Bank of America Cuts Concentrix (NASDAQ:CNXC) Price Target to $70.00

Concentrix (NASDAQ:CNXC) had its price objective lowered by Bank of America from $85.00 to $70.00 in a research report released on Thursday morning, Benzinga reports. Bank of America currently has a neutral rating on the stock.

Other research analysts have also recently issued research reports about the company. Canaccord Genuity Group lowered their target price on Concentrix from $125.00 to $100.00 and set a buy rating for the company in a research note on Thursday. Barrington Research dropped their target price on shares of Concentrix from $84.00 to $70.00 and set an outperform rating on the stock in a report on Thursday. One equities research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Concentrix currently has a consensus rating of Moderate Buy and a consensus price target of $81.25.

Concentrix Price Performance

Shares of Concentrix stock opened at $51.56 on Thursday. The company has a market cap of $3.37 billion, a PE ratio of 11.94, a P/E/G ratio of 0.68 and a beta of 0.61. The business has a 50 day moving average of $67.29 and a 200 day moving average of $63.58. Concentrix has a 52 week low of $50.23 and a 52 week high of $106.10. The company has a quick ratio of 1.56, a current ratio of 1.54 and a debt-to-equity ratio of 1.21.

Concentrix (NASDAQ:CNXC) last announced its earnings results on Wednesday, September 25th. The company reported $2.87 earnings per share for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.06). Concentrix had a net margin of 3.08% and a return on equity of 17.00%. 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 previous year, the firm posted $2.54 EPS. The company’s revenue for the quarter was up 46.2% on a year-over-year basis. As a group, equities research analysts forecast that Concentrix will post 10.8 earnings per share for the current year.

Concentrix Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 5th. Shareholders of record on Friday, October 25th will be paid a dividend of $0.333 per share. This is a boost from Concentrix’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Friday, October 25th. This represents a $1.33 dividend on an annualized basis and a yield of 2.58%. Concentrix’s payout ratio is presently 30.79%.

Insider Transactions at Concentrix

In other news, EVP Cormac J. Twomey sold 400 shares of Concentrix 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 transaction, the executive vice president now owns 29,327 shares of the company’s stock, valued at approximately $2,188,674.01. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 3.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Norges Bank bought a new position in Concentrix in the 4th quarter valued at approximately $31,294,000. Corient Private Wealth LLC increased its holdings in Concentrix by 48.7% in the 4th quarter. Corient Private Wealth LLC now owns 9,288 shares of the company’s stock worth $912,000 after buying an additional 3,043 shares in the last quarter. Assetmark Inc. lifted its stake in Concentrix by 42.6% during the 4th quarter. Assetmark Inc. now owns 1,514 shares of the company’s stock valued at $149,000 after acquiring an additional 452 shares during the period. Orion Portfolio Solutions LLC lifted its stake in Concentrix by 143.3% during the 4th quarter. Orion Portfolio Solutions LLC now owns 6,720 shares of the company’s stock valued at $652,000 after acquiring an additional 3,958 shares during the period. Finally, Treasurer of the State of North Carolina grew its stake in shares of Concentrix by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 19,466 shares of the company’s stock worth $1,912,000 after acquiring an additional 190 shares during the period. Institutional investors own 90.34% of the company’s stock.

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.