Concentrix (NASDAQ:CNXC) Sets New 52-Week Low - Here's What Happened

Concentrix Co. (NASDAQ:CNXC - Get Free Report)'s share price hit a new 52-week low during trading on Tuesday . The stock traded as low as $41.05 and last traded at $41.22, with a volume of 6316 shares trading hands. The stock had previously closed at $41.41.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Robert W. Baird assumed coverage on shares of Concentrix in a research note on Thursday, October 3rd. They issued an "outperform" rating and a $70.00 price target on the stock. Baird R W upgraded shares of Concentrix to a "strong-buy" rating in a research note on Thursday, October 3rd. Canaccord Genuity Group dropped their price target on shares of Concentrix from $125.00 to $100.00 and set a "buy" rating on the stock in a research note on Thursday, September 26th. Bank of America dropped their price target on shares of Concentrix from $85.00 to $70.00 and set a "neutral" rating on the stock in a research note on Thursday, September 26th. Finally, Barrington Research dropped their price target on shares of Concentrix from $84.00 to $70.00 and set an "outperform" rating on the stock in a research note on Thursday, September 26th. One investment 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 stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $79.00.

Concentrix Price Performance

The firm has a market capitalization of $2.70 billion, a price-to-earnings ratio of 13.50, a P/E/G ratio of 0.57 and a beta of 0.61. The company has a fifty day moving average price of $57.29 and a two-hundred day moving average price of $61.17. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 1.18.

Concentrix (NASDAQ:CNXC - Get Free Report) last issued its quarterly earnings results 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 return on equity of 16.57% and a net margin of 2.18%. 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 prior year, the business 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, equities research analysts expect 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 will be paid on Tuesday, November 5th. Investors of record on Friday, October 25th will be issued a dividend of $0.333 per share. The ex-dividend date is 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 3.20%. Concentrix's dividend payout ratio (DPR) is currently 43.18%.

Insider Buying and Selling

In other Concentrix news, CEO Christopher A. Caldwell sold 9,823 shares of the firm's stock in a transaction on 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 sale, the chief executive officer now owns 241,841 shares of the company's stock, valued at approximately $12,745,020.70. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Concentrix news, CEO Christopher A. Caldwell sold 9,823 shares of the firm's stock in a transaction on 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 sale, the chief executive officer now owns 241,841 shares of the company's stock, valued at approximately $12,745,020.70. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Cormac J. Twomey sold 400 shares of the firm'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 transaction, the executive vice president now owns 29,327 shares of the company's stock, valued at approximately $2,188,674.01. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 12,267 shares of company stock valued at $648,945 over the last three months. 3.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Impactive Capital LP increased its position in shares of Concentrix by 13.0% in the first quarter. Impactive Capital LP now owns 3,846,370 shares of the company's stock valued at $254,707,000 after buying an additional 443,045 shares in the last quarter. Capital International Investors increased its position in Concentrix by 0.3% during the 1st quarter. Capital International Investors now owns 2,525,762 shares of the company's stock worth $167,256,000 after purchasing an additional 7,333 shares in the last quarter. Pzena Investment Management LLC increased its position in Concentrix by 46.6% during the 2nd quarter. Pzena Investment Management LLC now owns 1,484,907 shares of the company's stock worth $93,965,000 after purchasing an additional 471,699 shares in the last quarter. Copeland Capital Management LLC increased its position in Concentrix by 1.8% during the 3rd quarter. Copeland Capital Management LLC now owns 1,003,375 shares of the company's stock worth $51,423,000 after purchasing an additional 17,653 shares in the last quarter. Finally, 1832 Asset Management L.P. purchased a new stake in Concentrix during the 2nd quarter worth about $62,738,000. Hedge funds and other institutional investors own 90.34% of the company's stock.

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.