Concentrix Co. (NASDAQ:CNXC) Shares Acquired by New York State Common Retirement Fund

New York State Common Retirement Fund lifted its stake in Concentrix Co. (NASDAQ:CNXC - Free Report) by 47.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 144,557 shares of the company's stock after purchasing an additional 46,406 shares during the period. New York State Common Retirement Fund owned about 0.22% of Concentrix worth $6,255,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in CNXC. State Street Corp boosted its position in shares of Concentrix by 1.3% during the 3rd quarter. State Street Corp now owns 1,401,953 shares of the company's stock worth $71,850,000 after acquiring an additional 18,304 shares in the last quarter. Copeland Capital Management LLC raised its stake in Concentrix by 32.9% during the 4th quarter. Copeland Capital Management LLC now owns 1,333,206 shares of the company's stock valued at $57,688,000 after acquiring an additional 329,831 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Concentrix by 5.2% during the third quarter. Geode Capital Management LLC now owns 878,092 shares of the company's stock worth $45,013,000 after purchasing an additional 43,295 shares during the period. Invenomic Capital Management LP boosted its holdings in Concentrix by 354.3% in the 3rd quarter. Invenomic Capital Management LP now owns 472,243 shares of the company's stock valued at $24,202,000 after purchasing an additional 368,295 shares in the last quarter. Finally, Loomis Sayles & Co. L P raised its position in Concentrix by 8.1% in the third quarter. Loomis Sayles & Co. L P now owns 305,492 shares of the company's stock worth $15,657,000 after acquiring an additional 22,815 shares in the last quarter. 90.34% of the stock is currently owned by hedge funds and other institutional investors.

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Wall Street Analysts Forecast Growth

Separately, Canaccord Genuity Group dropped their price objective on Concentrix from $100.00 to $80.00 and set a "buy" rating for the company in a research note on Thursday, January 16th. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $75.00.

Concentrix Trading Down 0.4 %

NASDAQ CNXC traded down $0.16 during mid-day trading on Friday, reaching $45.16. 831,389 shares of the stock were exchanged, compared to its average volume of 784,556. The stock has a market capitalization of $2.91 billion, a PE ratio of 12.17, a PEG ratio of 0.63 and a beta of 0.67. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.42 and a current ratio of 1.42. Concentrix Co. has a 1-year low of $36.28 and a 1-year high of $77.00. The business's fifty day simple moving average is $47.47 and its 200 day simple moving average is $51.02.

Concentrix (NASDAQ:CNXC - Get Free Report) last announced its quarterly earnings data on Wednesday, January 15th. The company reported $3.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.01 by $0.25. The company had revenue of $2.45 billion during the quarter, compared to analysts' expectations of $2.44 billion. Concentrix had a net margin of 2.61% and a return on equity of 16.67%. The business's quarterly revenue was up 9.7% compared to the same quarter last year. During the same period in the previous year, the company earned $3.36 EPS. On average, research analysts anticipate that Concentrix Co. will post 10.11 earnings per share for the current fiscal year.

Concentrix Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 11th. Shareholders of record on Friday, January 31st were given a $0.3328 dividend. This represents a $1.33 annualized dividend and a yield of 2.95%. The ex-dividend date of this dividend was Friday, January 31st. Concentrix's dividend payout ratio (DPR) is presently 35.85%.

Insider Activity

In other news, EVP Cormac J. Twomey sold 500 shares of the stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $55.60, for a total transaction of $27,800.00. Following the completion of the transaction, the executive vice president now directly owns 41,111 shares in the company, valued at approximately $2,285,771.60. This represents a 1.20 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 3.20% of the company's stock.

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.