Public Employees Retirement Association of Colorado Lowers Position in Concentrix Co. (NASDAQ:CNXC)

Public Employees Retirement Association of Colorado lessened its stake in Concentrix Co. (NASDAQ:CNXC) by 4.4% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,555 shares of the company’s stock after selling 212 shares during the quarter. Public Employees Retirement Association of Colorado’s holdings in Concentrix were worth $288,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Benjamin F. Edwards & Company Inc. purchased a new stake in Concentrix in the 2nd quarter valued at $68,000. Seven Eight Capital LP purchased a new stake in shares of Concentrix in the second quarter valued at about $1,612,000. Hsbc Holdings PLC raised its holdings in shares of Concentrix by 120.6% in the second quarter. Hsbc Holdings PLC now owns 34,586 shares of the company’s stock valued at $2,186,000 after purchasing an additional 18,906 shares during the last quarter. Vanguard Personalized Indexing Management LLC lifted its position in shares of Concentrix by 38.8% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 11,097 shares of the company’s stock valued at $700,000 after purchasing an additional 3,104 shares in the last quarter. Finally, Envestnet Asset Management Inc. boosted its holdings in Concentrix by 35.0% during the second quarter. Envestnet Asset Management Inc. now owns 110,282 shares of the company’s stock worth $6,979,000 after purchasing an additional 28,615 shares during the last quarter. Hedge funds and other institutional investors own 90.34% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Cormac J. Twomey sold 400 shares of the company’s stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $67.23, for a total transaction of $26,892.00. Following the sale, the executive vice president now directly owns 29,727 shares in the company, valued at approximately $1,998,546.21. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 3.00% of the company’s stock.

Concentrix Stock Up 0.0 %

Concentrix stock opened at $51.56 on Friday. The firm has a 50 day moving average price of $67.29 and a 200-day moving average price of $63.58. The company has a quick ratio of 1.56, a current ratio of 1.54 and a debt-to-equity ratio of 1.21. Concentrix Co. has a twelve month low of $50.23 and a twelve month high of $106.10. The company has a market capitalization of $3.35 billion, a P/E ratio of 11.94, a P/E/G ratio of 0.68 and a beta of 0.61.

Concentrix (NASDAQ:CNXC) last released its earnings results on Wednesday, September 25th. The company reported $2.87 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.06). Concentrix had a return on equity of 17.00% and a net margin of 3.08%. The firm had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.38 billion. During the same period in the prior year, the business earned $2.54 earnings per share. The business’s quarterly revenue was up 46.2% compared to the same quarter last year. As a group, equities analysts predict that Concentrix Co. will post 10.8 EPS for the current year.

Concentrix Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 5th. Shareholders of record on Friday, October 25th will be issued a dividend of $0.333 per share. The ex-dividend date is Friday, October 25th. This is an increase from Concentrix’s previous quarterly dividend of $0.30. This represents a $1.33 annualized dividend and a yield of 2.58%. Concentrix’s dividend payout ratio is 28.01%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on CNXC shares. Canaccord Genuity Group dropped their target price on shares of Concentrix from $125.00 to $100.00 and set a “buy” rating on the stock in a research report on Thursday. Barrington Research dropped their price target on Concentrix from $84.00 to $70.00 and set an “outperform” rating on the stock in a report on Thursday. Finally, Bank of America reduced their price objective on Concentrix from $85.00 to $70.00 and set a “neutral” rating for the company in a research note on Thursday. One research analyst has rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $81.25.

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.