California Public Employees Retirement System Has $7.94 Million Stake in Concentrix Co. (NASDAQ:CNXC)

California Public Employees Retirement System trimmed its position in Concentrix Co. (NASDAQ:CNXC) by 65.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 80,807 shares of the company’s stock after selling 156,353 shares during the quarter. California Public Employees Retirement System owned 0.12% of Concentrix worth $7,936,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of CNXC. Headlands Technologies LLC acquired a new position in shares of Concentrix in the third quarter valued at $65,000. EverSource Wealth Advisors LLC raised its stake in shares of Concentrix by 134.9% in the third quarter. EverSource Wealth Advisors LLC now owns 1,313 shares of the company’s stock valued at $105,000 after purchasing an additional 754 shares in the last quarter. Blue Trust Inc. raised its stake in shares of 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 purchasing an additional 264 shares in the last quarter. Covestor Ltd raised its stake in shares of Concentrix by 163.3% in the third quarter. Covestor Ltd now owns 1,522 shares of the company’s stock valued at $122,000 after purchasing an additional 944 shares in the last quarter. Finally, Fifth Third Bancorp grew its position in Concentrix by 9.1% in the fourth quarter. Fifth Third Bancorp now owns 1,481 shares of the company’s stock valued at $145,000 after acquiring an additional 123 shares during the period. 90.34% of the stock is currently owned by institutional investors and hedge funds.

Concentrix Price Performance

Shares of CNXC stock opened at $59.35 on Friday. The stock’s fifty day moving average is $62.70 and its 200-day moving average is $80.27. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.56 and a current ratio of 1.56. The stock has a market capitalization of $3.92 billion, a PE ratio of 12.24, a PEG ratio of 0.64 and a beta of 0.55. Concentrix Co. has a 52 week low of $53.89 and a 52 week high of $106.10.

Concentrix (NASDAQ:CNXC) last announced its earnings results on Tuesday, March 26th. The company reported $2.33 EPS for the quarter, missing the consensus estimate of $2.36 by ($0.03). The business had revenue of $2.40 billion for the quarter, compared to the consensus estimate of $2.38 billion. Concentrix had a return on equity of 17.70% and a net margin of 3.53%. Equities research analysts expect that Concentrix Co. will post 11.03 EPS for the current fiscal year.

Concentrix Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, May 7th. Stockholders of record on Friday, April 26th will be issued a dividend of $0.303 per share. This represents a $1.21 annualized dividend and a dividend yield of 2.04%. The ex-dividend date is Thursday, April 25th. This is a boost from Concentrix’s previous quarterly dividend of $0.30. Concentrix’s dividend payout ratio is presently 24.95%.

Insider Transactions at Concentrix

In other news, CEO Christopher A. Caldwell purchased 900 shares of the business’s stock in a transaction dated Friday, April 19th. The shares were acquired at an average price of $54.59 per share, with a total value of $49,131.00. Following the completion of 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last quarter, insiders have acquired 1,679 shares of company stock worth $98,546. Insiders own 3.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CNXC. Barrington Research lowered their price target on Concentrix from $121.00 to $84.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 27th. Bank of America reiterated an “underperform” rating and issued a $60.00 price target (down from $85.00) on shares of Concentrix in a research report on Wednesday, March 27th. Finally, Scotiabank lowered their price target 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. One analyst has rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $74.75.

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.