Concentrix Corporation $CNXC Stock Holdings Increased by State of Alaska Department of Revenue

Key Points

• The State of Alaska Department of Revenue increased its holdings in Concentrix Corporation by 19.7%, owning approximately $4.09 million worth of stock after purchasing an additional 12,745 shares.
• Concentrix recently declared a quarterly dividend of $0.36 per share, which reflects an increase from the previous dividend of $0.33, with a dividend yield of 3.0%.
• Analysts have mixed ratings on CNXC, with an average target price of $66.25, and some firms reaffirming "buy" ratings while others have downgraded their ratings on the stock.

State of Alaska Department of Revenue lifted its holdings in Concentrix Corporation (NASDAQ:CNXC - Free Report) by 19.7% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 77,478 shares of the company's stock after purchasing an additional 12,745 shares during the quarter. State of Alaska Department of Revenue owned 0.12% of Concentrix worth $4,094,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of CNXC. Vanguard Group Inc. grew its position in Concentrix by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 5,242,763 shares of the company's stock valued at $291,707,000 after buying an additional 106,217 shares in the last quarter. AQR Capital Management LLC lifted its stake in shares of Concentrix by 850.1% in the 1st quarter. AQR Capital Management LLC now owns 3,429,913 shares of the company's stock worth $190,840,000 after acquiring an additional 3,068,916 shares during the period. Copeland Capital Management LLC boosted its holdings in shares of Concentrix by 3.0% in the first quarter. Copeland Capital Management LLC now owns 1,373,432 shares of the company's stock valued at $76,418,000 after acquiring an additional 40,226 shares in the last quarter. Boston Partners increased its stake in shares of Concentrix by 17.1% during the first quarter. Boston Partners now owns 624,274 shares of the company's stock valued at $33,991,000 after acquiring an additional 91,130 shares during the period. Finally, Northern Trust Corp raised its holdings in Concentrix by 6.2% during the first quarter. Northern Trust Corp now owns 522,746 shares of the company's stock worth $29,086,000 after purchasing an additional 30,527 shares in the last quarter. 90.34% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

CNXC has been the subject of a number of research reports. Barrington Research reaffirmed an "outperform" rating and set a $62.00 price target on shares of Concentrix in a research note on Wednesday, September 24th. Canaccord Genuity Group reaffirmed a "buy" rating and set a $80.00 target price on shares of Concentrix in a research note on Tuesday, September 23rd. Bank of America lowered their target price on Concentrix from $65.00 to $61.00 and set a "neutral" rating on the stock in a report on Friday, June 27th. Wall Street Zen downgraded shares of Concentrix from a "buy" rating to a "hold" rating in a report on Saturday, June 21st. Finally, Robert W. Baird lowered their price objective on shares of Concentrix from $75.00 to $62.00 and set an "outperform" rating on the stock in a research note on Monday. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $66.25.

Concentrix Trading Up 0.4%

Shares of CNXC opened at $47.83 on Tuesday. The business's 50-day moving average price is $52.27 and its 200 day moving average price is $52.77. The company has a current ratio of 1.56, a quick ratio of 1.61 and a debt-to-equity ratio of 1.10. The stock has a market capitalization of $3.01 billion, a P/E ratio of 10.11, a P/E/G ratio of 0.63 and a beta of 0.53. Concentrix Corporation has a 1-year low of $36.28 and a 1-year high of $66.00.

Concentrix Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 4th. Stockholders of record on Friday, October 24th will be issued a dividend of $0.36 per share. This is an increase from Concentrix's previous quarterly dividend of $0.33. This represents a $1.44 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Friday, October 24th. Concentrix's dividend payout ratio (DPR) is presently 28.12%.

Insider Activity at Concentrix

In related news, EVP Cormac J. Twomey sold 500 shares of the firm's stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $57.91, for a total value of $28,955.00. Following the completion of the transaction, the executive vice president owned 37,130 shares of the company's stock, valued at approximately $2,150,198.30. This trade represents a 1.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 3.20% of the company's stock.

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.

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