Ontario Teachers Pension Plan Board Invests $774,000 in Concentrix Co. (NASDAQ:CNXC)

Ontario Teachers Pension Plan Board bought a new stake in Concentrix Co. (NASDAQ:CNXC) in the 4th quarter, according to its most recent 13F filing with the SEC. The firm bought 7,885 shares of the company’s stock, valued at approximately $774,000.

Several other large investors also recently made changes to their positions in CNXC. First Horizon Advisors Inc. grew its stake in shares of Concentrix by 381.7% in the 4th quarter. First Horizon Advisors Inc. now owns 342 shares of the company’s stock valued at $34,000 after buying an additional 271 shares during the period. Parkside Financial Bank & Trust grew its stake in shares of Concentrix by 146.1% in the 4th quarter. Parkside Financial Bank & Trust now owns 630 shares of the company’s stock valued at $62,000 after buying an additional 374 shares during the period. Headlands Technologies LLC acquired a new stake in shares of Concentrix in the 3rd quarter valued at about $65,000. EverSource Wealth Advisors LLC grew its stake in shares of Concentrix by 134.9% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 1,313 shares of the company’s stock valued at $105,000 after buying an additional 754 shares during the period. Finally, Blue Trust Inc. grew its stake in shares of Concentrix by 29.8% in the 4th quarter. Blue Trust Inc. now owns 1,151 shares of the company’s stock valued at $113,000 after buying an additional 264 shares during the period. 90.34% of the stock is currently owned by institutional investors and hedge funds.

Concentrix Price Performance

Concentrix stock opened at $61.77 on Friday. Concentrix Co. has a 52 week low of $53.89 and a 52 week high of $106.10. The company’s 50 day moving average price is $60.35 and its two-hundred day moving average price is $78.59. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 1.23. The stock has a market cap of $4.08 billion, a P/E ratio of 12.74, a P/E/G ratio of 0.72 and a beta of 0.55.

Concentrix (NASDAQ:CNXC) last posted 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 return on equity of 17.70% and a net margin of 3.53%. The firm had revenue of $2.40 billion for the quarter, compared to the consensus estimate of $2.38 billion. On average, equities analysts predict that Concentrix Co. will post 11.03 earnings per share for the current year.

Concentrix Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, May 7th. Investors of record on Friday, April 26th were issued a $0.303 dividend. This represents a $1.21 dividend on an annualized basis and a dividend yield of 1.96%. The ex-dividend date was Thursday, April 25th. This is a boost from Concentrix’s previous quarterly dividend of $0.30. Concentrix’s payout ratio is 24.95%.

Analyst Ratings Changes

Several brokerages have recently commented on CNXC. Bank of America restated an “underperform” rating and issued a $60.00 target price (down from $85.00) on shares of Concentrix in a research note on Wednesday, March 27th. Barrington Research reduced 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. Finally, Scotiabank cut their price target on Concentrix from $120.00 to $85.00 and set a “sector outperform” rating for the company in a research note on Monday, April 29th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $74.75.

Insider Buying and Selling

In related news, CEO Christopher A. Caldwell purchased 900 shares of the stock in a transaction that occurred on Friday, April 19th. The shares were bought at an average price of $54.59 per share, with a total value of $49,131.00. Following the acquisition, 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 legal filing with the Securities & Exchange Commission, which is available at this link. In the last quarter, insiders have purchased 1,679 shares of company stock valued at $98,546. 3.00% of the stock is owned by company insiders.

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.