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

California Public Employees Retirement System decreased its holdings in Concentrix Co. (NASDAQ:CNXC) by 65.9% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 80,807 shares of the company’s stock after selling 156,353 shares during the period. California Public Employees Retirement System’s holdings in Concentrix were worth $7,936,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Fifth Third Bancorp increased its stake in shares of Concentrix by 9.1% in the 4th quarter. Fifth Third Bancorp now owns 1,481 shares of the company’s stock valued at $145,000 after purchasing an additional 123 shares during the last quarter. Miracle Mile Advisors LLC grew its position in Concentrix by 4.0% during the 3rd quarter. Miracle Mile Advisors LLC now owns 4,366 shares of the company’s stock worth $350,000 after acquiring an additional 168 shares during the last quarter. Arizona State Retirement System grew its position in Concentrix by 1.4% during the 3rd quarter. Arizona State Retirement System now owns 12,598 shares of the company’s stock worth $1,009,000 after acquiring an additional 168 shares during the last quarter. PNC Financial Services Group Inc. grew its position in Concentrix by 6.4% during the 3rd quarter. PNC Financial Services Group Inc. now owns 3,318 shares of the company’s stock worth $266,000 after acquiring an additional 199 shares during the last quarter. Finally, Blue Trust Inc. grew its position in Concentrix by 29.8% during 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. Institutional investors own 90.34% of the company’s stock.

Insider Buying and Selling

In other news, CEO Christopher A. Caldwell purchased 900 shares of the company’s stock in a transaction that occurred on Friday, April 19th. The shares were acquired at an average cost of $54.59 per share, with a total value of $49,131.00. Following the purchase, the chief executive officer now owns 239,128 shares in the company, valued at $13,053,997.52. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In the last three months, insiders have bought 1,679 shares of company stock valued at $98,546. 3.00% of the stock is owned by company insiders.

Concentrix Stock Up 3.6 %

Shares of NASDAQ:CNXC opened at $59.35 on Friday. The company has a market capitalization of $3.92 billion, a price-to-earnings ratio of 12.24, a P/E/G ratio of 0.64 and a beta of 0.55. 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 business’s 50-day moving average is $62.70 and its 200-day moving average is $80.27. Concentrix Co. has a 1 year low of $53.89 and a 1 year high of $106.10.

Concentrix (NASDAQ:CNXC) last announced its quarterly earnings data 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). Concentrix had a net margin of 3.53% and a return on equity of 17.70%. The business had revenue of $2.40 billion during the quarter, compared to analyst estimates of $2.38 billion. Equities research analysts predict that Concentrix Co. will post 11.03 earnings per share for the current year.

Concentrix Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, May 7th. Investors of record on Friday, April 26th will be paid a dividend of $0.303 per share. This is an increase from Concentrix’s previous quarterly dividend of $0.30. This represents a $1.21 dividend on an annualized basis and a yield of 2.04%. The ex-dividend date of this dividend is Thursday, April 25th. Concentrix’s dividend payout ratio is 24.95%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on CNXC shares. Scotiabank reduced their price objective on Concentrix from $120.00 to $85.00 and set a “sector outperform” rating on the stock in a research report on Monday, April 29th. Barrington Research reduced 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. Finally, Bank of America restated an “underperform” rating and set a $60.00 price objective (down previously from $85.00) on shares of Concentrix in a research report on Wednesday, March 27th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $74.75.

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.