Concentrix (NASDAQ:CNXC) Shares Down 4.7% - Should You Sell?

Concentrix Co. (NASDAQ:CNXC - Get Free Report)'s stock price dropped 4.7% during mid-day trading on Monday . The company traded as low as $42.06 and last traded at $42.07. Approximately 145,535 shares changed hands during mid-day trading, a decline of 75% from the average daily volume of 575,828 shares. The stock had previously closed at $44.13.

Analyst Ratings Changes

Several brokerages recently commented on CNXC. Barrington Research reduced their price target on Concentrix from $84.00 to $70.00 and set an "outperform" rating for the company in a research report on Thursday, September 26th. Canaccord Genuity Group cut their price objective on Concentrix from $125.00 to $100.00 and set a "buy" rating for the company in a report on Thursday, September 26th. Baird R W upgraded shares of Concentrix to a "strong-buy" rating in a report on Thursday, October 3rd. 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 for the company. Finally, Bank of America lowered their price objective 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. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Concentrix presently has a consensus rating of "Buy" and a consensus price target of $79.00.

Concentrix Stock Performance

The stock has a market capitalization of $2.74 billion, a P/E ratio of 14.33, a PEG ratio of 0.56 and a beta of 0.63. The stock's 50-day simple moving average is $44.37 and its 200 day simple moving average is $57.61. 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 earnings results on Wednesday, September 25th. The company reported $2.87 EPS for the quarter, missing the consensus estimate of $2.93 by ($0.06). The firm had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.38 billion. Concentrix had a net margin of 2.18% and a return on equity of 16.57%. Concentrix's revenue for the quarter was up 46.2% compared to the same quarter last year. During the same period in the previous year, the company posted $2.54 EPS. Research analysts expect that Concentrix Co. will post 10.18 EPS for the current fiscal year.

Concentrix Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 5th. Stockholders of record on Friday, October 25th were given a $0.333 dividend. This represents a $1.33 dividend on an annualized basis and a dividend yield of 3.15%. The ex-dividend date of this dividend was Friday, October 25th. This is a boost from Concentrix's previous quarterly dividend of $0.30. Concentrix's payout ratio is presently 43.18%.

Insider Buying and Selling

In related news, CEO Christopher A. Caldwell sold 9,823 shares of the stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $52.70, for a total transaction of $517,672.10. Following the sale, the chief executive officer now owns 241,841 shares of the company's stock, valued at $12,745,020.70. This represents a 3.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Cormac J. Twomey sold 1,544 shares of Concentrix stock in a transaction 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 transaction, the executive vice president now directly owns 27,783 shares of the company's stock, valued at $1,427,490.54. This represents a 5.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 12,367 shares of company stock valued at $641,668. 3.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Concentrix

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Franklin Resources Inc. bought a new position in Concentrix in the third quarter valued at approximately $445,000. Neo Ivy Capital Management bought a new position in shares of Concentrix in the 3rd quarter valued at $2,844,000. Geode Capital Management LLC increased its stake in shares of Concentrix by 5.2% in the 3rd quarter. Geode Capital Management LLC now owns 878,092 shares of the company's stock valued at $45,013,000 after purchasing an additional 43,295 shares during the last quarter. Barclays PLC raised its holdings in shares of Concentrix by 134.3% during the 3rd quarter. Barclays PLC now owns 35,862 shares of the company's stock worth $1,837,000 after buying an additional 20,559 shares in the last quarter. Finally, State Street Corp lifted 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 worth $71,850,000 after buying an additional 18,304 shares during the last quarter. 90.34% of the stock is currently owned by institutional investors and hedge funds.

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.

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