Concentrix Co. (NASDAQ:CNXC) Stake Boosted by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund raised its position in shares of Concentrix Co. (NASDAQ:CNXC) by 31.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 27,681 shares of the company’s stock after buying 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.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Algert Global LLC purchased a new stake in shares of Concentrix in the 3rd quarter valued at approximately $1,549,000. Phocas Financial Corp. purchased a new position in shares of Concentrix during the fourth quarter valued at $3,604,000. Copeland Capital Management LLC acquired a new position in Concentrix during the fourth quarter valued at $40,339,000. Blue Trust Inc. lifted its stake in Concentrix by 29.8% in the 4th quarter. Blue Trust Inc. now owns 1,151 shares of the company’s stock worth $113,000 after acquiring an additional 264 shares in the last quarter. Finally, Mariner LLC boosted its position in Concentrix by 211.5% during the 3rd quarter. Mariner LLC now owns 19,182 shares of the company’s stock worth $1,537,000 after acquiring an additional 13,024 shares during the period. 90.34% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on CNXC shares. Barrington Research reduced their price target on shares of Concentrix from $121.00 to $84.00 and set an “outperform” rating for the company in a research report on Wednesday, March 27th. Bank of America reissued an “underperform” rating and set a $60.00 target price (down previously from $85.00) on shares of Concentrix in a research note on Wednesday, March 27th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Concentrix has an average rating of “Hold” and a consensus price target of $82.25.

Insider Activity

In other news, CEO Christopher A. Caldwell acquired 900 shares of Concentrix stock in a transaction on Friday, April 19th. The stock was bought at an average price of $54.59 per share, for a total transaction of $49,131.00. Following the transaction, the chief executive officer now owns 239,128 shares of the company’s stock, valued at $13,053,997.52. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Over the last 90 days, insiders purchased 1,879 shares of company stock valued at $116,400. Insiders own 3.00% of the company’s stock.

Concentrix Stock Up 0.2 %

CNXC opened at $56.73 on Thursday. Concentrix Co. has a twelve month low of $54.16 and a twelve month high of $106.10. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.56 and a current ratio of 1.56. The business has a 50 day moving average price of $65.96 and a 200 day moving average price of $81.32. The firm has a market cap of $3.74 billion, a P/E ratio of 11.70, a price-to-earnings-growth ratio of 0.65 and a beta of 0.48.

Concentrix (NASDAQ:CNXC) last posted its quarterly earnings data on Tuesday, March 26th. The company reported $2.33 EPS for the quarter, missing analysts’ consensus estimates of $2.36 by ($0.03). Concentrix had a return on equity of 17.70% and a net margin of 3.53%. The business had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.38 billion. Research analysts forecast that Concentrix Co. will post 11.03 EPS for the current year.

Concentrix Increases Dividend

The business 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 is Thursday, April 25th. This is an increase from Concentrix’s previous quarterly dividend of $0.30. This represents a $1.21 dividend on an annualized basis and a yield of 2.14%. Concentrix’s dividend payout ratio is 24.95%.

Concentrix Company 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.