State of New Jersey Common Pension Fund D Decreases Stock Holdings in Concentrix Co. (NASDAQ:CNXC)

State of New Jersey Common Pension Fund D trimmed its holdings in Concentrix Co. (NASDAQ:CNXC) by 14.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,880 shares of the company’s stock after selling 4,523 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Concentrix were worth $2,640,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Parkside Financial Bank & Trust lifted its stake in Concentrix by 146.1% in the 4th quarter. Parkside Financial Bank & Trust now owns 630 shares of the company’s stock worth $62,000 after purchasing an additional 374 shares in the last quarter. Headlands Technologies LLC purchased a new stake in shares of Concentrix during the 3rd quarter valued at approximately $65,000. Blue Trust Inc. raised its position in shares of Concentrix by 29.8% during the 4th quarter. Blue Trust Inc. now owns 1,151 shares of the company’s stock valued at $113,000 after buying an additional 264 shares during the period. EverSource Wealth Advisors LLC raised its position in shares of Concentrix by 134.9% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 1,313 shares of the company’s stock valued at $105,000 after buying an additional 754 shares during the period. Finally, Fifth Third Bancorp raised its position in shares of Concentrix by 9.1% during the 4th quarter. Fifth Third Bancorp now owns 1,481 shares of the company’s stock valued at $145,000 after buying an additional 123 shares during the period. 90.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently commented on CNXC. Bank of America reaffirmed 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. Barrington Research reduced their price target 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. 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 research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, Concentrix has an average rating of “Hold” and a consensus target price of $74.75.

Concentrix Stock Down 2.6 %

Shares of NASDAQ CNXC opened at $54.67 on Wednesday. The firm has a market cap of $3.61 billion, a price-to-earnings ratio of 11.27, a PEG ratio of 0.64 and a beta of 0.48. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 1.23. Concentrix Co. has a 52-week low of $54.16 and a 52-week high of $106.10. The business’s 50 day moving average is $63.73 and its two-hundred day moving average is $80.61.

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

Concentrix Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, May 7th. Shareholders of record on Friday, April 26th will be given a $0.303 dividend. This is a positive change from Concentrix’s previous quarterly dividend of $0.30. The ex-dividend date is Thursday, April 25th. This represents a $1.21 dividend on an annualized basis and a yield of 2.22%. Concentrix’s payout ratio is presently 24.95%.

Insiders Place Their Bets

In other Concentrix news, CEO Christopher A. Caldwell purchased 900 shares of the company’s stock in a transaction on Friday, April 19th. The stock was acquired at an average price of $54.59 per share, for a total transaction of $49,131.00. Following the completion of the purchase, the chief executive officer now directly owns 239,128 shares in the company, valued at approximately $13,053,997.52. The purchase was disclosed in a filing with the SEC, which is available through this link. Insiders acquired a total of 1,679 shares of company stock worth $98,546 over the last 90 days. Corporate insiders own 3.00% of the company’s stock.

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.