Concentrix (NASDAQ:CNXC) Trading Down 3.7% – What’s Next?

Concentrix Co. (NASDAQ:CNXC) traded down 3.7% during mid-day trading on Tuesday . The stock traded as low as $36.28 and last traded at $36.38. 262,747 shares traded hands during mid-day trading, a decline of 53% from the average session volume of 560,797 shares. The stock had previously closed at $37.77.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on CNXC shares. Bank of America cut their price target on shares of Concentrix from $85.00 to $70.00 and set a “neutral” rating on the stock in a report on Thursday, September 26th. Robert W. Baird began coverage on Concentrix in a report on Thursday, October 3rd. They set an “outperform” rating and a $70.00 price target for the company. Baird R W raised Concentrix to a “strong-buy” rating in a research report on Thursday, October 3rd. Canaccord Genuity Group decreased their price objective on Concentrix from $125.00 to $100.00 and set a “buy” rating on the stock in a report on Thursday, September 26th. Finally, Barrington Research cut their target price on Concentrix from $84.00 to $70.00 and set an “outperform” rating on the stock in a research report on Thursday, September 26th. One analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Concentrix currently has a consensus rating of “Buy” and a consensus price target of $79.00.

Concentrix Price Performance

The company has a market cap of $2.42 billion, a price-to-earnings ratio of 12.26, a PEG ratio of 0.53 and a beta of 0.61. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.57 and a current ratio of 1.57. The company has a 50-day simple moving average of $50.66 and a 200-day simple moving average of $60.12.

Concentrix (NASDAQ:CNXC) last posted its quarterly earnings data on Wednesday, September 25th. The company reported $2.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.93 by ($0.06). The business had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.38 billion. Concentrix had a return on equity of 16.57% and a net margin of 2.18%. Concentrix’s revenue for the quarter was up 46.2% compared to the same quarter last year. During the same quarter last year, the business earned $2.54 EPS. As a group, research analysts predict that Concentrix Co. will post 10.18 earnings per share for the current year.

Concentrix Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, November 5th. Stockholders of record on Friday, October 25th were given a dividend of $0.333 per share. The ex-dividend date was Friday, October 25th. This is an increase from Concentrix’s previous quarterly dividend of $0.30. This represents a $1.33 annualized dividend and a dividend yield of 3.57%. Concentrix’s payout ratio is currently 43.18%.

Insiders Place Their Bets

In related news, CEO Christopher A. Caldwell sold 9,823 shares of the company’s stock in a transaction on Friday, October 4th. The shares were sold at an average price of $52.70, for a total value of $517,672.10. Following the completion of the sale, the chief executive officer now directly owns 241,841 shares in the company, valued at approximately $12,745,020.70. This represents a 3.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Cormac J. Twomey sold 1,544 shares of the company’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $51.38, for a total transaction of $79,330.72. Following the transaction, the executive vice president now directly owns 27,783 shares of the company’s stock, valued at $1,427,490.54. This represents a 5.26 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 12,267 shares of company stock worth $648,945 over the last ninety days. Company insiders own 3.10% of the company’s stock.

Hedge Funds Weigh In On Concentrix

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. 1832 Asset Management L.P. acquired a new stake in shares of Concentrix during the second quarter worth $62,738,000. Pzena Investment Management LLC raised its position in shares of Concentrix by 46.6% in the 2nd quarter. Pzena Investment Management LLC now owns 1,484,907 shares of the company’s stock valued at $93,965,000 after buying an additional 471,699 shares in the last quarter. Impactive Capital LP increased its position in Concentrix by 13.0% during the 1st quarter. Impactive Capital LP now owns 3,846,370 shares of the company’s stock worth $254,707,000 after purchasing an additional 443,045 shares in the last quarter. Invenomic Capital Management LP increased its position in Concentrix by 354.3% in the 3rd quarter. Invenomic Capital Management LP now owns 472,243 shares of the company’s stock valued at $24,202,000 after acquiring an additional 368,295 shares during the period. Finally, Paradigm Capital Management Inc. NY increased its position in Concentrix by 126.4% in the 2nd quarter. Paradigm Capital Management Inc. NY now owns 623,542 shares of the company’s stock valued at $39,458,000 after acquiring an additional 348,100 shares during the period. 90.34% of the stock is owned by institutional investors.

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.