Retirement Systems of Alabama Sells 1,585 Shares of Concentrix Co. (NASDAQ:CNXC)

Retirement Systems of Alabama reduced its stake in Concentrix Co. (NASDAQ:CNXC) by 1.2% during the fourth quarter, HoldingsChannel.com reports. The firm owned 131,868 shares of the company’s stock after selling 1,585 shares during the quarter. Retirement Systems of Alabama’s holdings in Concentrix were worth $12,951,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in CNXC. Parkside Financial Bank & Trust raised its holdings 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 acquiring an additional 374 shares during the last quarter. Headlands Technologies LLC purchased a new position in Concentrix in the 3rd quarter worth approximately $65,000. Blue Trust Inc. raised its holdings in Concentrix by 29.8% in the 4th quarter. Blue Trust Inc. now owns 1,151 shares of the company’s stock worth $113,000 after acquiring an additional 264 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in Concentrix by 134.9% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 1,313 shares of the company’s stock worth $105,000 after acquiring an additional 754 shares during the last quarter. Finally, Fifth Third Bancorp raised its holdings in Concentrix by 9.1% in the 4th quarter. Fifth Third Bancorp now owns 1,481 shares of the company’s stock worth $145,000 after acquiring an additional 123 shares during the last quarter. 90.34% of the stock is owned by institutional investors.

Analyst Ratings Changes

CNXC has been the subject of a number of recent analyst reports. Scotiabank decreased their price objective on shares of Concentrix from $120.00 to $85.00 and set a “sector outperform” rating for the company in a report on Monday. Barrington Research decreased their target price on shares of Concentrix from $121.00 to $84.00 and set an “outperform” rating for the company in a research note on Wednesday, March 27th. Finally, Bank of America reiterated an “underperform” rating and set a $60.00 target price (down from $85.00) on shares of Concentrix in a research note on Wednesday, March 27th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $74.75.

Concentrix Price Performance

Shares of CNXC opened at $55.30 on Thursday. The firm has a market cap of $3.65 billion, a PE ratio of 11.40, a P/E/G ratio of 0.63 and a beta of 0.56. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 1.23. The firm has a fifty day simple moving average of $63.73 and a two-hundred day simple moving average of $80.61. Concentrix Co. has a 1-year low of $53.89 and a 1-year high of $106.10.

Concentrix (NASDAQ:CNXC) last posted its quarterly earnings data on Tuesday, March 26th. The company reported $2.33 EPS for the quarter, missing the consensus estimate of $2.36 by ($0.03). The company had revenue of $2.40 billion during 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%. On average, equities analysts anticipate 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. Stockholders of record on Friday, April 26th will be paid a $0.303 dividend. This represents a $1.21 annualized dividend and a dividend yield of 2.19%. This is a positive change from Concentrix’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Thursday, April 25th. Concentrix’s dividend payout ratio is 24.95%.

Insider Transactions at Concentrix

In related news, CEO Christopher A. Caldwell acquired 900 shares of Concentrix stock in a transaction dated Friday, April 19th. The stock was purchased at an average cost of $54.59 per share, for a total transaction of $49,131.00. Following 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 legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders purchased 1,679 shares of company stock worth $98,546 in the last three months. Corporate insiders own 3.00% of the company’s stock.

Concentrix Company 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.