California Public Employees Retirement System Sells 156,353 Shares of Concentrix Co. (NASDAQ:CNXC)

California Public Employees Retirement System cut its holdings in shares of Concentrix Co. (NASDAQ:CNXC - Free Report) by 65.9% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 80,807 shares of the company's stock after selling 156,353 shares during the quarter. California Public Employees Retirement System owned 0.12% of Concentrix worth $7,936,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Fuller & Thaler Asset Management Inc. boosted its holdings in Concentrix by 470.1% during the 3rd quarter. Fuller & Thaler Asset Management Inc. now owns 969,707 shares of the company's stock valued at $77,683,000 after acquiring an additional 799,625 shares during the period. Impactive Capital LP grew its holdings in shares of Concentrix by 30.2% in the third quarter. Impactive Capital LP now owns 3,255,172 shares of the company's stock worth $260,772,000 after purchasing an additional 754,566 shares during the last quarter. AQR Capital Management LLC increased its stake in shares of Concentrix by 161.3% in the third quarter. AQR Capital Management LLC now owns 794,300 shares of the company's stock worth $63,488,000 after buying an additional 490,361 shares during the period. Copeland Capital Management LLC bought a new stake in Concentrix during the 4th quarter valued at $40,339,000. Finally, Causeway Capital Management LLC boosted its position in Concentrix by 43.4% during the 3rd quarter. Causeway Capital Management LLC now owns 658,107 shares of the company's stock valued at $52,721,000 after buying an additional 199,226 shares during the period. 90.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have issued reports on CNXC. Bank of America restated an "underperform" rating and issued a $60.00 price objective (down previously from $85.00) on shares of Concentrix in a research report on Wednesday, March 27th. Scotiabank lowered their price target on Concentrix from $120.00 to $85.00 and set a "sector outperform" rating for the company in a research report on Monday, April 29th. Finally, Barrington Research cut their price objective on Concentrix from $121.00 to $84.00 and set an "outperform" rating on the stock in a research report on Wednesday, March 27th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $74.75.

Insider Activity

In other Concentrix news, CEO Christopher A. Caldwell acquired 900 shares of the company's stock in a transaction that occurred on Friday, April 19th. The shares were acquired at an average price of $54.59 per share, with a total value of $49,131.00. Following the completion of the purchase, the chief executive officer now directly owns 239,128 shares of the company's stock, valued at approximately $13,053,997.52. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last 90 days, insiders have acquired 1,679 shares of company stock worth $98,546. Corporate insiders own 3.00% of the company's stock.

Concentrix Trading Up 3.6 %

Shares of NASDAQ CNXC traded up $2.07 during midday trading on Friday, hitting $59.35. 785,341 shares of the company traded hands, compared to its average volume of 495,952. Concentrix Co. has a 12-month low of $53.89 and a 12-month high of $106.10. The firm has a market cap of $3.92 billion, a P/E ratio of 12.24, a P/E/G ratio of 0.66 and a beta of 0.55. The stock has a 50-day moving average price of $62.23 and a 200 day moving average price of $80.12. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.56 and a current ratio of 1.56.

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

Concentrix Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 7th. Shareholders of record on Friday, April 26th will be given a dividend of $0.303 per share. The ex-dividend date of this dividend is Thursday, April 25th. This represents a $1.21 annualized dividend and a yield of 2.04%. This is a positive change from Concentrix's previous quarterly dividend of $0.30. Concentrix's dividend payout ratio (DPR) is currently 24.95%.

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.