Concentrix Co. (NASDAQ:CNXC - Get Free Report) shares hit a new 52-week low during trading on Tuesday . The stock traded as low as $43.97 and last traded at $44.06, with a volume of 18193 shares. The stock had previously closed at $44.49.
Analyst Upgrades and Downgrades
Several analysts recently commented on the company. Robert W. Baird assumed coverage on Concentrix in a report on Thursday, October 3rd. They issued an "outperform" rating and a $70.00 price objective for the company. Baird R W raised Concentrix to a "strong-buy" rating in a report on Thursday, October 3rd. Bank of America cut their price objective on Concentrix from $85.00 to $70.00 and set a "neutral" rating for the company in a 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. Finally, Barrington Research cut their price objective on Concentrix from $84.00 to $70.00 and set an "outperform" rating for the company in a report 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. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $79.00.
Read Our Latest Stock Analysis on Concentrix
Concentrix Stock Down 0.1 %
The company has a fifty day simple moving average of $59.92 and a 200-day simple moving average of $61.66. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 1.18. The firm has a market cap of $2.88 billion, a P/E ratio of 14.44, a price-to-earnings-growth ratio of 0.61 and a beta of 0.58.
Concentrix (NASDAQ:CNXC - Get Free Report) last released its quarterly earnings results on Wednesday, September 25th. The company reported $2.87 earnings per share (EPS) 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 company had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.38 billion. During the same period in the prior year, the firm posted $2.54 EPS. The business's revenue for the quarter was up 46.2% on a year-over-year basis. On average, equities analysts anticipate that Concentrix Co. will post 10.18 earnings per share for the current year.
Concentrix Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 5th. Stockholders of record on Friday, October 25th will be given a $0.333 dividend. This represents a $1.33 annualized dividend and a dividend yield of 3.00%. This is an increase from Concentrix's previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Friday, October 25th. Concentrix's payout ratio is presently 43.18%.
Insider Activity
In other news, CEO Christopher A. Caldwell sold 9,823 shares of the business's 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 $12,745,020.70. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Christopher A. Caldwell sold 9,823 shares of the business's 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 sale, the chief executive officer now directly owns 241,841 shares in the company, valued at approximately $12,745,020.70. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Cormac J. Twomey sold 400 shares of the business's stock in a transaction dated Thursday, August 29th. The stock was 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 owns 29,327 shares in the company, valued at $2,188,674.01. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 12,267 shares of company stock worth $648,945 over the last ninety days. Corporate insiders own 3.10% of the company's stock.
Institutional Investors Weigh In On Concentrix
A number of hedge funds have recently made changes to their positions in CNXC. State of Michigan Retirement System raised its position in Concentrix by 1.8% during the first quarter. State of Michigan Retirement System now owns 11,591 shares of the company's stock valued at $768,000 after purchasing an additional 200 shares during the period. SummerHaven Investment Management LLC raised its position in Concentrix by 2.9% during the second quarter. SummerHaven Investment Management LLC now owns 8,662 shares of the company's stock valued at $548,000 after purchasing an additional 248 shares during the period. First Horizon Advisors Inc. raised its position 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 purchasing an additional 285 shares during the period. GAMMA Investing LLC raised its position in 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 purchasing an additional 287 shares during the period. Finally, nVerses Capital LLC raised its position in Concentrix by 10.7% during the second quarter. nVerses Capital LLC now owns 3,100 shares of the company's stock valued at $196,000 after purchasing an additional 300 shares during the period. 90.34% of the stock is currently owned by hedge funds and other institutional investors.
About Concentrix
(
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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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