State of New Jersey Common Pension Fund D Decreases Position in Concentrix Co. (NASDAQ:CNXC)

State of New Jersey Common Pension Fund D trimmed its position in shares of Concentrix Co. (NASDAQ:CNXC) by 14.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 26,880 shares of the company’s stock after selling 4,523 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Concentrix were worth $2,640,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. SG Americas Securities LLC raised its holdings in shares of Concentrix by 55.4% in the third quarter. SG Americas Securities LLC now owns 2,472 shares of the company’s stock worth $198,000 after acquiring an additional 881 shares during the last quarter. Simplicity Solutions LLC acquired a new position in shares of Concentrix in the third quarter worth $245,000. Raymond James & Associates raised its holdings in shares of Concentrix by 433.5% in the third quarter. Raymond James & Associates now owns 70,026 shares of the company’s stock worth $5,610,000 after acquiring an additional 56,901 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Concentrix by 3.2% in the third quarter. Bank of New York Mellon Corp now owns 448,535 shares of the company’s stock worth $35,932,000 after acquiring an additional 13,914 shares during the last quarter. Finally, Miracle Mile Advisors LLC raised its holdings in shares of Concentrix by 4.0% in the third 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. 90.34% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Concentrix

In other news, CEO Christopher A. Caldwell purchased 900 shares of the stock in a transaction on Friday, April 19th. The stock was purchased at an average price of $54.59 per share, with a total value of $49,131.00. Following the completion of the transaction, the chief executive officer now owns 239,128 shares in the company, valued at $13,053,997.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last 90 days, insiders bought 1,679 shares of company stock valued at $98,546. Company insiders own 3.00% of the company’s stock.

Concentrix Stock Performance

Concentrix stock opened at $54.67 on Wednesday. The firm has a market capitalization of $3.61 billion, a P/E ratio of 11.27, a PEG ratio of 0.64 and a beta of 0.48. The stock has a fifty day moving average price of $63.73 and a 200 day moving average price of $80.61. Concentrix Co. has a 52 week low of $54.16 and a 52 week high of $106.10. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 1.23.

Concentrix (NASDAQ:CNXC) last released 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). 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 anticipate 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. Shareholders of record on Friday, April 26th will be given a dividend of $0.303 per share. This represents a $1.21 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date of this dividend is Thursday, April 25th. This is an increase from Concentrix’s previous quarterly dividend of $0.30. Concentrix’s payout ratio is 24.95%.

Wall Street Analyst Weigh In

CNXC has been the subject of a number of analyst reports. Bank of America reissued an “underperform” rating and issued a $60.00 price target (down from $85.00) on shares of Concentrix in a report on Wednesday, March 27th. Scotiabank dropped their target price on Concentrix from $120.00 to $85.00 and set a “sector outperform” rating for the company in a research note on Monday. Finally, Barrington Research dropped their target price on Concentrix from $121.00 to $84.00 and set an “outperform” rating for the company in a research note on Wednesday, March 27th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Concentrix currently has a consensus rating of “Hold” and a consensus 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.