Concentrix (NASDAQ:CNXC) Reaches New 52-Week Low – Here’s Why

Concentrix Co. (NASDAQ:CNXC) reached a new 52-week low during trading on Monday . The company traded as low as $37.89 and last traded at $37.97, with a volume of 107894 shares changing hands. The stock had previously closed at $38.29.

Analyst Ratings Changes

A number of analysts recently issued reports on CNXC shares. Robert W. Baird started coverage on Concentrix in a research report on Thursday, October 3rd. They issued an “outperform” rating and a $70.00 target price for the company. Baird R W raised shares of Concentrix to a “strong-buy” rating in a report on Thursday, October 3rd. Barrington Research dropped their price target on Concentrix from $84.00 to $70.00 and set an “outperform” rating on the stock in a research report on Thursday, September 26th. Canaccord Genuity Group lowered their target price on Concentrix from $125.00 to $100.00 and set a “buy” rating on the stock in a research note on Thursday, September 26th. Finally, Bank of America cut their price target on shares of Concentrix from $85.00 to $70.00 and set a “neutral” rating for the company in a report on Thursday, September 26th. One analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $79.00.

Concentrix Price Performance

The company has a 50 day moving average of $51.33 and a 200 day moving average of $60.26. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 1.18. The stock has a market capitalization of $2.45 billion, a price-to-earnings ratio of 12.43, a price-to-earnings-growth ratio of 0.53 and a beta of 0.61.

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

Concentrix Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 5th. Investors of record on Friday, October 25th were issued a $0.333 dividend. This is an increase from Concentrix’s previous quarterly dividend of $0.30. This represents a $1.33 annualized dividend and a yield of 3.53%. The ex-dividend date of this dividend was Friday, October 25th. Concentrix’s dividend payout ratio is currently 43.18%.

Insiders Place Their Bets

In other news, EVP Cormac J. Twomey sold 1,544 shares of Concentrix stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $51.38, for a total transaction of $79,330.72. Following the sale, the executive vice president now directly owns 27,783 shares of the company’s stock, valued at approximately $1,427,490.54. The trade was a 5.26 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Christopher A. Caldwell sold 9,823 shares of the business’s stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $52.70, for a total value of $517,672.10. Following the completion of the transaction, the chief executive officer now owns 241,841 shares in the company, valued at approximately $12,745,020.70. This trade represents a 3.90 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 12,267 shares of company stock worth $648,945 over the last quarter. 3.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Hexagon Capital Partners LLC lifted its holdings in shares of Concentrix by 2,992.3% in the second quarter. Hexagon Capital Partners LLC now owns 402 shares of the company’s stock valued at $25,000 after buying an additional 389 shares during the period. GAMMA Investing LLC boosted its holdings in Concentrix by 1,005.0% during the second quarter. GAMMA Investing LLC now owns 442 shares of the company’s stock worth $28,000 after buying an additional 402 shares in the last quarter. First Horizon Advisors Inc. grew its position in Concentrix by 54.0% in the second quarter. First Horizon Advisors Inc. now owns 813 shares of the company’s stock worth $51,000 after buying an additional 285 shares during the last quarter. Benjamin F. Edwards & Company Inc. acquired a new stake in shares of Concentrix during the 2nd quarter valued at $68,000. Finally, Quarry LP boosted its stake in shares of Concentrix by 769.9% during the 2nd quarter. Quarry LP now owns 1,244 shares of the company’s stock worth $79,000 after acquiring an additional 1,101 shares in the last quarter. 90.34% of the stock is currently owned by institutional investors.

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.