

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.