Retirement Systems of Alabama Sells 1,585 Shares of Concentrix Co. (NASDAQ:CNXC)

Retirement Systems of Alabama cut its holdings in Concentrix Co. (NASDAQ:CNXC) by 1.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 131,868 shares of the company’s stock after selling 1,585 shares during the period. Retirement Systems of Alabama owned about 0.20% of Concentrix worth $12,951,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of CNXC. Fuller & Thaler Asset Management Inc. grew its holdings in shares of Concentrix by 470.1% in the third quarter. Fuller & Thaler Asset Management Inc. now owns 969,707 shares of the company’s stock valued at $77,683,000 after acquiring an additional 799,625 shares in the last quarter. Impactive Capital LP grew its holdings in shares of Concentrix by 30.2% in the third quarter. Impactive Capital LP now owns 3,255,172 shares of the company’s stock valued at $260,772,000 after acquiring an additional 754,566 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of Concentrix by 161.3% in the third quarter. AQR Capital Management LLC now owns 794,300 shares of the company’s stock valued at $63,488,000 after acquiring an additional 490,361 shares in the last quarter. Copeland Capital Management LLC bought a new position in shares of Concentrix in the fourth quarter valued at approximately $40,339,000. Finally, Causeway Capital Management LLC grew its holdings in shares of Concentrix by 43.4% in the third quarter. Causeway Capital Management LLC now owns 658,107 shares of the company’s stock valued at $52,721,000 after acquiring an additional 199,226 shares in the last quarter. 90.34% of the stock is owned by institutional investors.

Concentrix Trading Up 1.2 %

NASDAQ:CNXC opened at $55.30 on Thursday. The company has a market cap of $3.65 billion, a P/E ratio of 11.40, a P/E/G ratio of 0.63 and a beta of 0.56. The stock’s fifty day moving average price is $63.73 and its two-hundred day moving average price is $80.61. Concentrix Co. has a 1 year low of $53.89 and a 1 year high of $106.10. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.56 and a quick ratio of 1.56.

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

Concentrix Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, May 7th. Shareholders of record on Friday, April 26th will be given a dividend of $0.303 per share. The ex-dividend date of this dividend is Thursday, April 25th. This represents a $1.21 annualized dividend and a dividend yield of 2.19%. This is an increase from Concentrix’s previous quarterly dividend of $0.30. Concentrix’s dividend payout ratio is currently 24.95%.

Insiders Place Their Bets

In related news, CEO Christopher A. Caldwell bought 900 shares of the company’s stock in a transaction on Friday, April 19th. The shares were purchased at an average price of $54.59 per share, for a total transaction of $49,131.00. Following the completion of the transaction, the chief executive officer now directly owns 239,128 shares in the company, valued at approximately $13,053,997.52. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders have purchased a total of 1,679 shares of company stock worth $98,546 over the last 90 days. Corporate insiders own 3.00% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Barrington Research dropped their price objective on Concentrix from $121.00 to $84.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 27th. Scotiabank dropped their price objective on Concentrix from $120.00 to $85.00 and set a “sector outperform” rating on the stock in a research note on Monday. Finally, Bank of America reiterated an “underperform” rating and issued a $60.00 price objective (down previously from $85.00) on shares of Concentrix in a research note on Wednesday, March 27th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target 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.