Illinois Municipal Retirement Fund Increases Stock Position in Concentrix Co. (NASDAQ:CNXC)

Illinois Municipal Retirement Fund boosted its holdings in Concentrix Co. (NASDAQ:CNXC) by 31.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,681 shares of the company’s stock after purchasing an additional 6,555 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Concentrix were worth $2,719,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the business. Fifth Third Bancorp raised its stake in shares of Concentrix by 9.1% during the fourth quarter. Fifth Third Bancorp now owns 1,481 shares of the company’s stock worth $145,000 after purchasing an additional 123 shares during the last quarter. Miracle Mile Advisors LLC lifted its position in Concentrix by 4.0% in the third quarter. Miracle Mile Advisors LLC now owns 4,366 shares of the company’s stock valued at $350,000 after purchasing an additional 168 shares during the period. Arizona State Retirement System boosted its holdings in Concentrix by 1.4% in the 3rd quarter. Arizona State Retirement System now owns 12,598 shares of the company’s stock valued at $1,009,000 after purchasing an additional 168 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Concentrix by 6.4% during the 3rd quarter. PNC Financial Services Group Inc. now owns 3,318 shares of the company’s stock worth $266,000 after buying an additional 199 shares in the last quarter. Finally, Blue Trust Inc. boosted its stake in shares of Concentrix by 29.8% in the fourth quarter. Blue Trust Inc. now owns 1,151 shares of the company’s stock valued at $113,000 after buying an additional 264 shares in the last quarter. Institutional investors and hedge funds own 90.34% of the company’s stock.

Insiders Place Their Bets

In other Concentrix news, CEO Christopher A. Caldwell bought 900 shares of the company’s stock in a transaction that occurred on Friday, April 19th. The stock was purchased at an average cost of $54.59 per share, for a total transaction of $49,131.00. Following the completion of the purchase, the chief executive officer now owns 239,128 shares of the company’s stock, valued at approximately $13,053,997.52. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have acquired a total of 1,879 shares of company stock valued at $116,400 in the last quarter. 3.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on CNXC shares. Barrington Research reduced their target price on Concentrix from $121.00 to $84.00 and set an “outperform” rating for the company in a report on Wednesday, March 27th. 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 analyst has rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $82.25.

Concentrix Stock Performance

NASDAQ CNXC opened at $56.73 on Thursday. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 1.23. Concentrix Co. has a fifty-two week low of $54.16 and a fifty-two week high of $106.10. The business has a fifty day moving average of $65.96 and a 200-day moving average of $81.32. The stock has a market cap of $3.74 billion, a price-to-earnings ratio of 11.70, a price-to-earnings-growth ratio of 0.65 and a beta of 0.48.

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

Concentrix Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, May 7th. Shareholders of record on Friday, April 26th will be issued a $0.303 dividend. The ex-dividend date of this dividend is Thursday, April 25th. This is an increase from Concentrix’s previous quarterly dividend of $0.30. This represents a $1.21 annualized dividend and a yield of 2.14%. Concentrix’s payout ratio is 24.95%.

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.