Teacher Retirement System of Texas Takes $316,000 Position in Concentrix Corporation (NASDAQ:CNXC)

Teacher Retirement System of Texas acquired a new stake in shares of Concentrix Corporation (NASDAQ:CNXC) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,686 shares of the company’s stock, valued at approximately $316,000.

A number of other institutional investors have also recently made changes to their positions in CNXC. UMB Bank n.a. raised its holdings in shares of Concentrix by 47.3% during the first quarter. UMB Bank n.a. now owns 676 shares of the company’s stock valued at $38,000 after acquiring an additional 217 shares in the last quarter. First Horizon Advisors Inc. raised its holdings in shares of Concentrix by 111.8% during the first quarter. First Horizon Advisors Inc. now owns 841 shares of the company’s stock valued at $47,000 after acquiring an additional 444 shares in the last quarter. Fifth Third Bancorp raised its holdings in shares of Concentrix by 36.5% during the first quarter. Fifth Third Bancorp now owns 2,051 shares of the company’s stock valued at $114,000 after acquiring an additional 548 shares in the last quarter. Versant Capital Management Inc grew its stake in Concentrix by 582.5% in the first quarter. Versant Capital Management Inc now owns 2,109 shares of the company’s stock worth $117,000 after purchasing an additional 1,800 shares during the period. Finally, GAMMA Investing LLC grew its stake in Concentrix by 761.3% in the first quarter. GAMMA Investing LLC now owns 2,446 shares of the company’s stock worth $136,000 after purchasing an additional 2,162 shares during the period. Hedge funds and other institutional investors own 90.34% of the company’s stock.

Wall Street Analysts Forecast Growth

CNXC has been the subject of a number of research reports. Wall Street Zen downgraded Concentrix from a “buy” rating to a “hold” rating in a report on Saturday, June 21st. Robert W. Baird increased their price objective on Concentrix from $62.00 to $72.00 and gave the stock an “outperform” rating in a report on Thursday, June 26th. Bank of America decreased their price objective on Concentrix from $65.00 to $61.00 and set a “neutral” rating for the company in a report on Friday, June 27th. Canaccord Genuity Group reiterated a “buy” rating and issued a $80.00 price objective on shares of Concentrix in a report on Monday, June 30th. Finally, Barrington Research reiterated an “outperform” rating and issued a $54.00 price objective on shares of Concentrix in a report on Tuesday, June 24th. Two investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $66.75.

Insider Buying and Selling

In related news, CEO Christopher A. Caldwell bought 1,000 shares of the business’s stock in a transaction dated Monday, April 21st. The shares were purchased at an average price of $46.00 per share, with a total value of $46,000.00. Following the transaction, the chief executive officer owned 303,362 shares in the company, valued at $13,954,652. This trade represents a 0.33% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Cormac J. Twomey sold 500 shares of the company’s stock in a transaction on Friday, May 30th. The stock was sold at an average price of $57.06, for a total value of $28,530.00. Following the completion of the sale, the executive vice president owned 38,130 shares of the company’s stock, valued at $2,175,697.80. This represents a 1.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 3.20% of the company’s stock.

Concentrix Price Performance

Shares of NASDAQ:CNXC opened at $58.33 on Friday. Concentrix Corporation has a 1-year low of $36.28 and a 1-year high of $77.00. The company has a debt-to-equity ratio of 1.14, a current ratio of 1.61 and a quick ratio of 1.61. The business has a fifty day moving average price of $55.90 and a 200-day moving average price of $50.97. The company has a market capitalization of $3.68 billion, a PE ratio of 16.02, a PEG ratio of 0.76 and a beta of 0.53.

Concentrix (NASDAQ:CNXC) last announced its earnings results on Thursday, June 26th. The company reported $2.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.76 by ($0.06). Concentrix had a return on equity of 16.31% and a net margin of 2.54%. The firm had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.38 billion. During the same period in the previous year, the business posted $2.69 earnings per share. The company’s revenue for the quarter was up 1.5% on a year-over-year basis. As a group, equities analysts expect that Concentrix Corporation will post 10.11 EPS for the current fiscal year.

Concentrix Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 5th. Shareholders of record on Friday, July 25th will be paid a $0.3328 dividend. This represents a $1.33 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date is Friday, July 25th. Concentrix’s payout ratio is 36.54%.

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.