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

Concentrix Co. (NASDAQ:CNXC - Get Free Report) shares reached a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $45.44 and last traded at $45.44, with a volume of 183858 shares trading hands. The stock had previously closed at $47.12.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Robert W. Baird started 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. Canaccord Genuity Group dropped their target price on Concentrix from $125.00 to $100.00 and set a "buy" rating on the stock in a research report on Thursday, September 26th. Baird R W upgraded Concentrix to a "strong-buy" rating in a research note on Thursday, October 3rd. Barrington Research dropped their price objective on Concentrix from $84.00 to $70.00 and set an "outperform" rating on the stock in a report on Thursday, September 26th. Finally, Bank of America decreased their target price on Concentrix from $85.00 to $70.00 and set a "neutral" rating on the stock in a research report on Thursday, September 26th. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $79.00.

Concentrix Stock Performance

The firm has a fifty day moving average of $62.04 and a 200 day moving average of $62.19. The stock has a market cap of $2.95 billion, a price-to-earnings ratio of 10.45, a PEG ratio of 0.67 and a beta of 0.58. 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 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 quarter in the previous year, the firm earned $2.54 earnings per share. The business's revenue for the quarter was up 46.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Concentrix Co. will post 10.18 EPS for the current year.

Concentrix Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 5th. Investors of record on Friday, October 25th will be given a dividend of $0.333 per share. The ex-dividend date is Friday, October 25th. This represents a $1.33 dividend on an annualized basis and a dividend yield of 2.95%. This is a boost from Concentrix's previous quarterly dividend of $0.30. Concentrix's dividend payout ratio (DPR) is presently 30.79%.

Insider Activity at Concentrix

In other 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 transaction of $517,672.10. Following the completion of the transaction, the chief executive officer now directly owns 241,841 shares in the company, valued at $12,745,020.70. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 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 transaction, the executive vice president now owns 29,327 shares in the company, valued at $2,188,674.01. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Christopher A. Caldwell sold 9,823 shares of Concentrix stock in a transaction dated Friday, October 4th. The shares were 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 of the company's stock, valued at $12,745,020.70. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 12,167 shares of company stock worth $653,747. Insiders own 3.00% of the company's stock.

Institutional Trading of Concentrix

Several hedge funds have recently added to or reduced their stakes in CNXC. Hexagon Capital Partners LLC lifted its stake in Concentrix by 2,992.3% during the second quarter. Hexagon Capital Partners LLC now owns 402 shares of the company's stock worth $25,000 after purchasing an additional 389 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Concentrix by 1,005.0% in the 2nd quarter. GAMMA Investing LLC now owns 442 shares of the company's stock valued at $28,000 after purchasing an additional 402 shares during the last quarter. First Horizon Advisors Inc. boosted its position in shares of Concentrix by 54.0% in 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 during the period. Benjamin F. Edwards & Company Inc. acquired a new stake in shares of Concentrix in the 2nd quarter valued at about $68,000. Finally, Quarry LP grew its stake in Concentrix by 769.9% during the 2nd quarter. Quarry LP now owns 1,244 shares of the company's stock worth $79,000 after buying an additional 1,101 shares during the last quarter. Institutional investors and hedge funds 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.