California Public Employees Retirement System Acquires 2,487 Shares of Concentrix Co. (NASDAQ:CNXC)

Posted by Defense World Staff on May 11th, 2023

California Public Employees Retirement System raised its position in shares of Concentrix Co. (NASDAQ:CNXC – Get Rating) by 1.3% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 194,326 shares of the company’s stock after purchasing an additional 2,487 shares during the quarter. California Public Employees Retirement System owned approximately 0.37% of Concentrix worth $25,876,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Profund Advisors LLC acquired a new position in shares of Concentrix during the fourth quarter valued at about $208,000. Prudential Financial Inc. increased its stake in Concentrix by 1.0% in the 3rd quarter. Prudential Financial Inc. now owns 64,664 shares of the company’s stock valued at $7,098,000 after buying an additional 671 shares during the last quarter. Retirement Systems of Alabama raised its stake in shares of Concentrix by 19.0% during the 4th quarter. Retirement Systems of Alabama now owns 134,343 shares of the company’s stock worth $17,889,000 after purchasing an additional 21,472 shares during the period. WINTON GROUP Ltd lifted its stake in Concentrix by 13.1% in the third quarter. WINTON GROUP Ltd now owns 12,968 shares of the company’s stock valued at $1,448,000 after purchasing an additional 1,502 shares during the last quarter. Finally, Lingohr & Partner Asset Management GmbH raised its holdings in Concentrix by 3.0% during the 3rd quarter. Lingohr & Partner Asset Management GmbH now owns 2,991 shares of the company’s stock valued at $366,000 after acquiring an additional 88 shares during the period. 92.31% of the stock is owned by institutional investors.

Concentrix Trading Up 2.7 %

NASDAQ CNXC opened at $86.50 on Thursday. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.79. Concentrix Co. has a 12-month low of $84.03 and a 12-month high of $163.43. The stock has a market cap of $4.50 billion, a P/E ratio of 10.99, a P/E/G ratio of 0.76 and a beta of 0.48. The company has a fifty day simple moving average of $112.62 and a two-hundred day simple moving average of $124.63.

Concentrix (NASDAQ:CNXC – Get Rating) last issued its quarterly earnings data on Wednesday, March 29th. The company reported $2.32 earnings per share for the quarter, missing analysts’ consensus estimates of $2.40 by ($0.08). Concentrix had a return on equity of 20.63% and a net margin of 6.42%. The firm had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.63 billion. On average, analysts forecast that Concentrix Co. will post 10.98 earnings per share for the current year.

Concentrix Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 9th. Stockholders of record on Friday, April 28th were given a $0.275 dividend. The ex-dividend date was Thursday, April 27th. This represents a $1.10 annualized dividend and a dividend yield of 1.27%. Concentrix’s dividend payout ratio (DPR) is 13.98%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Barrington Research reiterated an “outperform” rating and issued a $165.00 target price on shares of Concentrix in a research report on Monday, March 27th. Canaccord Genuity Group began coverage on shares of Concentrix in a research note on Wednesday, April 12th. They issued a “buy” rating and a $150.00 price target on the stock. Bank of America increased their price objective on shares of Concentrix from $157.00 to $165.00 in a research report on Friday, March 31st. Finally, TheStreet cut Concentrix from a “c-” rating to a “d+” rating in a research report on Friday, May 5th.

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.