New York State Common Retirement Fund Sells 29,824 Shares of Concentrix Co. (NASDAQ:CNXC)

New York State Common Retirement Fund lowered its stake in Concentrix Co. (NASDAQ:CNXC - Free Report) by 25.0% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 89,413 shares of the company's stock after selling 29,824 shares during the period. New York State Common Retirement Fund owned approximately 0.13% of Concentrix worth $8,781,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Illinois Municipal Retirement Fund grew its stake in Concentrix by 31.0% in the 4th quarter. Illinois Municipal Retirement Fund now owns 27,681 shares of the company's stock valued at $2,719,000 after buying an additional 6,555 shares during the last quarter. Handelsbanken Fonder AB grew its position in shares of Concentrix by 30.2% during the 4th quarter. Handelsbanken Fonder AB now owns 8,200 shares of the company's stock worth $805,000 after purchasing an additional 1,900 shares in the last quarter. CWM LLC grew its position in shares of Concentrix by 29.3% during the 4th quarter. CWM LLC now owns 2,601 shares of the company's stock worth $255,000 after purchasing an additional 590 shares in the last quarter. Xponance Inc. grew its position in shares of Concentrix by 10.5% during the 4th quarter. Xponance Inc. now owns 5,691 shares of the company's stock worth $559,000 after purchasing an additional 541 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Concentrix by 11.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,093 shares of the company's stock worth $795,000 after purchasing an additional 835 shares in the last quarter. Institutional investors and hedge funds own 90.34% of the company's stock.

Analyst Ratings Changes

A number of brokerages have issued reports on CNXC. Barrington Research decreased their target price on shares of Concentrix from $121.00 to $84.00 and set an "outperform" rating on the stock in a research report on Wednesday, March 27th. Bank of America reiterated an "underperform" rating and set a $60.00 price target (down previously from $85.00) on shares of Concentrix in a research report on Wednesday, March 27th. Finally, Scotiabank reduced their price target on shares of Concentrix from $120.00 to $85.00 and set a "sector outperform" rating on the stock in a research report on Monday. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the company. According to MarketBeat.com, Concentrix currently has an average rating of "Hold" and an average price target of $74.75.

Insider Activity at Concentrix

In related news, CEO Christopher A. Caldwell acquired 900 shares of the company's stock in a transaction that occurred on Friday, April 19th. The stock was acquired at an average price of $54.59 per share, with a total value of $49,131.00. Following the purchase, the chief executive officer now directly owns 239,128 shares in the company, valued at $13,053,997.52. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders purchased a total of 1,679 shares of company stock valued at $98,546 in the last quarter. Insiders own 3.00% of the company's stock.

Concentrix Price Performance

Shares of NASDAQ CNXC traded up $2.07 during trading hours on Friday, hitting $59.35. 785,341 shares of the stock were exchanged, compared to its average volume of 545,203. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.56 and a current ratio of 1.56. The company has a market cap of $3.92 billion, a PE ratio of 12.19, a price-to-earnings-growth ratio of 0.64 and a beta of 0.55. The company's fifty day simple moving average is $62.70 and its two-hundred day simple moving average is $80.27. Concentrix Co. has a 1-year low of $53.89 and a 1-year high of $106.10.

Concentrix (NASDAQ:CNXC - Get Free Report) last posted its quarterly earnings results on Tuesday, March 26th. The company reported $2.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.36 by ($0.03). The firm had revenue of $2.40 billion for the quarter, compared to analyst estimates of $2.38 billion. Concentrix had a return on equity of 17.70% and a net margin of 3.53%. On average, sell-side analysts predict that Concentrix Co. will post 11.03 EPS for the current year.

Concentrix Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 7th. Investors of record on Friday, April 26th will be paid a $0.303 dividend. This is an increase from Concentrix's previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Thursday, April 25th. This represents a $1.21 annualized dividend and a yield of 2.04%. Concentrix's dividend payout ratio is presently 24.95%.

Concentrix 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.