Teacher Retirement System of Texas Acquires New Holdings in Concentrix Corporation (NASDAQ:CNXC)

Teacher Retirement System of Texas acquired a new position in shares of Concentrix Corporation (NASDAQ:CNXC - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 5,686 shares of the company's stock, valued at approximately $316,000.

Other hedge funds have also added to or reduced their stakes in the company. Fuller & Thaler Asset Management Inc. raised its stake in shares of Concentrix by 38.1% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 2,981,227 shares of the company's stock valued at $128,998,000 after purchasing an additional 823,228 shares during the period. Alyeska Investment Group L.P. acquired a new stake in shares of Concentrix in the fourth quarter valued at about $21,123,000. Millennium Management LLC increased its position in shares of Concentrix by 232.9% in the fourth quarter. Millennium Management LLC now owns 578,700 shares of the company's stock valued at $25,040,000 after acquiring an additional 404,885 shares during the last quarter. Marshall Wace LLP increased its position in shares of Concentrix by 209.0% in the fourth quarter. Marshall Wace LLP now owns 593,043 shares of the company's stock valued at $25,661,000 after acquiring an additional 401,133 shares during the last quarter. Finally, Deprince Race & Zollo Inc. increased its position in shares of Concentrix by 55.3% in the fourth quarter. Deprince Race & Zollo Inc. now owns 1,009,133 shares of the company's stock valued at $43,665,000 after acquiring an additional 359,476 shares during the last quarter. Institutional investors and hedge funds own 90.34% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Robert W. Baird lifted their price target on Concentrix from $62.00 to $72.00 and gave the stock an "outperform" rating in a report on Thursday, June 26th. Canaccord Genuity Group restated a "buy" rating and set a $80.00 price objective on shares of Concentrix in a report on Monday, June 30th. Barrington Research restated an "outperform" rating and set a $54.00 price objective on shares of Concentrix in a report on Tuesday, June 24th. 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 report on Friday, June 27th. Finally, Wall Street Zen cut Concentrix from a "buy" rating to a "hold" rating in a report on Saturday, June 21st. Two research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $66.75.

Insider Buying and Selling

In related news, CEO Christopher A. Caldwell acquired 1,000 shares of the stock in a transaction that occurred on Monday, April 21st. The shares were bought at an average price of $46.00 per share, for a total transaction of $46,000.00. Following the completion of the transaction, the chief executive officer directly owned 303,362 shares in the company, valued at approximately $13,954,652. This trade represents a 0.33% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Cormac J. Twomey sold 500 shares of Concentrix stock in a transaction on Friday, May 30th. The stock was sold at an average price of $57.06, for a total transaction of $28,530.00. Following the transaction, the executive vice president owned 38,130 shares in the company, valued at $2,175,697.80. This represents a 1.29% decrease in their position. The disclosure for this sale can be found here. 3.20% of the stock is owned by corporate insiders.

Concentrix Stock Performance

Shares of CNXC stock traded up $0.80 during trading hours on Friday, hitting $58.33. 504,506 shares of the company were exchanged, compared to its average volume of 750,861. The firm has a fifty day simple moving average of $55.90 and a 200 day simple moving average of $51.02. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 1.14. Concentrix Corporation has a 52-week low of $36.28 and a 52-week high of $77.00. The stock has a market capitalization of $3.68 billion, a price-to-earnings ratio of 16.02, a P/E/G ratio of 0.77 and a beta of 0.53.

Concentrix (NASDAQ:CNXC - Get Free Report) last released its quarterly earnings data on Thursday, June 26th. The company reported $2.70 earnings per share (EPS) 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 firm had revenue of $2.42 billion during the quarter, compared to analysts' expectations of $2.38 billion. During the same quarter in the previous year, the firm posted $2.69 EPS. Concentrix's revenue was up 1.5% compared to the same quarter last year. Research analysts predict that Concentrix Corporation will post 10.11 earnings per share for the current fiscal year.

Concentrix Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 5th. Stockholders of record on Friday, July 25th will be paid a $0.3328 dividend. The ex-dividend date is Friday, July 25th. This represents a $1.33 annualized dividend and a dividend yield of 2.28%. Concentrix's dividend payout ratio is presently 36.54%.

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.