New York State Teachers Retirement System Sells 100 Shares of Concentrix Co. (NASDAQ:CNXC)

Posted by Defense World Staff on Apr 15th, 2023

New York State Teachers Retirement System lessened its position in Concentrix Co. (NASDAQ:CNXC – Get Rating) by 0.2% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 66,262 shares of the company’s stock after selling 100 shares during the period. New York State Teachers Retirement System owned approximately 0.13% of Concentrix worth $8,823,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the company. Dupont Capital Management Corp acquired a new position in shares of Concentrix in the fourth quarter valued at approximately $143,000. Fifth Third Bancorp boosted its holdings in shares of Concentrix by 75.6% in the fourth quarter. Fifth Third Bancorp now owns 1,085 shares of the company’s stock valued at $144,000 after buying an additional 467 shares during the period. Xponance Inc. boosted its holdings in shares of Concentrix by 11.2% in the fourth quarter. Xponance Inc. now owns 5,611 shares of the company’s stock valued at $747,000 after buying an additional 567 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in shares of Concentrix by 44.1% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 217,140 shares of the company’s stock valued at $28,914,000 after buying an additional 66,505 shares during the period. Finally, Carmel Capital Partners LLC acquired a new position in shares of Concentrix in the fourth quarter valued at approximately $997,000. Institutional investors own 92.31% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on CNXC. Barrington Research reiterated an “outperform” rating and issued a $165.00 price target on shares of Concentrix in a report on Monday, March 27th. Canaccord Genuity Group began coverage on shares of Concentrix in a report on Wednesday. They issued a “buy” rating and a $150.00 price target for the company. Bank of America increased their target price on shares of Concentrix from $157.00 to $165.00 in a report on Friday, March 31st. Finally, TheStreet cut shares of Concentrix from a “b-” rating to a “c+” rating in a report on Thursday, March 23rd.

Insider Buying and Selling at Concentrix

In other Concentrix news, EVP Cormac J. Twomey sold 328 shares of the stock in a transaction on Monday, January 30th. The shares were sold at an average price of $137.91, for a total value of $45,234.48. Following the completion of the sale, the executive vice president now owns 28,908 shares in the company, valued at $3,986,702.28. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Concentrix news, Director Dennis Polk sold 10,000 shares of the stock in a transaction on Wednesday, February 1st. The shares were sold at an average price of $140.97, for a total value of $1,409,700.00. Following the completion of the sale, the director now owns 15,507 shares in the company, valued at $2,186,021.79. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Cormac J. Twomey sold 328 shares of the stock in a transaction dated Monday, January 30th. The shares were sold at an average price of $137.91, for a total transaction of $45,234.48. Following the completion of the transaction, the executive vice president now directly owns 28,908 shares in the company, valued at $3,986,702.28. The disclosure for this sale can be found here. Corporate insiders own 0.88% of the company’s stock.

Concentrix Stock Performance

Shares of CNXC opened at $110.38 on Friday. Concentrix Co. has a 12 month low of $108.57 and a 12 month high of $163.43. The firm has a fifty day simple moving average of $128.95 and a 200 day simple moving average of $127.29. The stock has a market capitalization of $5.75 billion, a price-to-earnings ratio of 14.03, a PEG ratio of 0.99 and a beta of 0.51. The company has a current ratio of 1.76, a quick ratio of 1.55 and a debt-to-equity ratio of 0.79.

Concentrix (NASDAQ:CNXC – Get Rating) last announced its earnings results on Thursday, January 19th. The company reported $2.88 EPS for the quarter, missing the consensus estimate of $3.11 by ($0.23). Concentrix had a return on equity of 20.63% and a net margin of 6.42%. The business had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.67 billion. Research analysts forecast that Concentrix Co. will post 10.98 EPS for the current fiscal year.

Concentrix Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, May 9th. Shareholders of record on Friday, April 28th will be paid a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 1.00%. The ex-dividend date is Thursday, April 27th. Concentrix’s dividend payout ratio is currently 13.98%.

Concentrix Profile

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Concentrix Corporation provides 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. It also offers customer lifecycle management; customer experience/user experience strategy and design; digital transformation; and voice of the customer and analytics solutions.