Concentrix Co. (NASDAQ:CNXC) Shares Sold by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System reduced its holdings in shares of Concentrix Co. (NASDAQ:CNXC) by 2.3% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 13,000 shares of the company’s stock after selling 300 shares during the period. Louisiana State Employees Retirement System’s holdings in Concentrix were worth $666,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Copeland Capital Management LLC boosted its stake in shares of Concentrix by 1.8% during the 3rd quarter. Copeland Capital Management LLC now owns 1,003,375 shares of the company’s stock valued at $51,423,000 after buying an additional 17,653 shares during the last quarter. Raymond James & Associates lifted its stake in Concentrix by 73.3% during the third quarter. Raymond James & Associates now owns 55,313 shares of the company’s stock worth $2,835,000 after purchasing an additional 23,387 shares during the last quarter. Blue Trust Inc. lifted its stake in Concentrix by 62.4% during the third quarter. Blue Trust Inc. now owns 3,132 shares of the company’s stock worth $161,000 after purchasing an additional 1,204 shares during the last quarter. nVerses Capital LLC lifted its stake in Concentrix by 71.0% during the third quarter. nVerses Capital LLC now owns 5,300 shares of the company’s stock worth $272,000 after purchasing an additional 2,200 shares during the last quarter. Finally, Sanders Morris Harris LLC bought a new position in Concentrix during the third quarter worth $2,562,000. 90.34% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Canaccord Genuity Group reduced their price objective on Concentrix from $125.00 to $100.00 and set a “buy” rating on the stock in a research note on Thursday, September 26th. Bank of America reduced their price objective on Concentrix from $85.00 to $70.00 and set a “neutral” rating on the stock in a research note on Thursday, September 26th. Robert W. Baird started coverage on shares of Concentrix in a report on Thursday, October 3rd. They set an “outperform” rating and a $70.00 price target for the company. Baird R W raised Concentrix to a “strong-buy” rating in a report on Thursday, October 3rd. Finally, Barrington Research lowered their target price on shares of Concentrix from $84.00 to $70.00 and set an “outperform” rating on the stock in a research note on Thursday, September 26th. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $79.00.

Insider Buying and Selling at Concentrix

In other Concentrix 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 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 document filed with the Securities & Exchange Commission, which is available through this hyperlink. 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 transaction, the chief executive officer now directly owns 241,841 shares in the company, valued at $12,745,020.70. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Cormac J. Twomey sold 1,544 shares of the business’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $51.38, for a total transaction of $79,330.72. Following the transaction, the executive vice president now owns 27,783 shares in the company, valued at approximately $1,427,490.54. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 12,267 shares of company stock valued at $648,945. Corporate insiders own 3.10% of the company’s stock.

Concentrix Trading Down 0.2 %

Concentrix stock opened at $41.41 on Tuesday. The firm has a market cap of $2.68 billion, a price-to-earnings ratio of 13.44, a price-to-earnings-growth ratio of 0.58 and a beta of 0.61. Concentrix Co. has a 1 year low of $41.11 and a 1 year high of $106.10. The firm’s 50 day moving average price is $57.29 and its two-hundred day moving average price is $61.17. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.57 and a current ratio of 1.57.

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

Concentrix Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 5th. Shareholders of record on Friday, October 25th will be issued a $0.333 dividend. The ex-dividend date of this dividend is Friday, October 25th. This represents a $1.33 annualized dividend and a dividend yield of 3.22%. This is a boost from Concentrix’s previous quarterly dividend of $0.30. Concentrix’s dividend payout ratio is currently 43.18%.

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.