New York State Common Retirement Fund Cuts Stake in Concentrix Corporation (NASDAQ:CNXC)

New York State Common Retirement Fund trimmed its holdings in Concentrix Corporation (NASDAQ:CNXC - Free Report) by 51.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 69,707 shares of the company's stock after selling 74,850 shares during the period. New York State Common Retirement Fund owned 0.11% of Concentrix worth $3,878,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of CNXC. UMB Bank n.a. raised its holdings in Concentrix by 47.3% during the 1st quarter. UMB Bank n.a. now owns 676 shares of the company's stock worth $38,000 after buying an additional 217 shares during the period. First Horizon Advisors Inc. boosted its stake in shares of Concentrix by 111.8% in the 1st quarter. First Horizon Advisors Inc. now owns 841 shares of the company's stock valued at $47,000 after purchasing an additional 444 shares in the last quarter. Quarry LP raised its holdings in shares of Concentrix by 843.9% in the fourth quarter. Quarry LP now owns 2,539 shares of the company's stock valued at $110,000 after buying an additional 2,270 shares during the last quarter. Fifth Third Bancorp raised its holdings in Concentrix by 36.5% during the 1st quarter. Fifth Third Bancorp now owns 2,051 shares of the company's stock worth $114,000 after purchasing an additional 548 shares during the last quarter. Finally, Versant Capital Management Inc raised its holdings in Concentrix by 582.5% during the 1st quarter. Versant Capital Management Inc now owns 2,109 shares of the company's stock worth $117,000 after purchasing an additional 1,800 shares during the last quarter. 90.34% of the stock is owned by institutional investors and hedge funds.

Concentrix Price Performance

NASDAQ:CNXC opened at $60.88 on Wednesday. Concentrix Corporation has a 52 week low of $36.28 and a 52 week high of $77.00. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 1.14. The stock has a market capitalization of $3.84 billion, a PE ratio of 16.73, a price-to-earnings-growth ratio of 0.76 and a beta of 0.53. The stock's 50-day moving average price is $55.90 and its 200-day moving average price is $51.08.

Concentrix (NASDAQ:CNXC - Get Free Report) last issued its quarterly earnings results on Thursday, June 26th. The company reported $2.70 earnings per share for the quarter, missing analysts' consensus estimates of $2.76 by ($0.06). Concentrix had a net margin of 2.54% and a return on equity of 16.31%. The company had revenue of $2.42 billion during the quarter, compared to analysts' expectations of $2.38 billion. During the same period in the prior year, the business posted $2.69 earnings per share. The company's quarterly revenue was up 1.5% compared to the same quarter last year. As a group, equities analysts expect that Concentrix Corporation will post 10.11 EPS for the current fiscal year.

Concentrix Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 5th. Shareholders of record on Friday, July 25th will be paid a $0.3328 dividend. The ex-dividend date of this dividend is Friday, July 25th. This represents a $1.33 annualized dividend and a dividend yield of 2.19%. Concentrix's dividend payout ratio (DPR) is 36.54%.

Insider Activity at Concentrix

In other news, EVP Cormac J. Twomey sold 500 shares of Concentrix stock in a transaction on Friday, May 30th. The shares were sold at an average price of $57.06, for a total transaction of $28,530.00. Following the completion of the sale, the executive vice president directly owned 38,130 shares of the company's stock, valued at approximately $2,175,697.80. The trade was a 1.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 3.20% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on CNXC shares. Wall Street Zen cut Concentrix from a "buy" rating to a "hold" rating in a research note on Saturday, June 21st. Canaccord Genuity Group restated a "buy" rating and set a $80.00 price objective on shares of Concentrix in a research report on Monday, June 30th. Barrington Research restated an "outperform" rating and set a $54.00 price objective on shares of Concentrix in a research report on Tuesday, June 24th. Robert W. Baird lifted their target price on Concentrix from $62.00 to $72.00 and gave the stock an "outperform" rating in a report on Thursday, June 26th. Finally, Bank of America reduced their price objective on Concentrix from $65.00 to $61.00 and set a "neutral" rating for the company in a research note on Friday, June 27th. Two investment analysts have rated the stock with a hold rating, three 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 "Moderate Buy" and a consensus target price of $66.75.

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.

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