Concentrix Co. (NASDAQ:CNXC) Receives Average Rating of "Buy" from Analysts

Concentrix Co. (NASDAQ:CNXC - Get Free Report) has earned a consensus recommendation of "Buy" from the six research firms that are presently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a hold recommendation, four have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $79.00.

Several research firms have recently commented on CNXC. Robert W. Baird began coverage on shares of Concentrix in a report on Thursday, October 3rd. They set an "outperform" rating and a $70.00 price target on the stock. Baird R W upgraded Concentrix to a "strong-buy" rating in a research note on Thursday, October 3rd. Barrington Research cut their price target on Concentrix from $84.00 to $70.00 and set an "outperform" rating for the company in a research note on Thursday, September 26th. Bank of America lowered their price target on Concentrix from $85.00 to $70.00 and set a "neutral" rating for the company in a research note on Thursday, September 26th. Finally, Canaccord Genuity Group dropped 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.

Concentrix Stock Down 0.4 %

Concentrix stock traded down $0.15 during mid-day trading on Tuesday, hitting $42.16. The company's stock had a trading volume of 582,117 shares, compared to its average volume of 578,042. Concentrix has a 52-week low of $36.28 and a 52-week high of $106.10. The company has a market cap of $2.73 billion, a PE ratio of 13.72, a price-to-earnings-growth ratio of 0.56 and a beta of 0.63. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.57 and a quick ratio of 1.57. The firm's 50 day moving average is $44.18 and its 200 day moving average is $57.48.

Concentrix (NASDAQ:CNXC - Get Free Report) last posted its quarterly earnings results on Wednesday, September 25th. The company reported $2.87 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.93 by ($0.06). Concentrix had a return on equity of 16.57% and a net margin of 2.18%. The company had revenue of $2.39 billion during the quarter, compared to analysts' expectations of $2.38 billion. During the same period last year, the company earned $2.54 earnings per share. Concentrix's revenue for the quarter was up 46.2% compared to the same quarter last year. On average, analysts anticipate that Concentrix will post 10.18 earnings per share for the current year.

Concentrix Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, November 5th. Shareholders of record on Friday, October 25th were given a dividend of $0.333 per share. The ex-dividend date of this dividend was Friday, October 25th. This represents a $1.33 dividend on an annualized basis and a yield of 3.16%. This is a boost from Concentrix's previous quarterly dividend of $0.30. Concentrix's dividend payout ratio is presently 43.18%.

Insider Activity

In other news, CEO Christopher A. Caldwell sold 9,823 shares of Concentrix 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 transaction, the chief executive officer now directly owns 241,841 shares in the company, valued at approximately $12,745,020.70. The trade was a 3.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Cormac J. Twomey sold 1,544 shares of the firm's stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $51.38, for a total value of $79,330.72. Following the completion of the sale, the executive vice president now directly owns 27,783 shares in the company, valued at $1,427,490.54. This trade represents a 5.26 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 12,367 shares of company stock valued at $641,668 over the last 90 days. 3.10% of the stock is currently owned by company insiders.

Institutional Trading of Concentrix

Several hedge funds and other institutional investors have recently bought and sold shares of CNXC. GAMMA Investing LLC raised its position in shares of Concentrix by 64.9% during the third quarter. GAMMA Investing LLC now owns 729 shares of the company's stock valued at $37,000 after buying an additional 287 shares during the last quarter. First Horizon Advisors Inc. increased its stake in Concentrix by 54.0% during the second quarter. First Horizon Advisors Inc. now owns 813 shares of the company's stock valued at $51,000 after acquiring an additional 285 shares during the period. Benjamin F. Edwards & Company Inc. acquired a new position in Concentrix in the 2nd quarter valued at approximately $68,000. Quarry LP lifted its position in shares of Concentrix by 769.9% in 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 during the period. Finally, Fifth Third Bancorp grew its holdings in shares of Concentrix by 51.7% during the 2nd quarter. Fifth Third Bancorp now owns 1,573 shares of the company's stock worth $100,000 after purchasing an additional 536 shares in the last quarter. 90.34% of the stock is currently owned by institutional investors and hedge funds.

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.