Concentrix Co. (NASDAQ:CNXC) EVP Cormac J. Twomey Sells 500 Shares

Concentrix Co. (NASDAQ:CNXC) EVP Cormac J. Twomey sold 500 shares of Concentrix stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $55.31, for a total value of $27,655.00. Following the completion of the transaction, the executive vice president now directly owns 39,130 shares of the company’s stock, valued at approximately $2,164,280.30. This represents a 1.26 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Concentrix Stock Performance

Shares of CNXC stock opened at $50.43 on Friday. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.17. The company has a 50 day moving average price of $48.30 and a 200-day moving average price of $47.36. Concentrix Co. has a 52 week low of $36.28 and a 52 week high of $77.00. The firm has a market capitalization of $3.24 billion, a PE ratio of 13.59, a P/E/G ratio of 0.63 and a beta of 0.69.

Concentrix (NASDAQ:CNXC) last posted its earnings results on Wednesday, March 26th. The company reported $2.79 EPS for the quarter, topping analysts’ consensus estimates of $2.58 by $0.21. The business had revenue of $2.37 billion during the quarter, compared to the consensus estimate of $2.37 billion. Concentrix had a net margin of 2.61% and a return on equity of 16.67%. The firm’s revenue was down 1.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.57 EPS. As a group, equities research analysts expect that Concentrix Co. will post 10.11 earnings per share for the current year.

Concentrix Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, May 6th. Shareholders of record on Friday, April 25th will be issued a $0.3328 dividend. This represents a $1.33 dividend on an annualized basis and a yield of 2.64%. The ex-dividend date of this dividend is Friday, April 25th. Concentrix’s dividend payout ratio is 33.33%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. State Street Corp increased its position in shares of Concentrix by 1.3% during the 3rd quarter. State Street Corp now owns 1,401,953 shares of the company’s stock valued at $71,850,000 after purchasing an additional 18,304 shares during the last quarter. Nordea Investment Management AB grew its position in Concentrix by 43.9% during the fourth quarter. Nordea Investment Management AB now owns 70,654 shares of the company’s stock valued at $3,076,000 after buying an additional 21,568 shares during the period. Neo Ivy Capital Management purchased a new stake in Concentrix during the third quarter valued at approximately $2,844,000. Thompson Investment Management Inc. raised its position in Concentrix by 1,232.8% in the fourth quarter. Thompson Investment Management Inc. now owns 140,411 shares of the company’s stock worth $6,076,000 after acquiring an additional 129,876 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in shares of Concentrix during the 4th quarter worth $4,752,000. 90.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on CNXC shares. Bank of America raised their price objective on shares of Concentrix from $58.00 to $59.00 and gave the company a “neutral” rating in a research note on Thursday, March 27th. Canaccord Genuity Group decreased their price objective on shares of Concentrix from $100.00 to $80.00 and set a “buy” rating for the company in a report on Thursday, January 16th. Finally, Barrington Research cut their target price on Concentrix from $70.00 to $54.00 and set an “outperform” rating on the stock in a research note on Monday, March 24th. One equities research 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 company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $69.60.

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.