Louisiana State Employees Retirement System Sells 300 Shares of Concentrix Co. (NASDAQ:CNXC)

Louisiana State Employees Retirement System decreased its stake in shares of Concentrix Co. (NASDAQ:CNXC) by 2.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,000 shares of the company’s stock after selling 300 shares during the period. Louisiana State Employees Retirement System’s holdings in Concentrix were worth $666,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. State of Michigan Retirement System lifted its position in Concentrix by 1.8% in the 1st quarter. State of Michigan Retirement System now owns 11,591 shares of the company’s stock valued at $768,000 after acquiring an additional 200 shares in the last quarter. SummerHaven Investment Management LLC raised its position in shares of Concentrix by 2.9% during the 2nd quarter. SummerHaven Investment Management LLC now owns 8,662 shares of the company’s stock valued at $548,000 after purchasing an additional 248 shares during the period. First Horizon Advisors Inc. raised its position in shares of Concentrix by 54.0% during the 2nd 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. GAMMA Investing LLC grew its stake in 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 acquiring an additional 287 shares in the last quarter. Finally, nVerses Capital LLC grew its stake in shares of Concentrix by 10.7% in the 2nd quarter. nVerses Capital LLC now owns 3,100 shares of the company’s stock worth $196,000 after buying an additional 300 shares in the last quarter. Hedge funds and other institutional investors own 90.34% of the company’s stock.

Insider Transactions at Concentrix

In other news, EVP Cormac J. Twomey sold 400 shares of Concentrix stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $74.63, for a total value of $29,852.00. Following the transaction, the executive vice president now directly owns 29,327 shares of the company’s stock, valued at $2,188,674.01. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Concentrix news, EVP Cormac J. Twomey sold 400 shares of the business’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $74.63, for a total value of $29,852.00. Following the transaction, the executive vice president now directly owns 29,327 shares of the company’s stock, valued at approximately $2,188,674.01. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Cormac J. Twomey sold 1,544 shares of the business’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $51.38, for a total transaction of $79,330.72. Following the completion of the transaction, the executive vice president now directly owns 27,783 shares in the company, valued at $1,427,490.54. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 12,267 shares of company stock worth $648,945. 3.10% of the stock is currently owned by insiders.

Concentrix Trading Down 0.2 %

Shares of CNXC opened at $41.41 on Tuesday. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 1.18. The firm has a market capitalization of $2.68 billion, a P/E ratio of 13.44, a P/E/G ratio of 0.58 and a beta of 0.61. The firm has a 50-day moving average price of $57.29 and a 200 day moving average price of $61.17. Concentrix Co. has a 12-month low of $41.11 and a 12-month high of $106.10.

Concentrix (NASDAQ:CNXC) last issued its quarterly earnings results on Wednesday, September 25th. The company reported $2.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.93 by ($0.06). The business had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.38 billion. Concentrix had a return on equity of 16.57% and a net margin of 2.18%. The firm’s revenue for the quarter was up 46.2% compared to the same quarter last year. During the same period in the prior year, the company posted $2.54 EPS. Sell-side analysts forecast that Concentrix Co. will post 10.18 EPS for the current year.

Concentrix Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 5th. Stockholders of record on Friday, October 25th will be given a dividend of $0.333 per share. This represents a $1.33 annualized dividend and a dividend yield of 3.22%. The ex-dividend date is Friday, October 25th. This is an increase from Concentrix’s previous quarterly dividend of $0.30. Concentrix’s payout ratio is currently 43.18%.

Wall Street Analyst Weigh In

CNXC has been the subject of several analyst reports. Barrington Research lowered their target price on shares of Concentrix from $84.00 to $70.00 and set an “outperform” rating for the company in a report on Thursday, September 26th. Baird R W raised shares of Concentrix to a “strong-buy” rating in a research report on Thursday, October 3rd. Canaccord Genuity Group dropped their target price on shares of Concentrix from $125.00 to $100.00 and set a “buy” rating on the stock in a research report on Thursday, September 26th. Bank of America decreased their target price on shares of Concentrix from $85.00 to $70.00 and set a “neutral” rating for the company in a research note on Thursday, September 26th. Finally, Robert W. Baird initiated coverage on shares of Concentrix in a research report on Thursday, October 3rd. They set an “outperform” rating and a $70.00 price objective for the company. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $79.00.

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.