7,885 Shares in Concentrix Co. (NASDAQ:CNXC) Bought by Ontario Teachers Pension Plan Board

Ontario Teachers Pension Plan Board acquired a new position in shares of Concentrix Co. (NASDAQ:CNXC) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 7,885 shares of the company’s stock, valued at approximately $774,000.

Other institutional investors have also made changes to their positions in the company. Algert Global LLC acquired a new stake in shares of Concentrix during the third quarter worth $1,549,000. Russell Investments Group Ltd. grew its stake in Concentrix by 78.3% in the fourth quarter. Russell Investments Group Ltd. now owns 102,454 shares of the company’s stock valued at $10,062,000 after acquiring an additional 44,979 shares during the period. Phocas Financial Corp. acquired a new position in Concentrix in the fourth quarter valued at about $3,604,000. Copeland Capital Management LLC acquired a new position in Concentrix in the fourth quarter valued at about $40,339,000. Finally, Blue Trust Inc. grew its stake in Concentrix by 29.8% in the fourth quarter. Blue Trust Inc. now owns 1,151 shares of the company’s stock valued at $113,000 after acquiring an additional 264 shares during the period. 90.34% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Christopher A. Caldwell bought 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, for a total transaction of $49,131.00. Following the completion of the acquisition, the chief executive officer now owns 239,128 shares of the company’s stock, valued at approximately $13,053,997.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Over the last quarter, insiders have purchased 1,679 shares of company stock worth $98,546. Corporate insiders own 3.00% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Scotiabank decreased their target price on Concentrix from $120.00 to $85.00 and set a “sector outperform” rating for the company in a research note on Monday, April 29th. Barrington Research decreased their target price on 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 reissued an “underperform” rating and issued a $60.00 target price (down from $85.00) on shares of Concentrix in a research note 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. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $74.75.

Concentrix Stock Down 1.7 %

CNXC stock opened at $61.77 on Friday. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.56 and a quick ratio of 1.56. The stock has a market capitalization of $4.08 billion, a P/E ratio of 12.74, a P/E/G ratio of 0.72 and a beta of 0.55. The business has a 50-day moving average of $60.35 and a 200-day moving average of $78.59. Concentrix Co. has a fifty-two week low of $53.89 and a fifty-two week high of $106.10.

Concentrix (NASDAQ:CNXC) last posted its quarterly earnings data on Tuesday, March 26th. The company reported $2.33 earnings per share 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 anticipate that Concentrix Co. will post 11.03 earnings per share for the current fiscal year.

Concentrix Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 7th. Investors of record on Friday, April 26th were issued a dividend of $0.303 per share. This represents a $1.21 annualized dividend and a yield of 1.96%. The ex-dividend date of this dividend was Thursday, April 25th. This is a positive change from Concentrix’s previous quarterly dividend of $0.30. 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.