Concentrix Co. (NASDAQ:CNXC) Given Consensus Recommendation of "Buy" by Brokerages

Shares of Concentrix Co. (NASDAQ:CNXC - Get Free Report) have been given a consensus recommendation of "Buy" by the six research firms that are covering the stock, MarketBeat.com reports. 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. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $79.00.

A number of research analysts have issued reports on CNXC shares. Robert W. Baird started coverage on Concentrix in a research report on Thursday, October 3rd. They set an "outperform" rating and a $70.00 price target for the company. Barrington Research dropped their price objective on Concentrix from $84.00 to $70.00 and set an "outperform" rating on the stock in a research note on Thursday, September 26th. Baird R W raised Concentrix to a "strong-buy" rating in a research note on Thursday, October 3rd. 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 research note on Thursday, September 26th. Finally, Bank of America dropped their price objective on Concentrix from $85.00 to $70.00 and set a "neutral" rating on the stock in a research note on Thursday, September 26th.

Insider Activity

In other Concentrix news, EVP Cormac J. Twomey sold 400 shares of the business's stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $74.63, for a total value of $29,852.00. Following the completion of the sale, the executive vice president now directly owns 29,327 shares of the company's stock, valued at $2,188,674.01. The trade was a 1.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Christopher A. Caldwell sold 9,823 shares of the business's stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $52.70, for a total transaction of $517,672.10. Following the transaction, the chief executive officer now owns 241,841 shares in the company, valued at $12,745,020.70. This represents a 3.90 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 12,267 shares of company stock worth $648,945 in the last three months. Company insiders own 3.10% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Hexagon Capital Partners LLC boosted its position in Concentrix by 2,992.3% in the 2nd 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 lifted its position in Concentrix by 1,005.0% during the second quarter. GAMMA Investing LLC now owns 442 shares of the company's stock valued at $28,000 after acquiring an additional 402 shares during the last quarter. First Horizon Advisors Inc. increased its stake in Concentrix by 54.0% during the 2nd quarter. First Horizon Advisors Inc. now owns 813 shares of the company's stock valued at $51,000 after purchasing an additional 285 shares in the last quarter. Benjamin F. Edwards & Company Inc. purchased a new position in shares of Concentrix during the second quarter worth $68,000. Finally, Quarry LP raised its holdings in shares of Concentrix by 769.9% during the second quarter. Quarry LP now owns 1,244 shares of the company's stock worth $79,000 after purchasing an additional 1,101 shares during the last quarter. Hedge funds and other institutional investors own 90.34% of the company's stock.

Concentrix Stock Performance

Shares of CNXC stock traded up $4.24 during trading hours on Friday, hitting $43.80. The stock had a trading volume of 1,290,995 shares, compared to its average volume of 568,318. The firm has a market capitalization of $2.84 billion, a PE ratio of 13.52, a PEG ratio of 0.51 and a beta of 0.61. Concentrix has a twelve month low of $36.28 and a twelve month high of $106.10. The stock's 50 day moving average is $48.91 and its 200 day moving average is $59.68. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.57 and a quick ratio of 1.57.

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

Concentrix Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 5th. Investors of record on Friday, October 25th were issued a $0.333 dividend. This represents a $1.33 dividend on an annualized basis and a yield of 3.04%. This is an increase from Concentrix's previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Friday, October 25th. Concentrix's dividend payout ratio is presently 43.18%.

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.