State of Alaska Department of Revenue Increases Holdings in Concentrix Co. (NASDAQ:CNXC)

State of Alaska Department of Revenue lifted its position in shares of Concentrix Co. (NASDAQ:CNXC) by 24.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 64,783 shares of the company’s stock after acquiring an additional 12,870 shares during the quarter. State of Alaska Department of Revenue’s holdings in Concentrix were worth $3,319,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the company. State of Michigan Retirement System boosted its stake in shares of Concentrix by 1.8% during the 1st quarter. State of Michigan Retirement System now owns 11,591 shares of the company’s stock worth $768,000 after acquiring an additional 200 shares in the last quarter. SummerHaven Investment Management LLC boosted its stake in shares of Concentrix by 2.9% during the 2nd quarter. SummerHaven Investment Management LLC now owns 8,662 shares of the company’s stock worth $548,000 after acquiring an additional 248 shares in the last quarter. First Horizon Advisors Inc. boosted its stake in shares of Concentrix by 54.0% during the 2nd quarter. First Horizon Advisors Inc. now owns 813 shares of the company’s stock worth $51,000 after acquiring an additional 285 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Concentrix by 64.9% during the 3rd quarter. GAMMA Investing LLC now owns 729 shares of the company’s stock worth $37,000 after purchasing an additional 287 shares during the last quarter. Finally, nVerses Capital LLC raised its position in shares of Concentrix by 10.7% during the 2nd quarter. nVerses Capital LLC now owns 3,100 shares of the company’s stock worth $196,000 after purchasing an additional 300 shares during the last quarter. Hedge funds and other institutional investors own 90.34% of the company’s stock.

Concentrix Trading Down 0.8 %

Shares of CNXC opened at $44.08 on Thursday. The stock has a fifty day moving average of $58.96 and a two-hundred day moving average of $61.43. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.57 and a current ratio of 1.57. The company has a market capitalization of $2.86 billion, a PE ratio of 14.31, a price-to-earnings-growth ratio of 0.61 and a beta of 0.58. Concentrix Co. has a fifty-two week low of $43.91 and a fifty-two week high of $106.10.

Concentrix (NASDAQ:CNXC) last issued its quarterly earnings results on Wednesday, September 25th. The company reported $2.87 earnings per share for the quarter, missing the consensus estimate of $2.93 by ($0.06). Concentrix had a net margin of 2.18% and a return on equity of 16.57%. The business had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.38 billion. During the same quarter last year, the firm posted $2.54 earnings per share. The company’s revenue was up 46.2% on a year-over-year basis. As a group, analysts forecast that Concentrix Co. will post 10.18 EPS for the current year.

Concentrix Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 5th. Stockholders of record on Friday, October 25th will be paid a dividend of $0.333 per share. The ex-dividend date of this dividend is Friday, October 25th. This is a boost from Concentrix’s previous quarterly dividend of $0.30. This represents a $1.33 annualized dividend and a dividend yield of 3.02%. Concentrix’s payout ratio is currently 43.18%.

Insider Activity

In other news, EVP Cormac J. Twomey sold 400 shares of the business’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $74.63, for a total transaction of $29,852.00. Following the completion of the sale, the executive vice president now directly owns 29,327 shares of the company’s stock, valued at $2,188,674.01. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, CEO Christopher A. Caldwell sold 9,823 shares of the business’s stock in a transaction on Friday, October 4th. The shares were sold at an average price of $52.70, for a total transaction of $517,672.10. Following the completion of the sale, the chief executive officer now directly owns 241,841 shares of the company’s stock, valued at $12,745,020.70. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Cormac J. Twomey sold 400 shares of the company’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $74.63, for a total transaction of $29,852.00. Following the sale, the executive vice president now directly owns 29,327 shares of the company’s stock, valued at approximately $2,188,674.01. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 12,267 shares of company stock valued at $648,945 in the last ninety days. Company insiders own 3.10% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on CNXC. Bank of America cut their price objective on Concentrix from $85.00 to $70.00 and set a “neutral” rating for the company in a research report on Thursday, September 26th. Robert W. Baird began coverage on Concentrix in a research report on Thursday, October 3rd. They set an “outperform” rating and a $70.00 price objective for the company. Canaccord Genuity Group cut their price objective on Concentrix from $125.00 to $100.00 and set a “buy” rating for the company in a research report on Thursday, September 26th. Barrington Research cut their price objective on Concentrix from $84.00 to $70.00 and set an “outperform” rating for the company in a research report on Thursday, September 26th. Finally, Baird R W upgraded Concentrix to a “strong-buy” rating in a research report on Thursday, October 3rd. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $79.00.

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.