Concentrix (NASDAQ:CNXC) Hits New 12-Month Low – Here’s Why

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

Wall Street Analysts Forecast Growth

CNXC has been the topic of several research reports. Barrington Research cut their price objective on Concentrix from $84.00 to $70.00 and set an “outperform” rating on the stock in a research report on Thursday, September 26th. Canaccord Genuity Group dropped their price target on Concentrix from $125.00 to $100.00 and set a “buy” rating on the stock in a research report on Thursday, September 26th. 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. Bank of America lowered their price objective on Concentrix from $85.00 to $70.00 and set a “neutral” rating for the company in a research report on Thursday, September 26th. Finally, Baird R W raised shares of Concentrix to a “strong-buy” rating in a research report on Thursday, October 3rd. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Concentrix presently has an average rating of “Buy” and an average target price of $79.00.

Concentrix Stock Down 1.0 %

The firm has a market capitalization of $2.90 billion, a P/E ratio of 14.51, a P/E/G ratio of 0.62 and a beta of 0.58. The company has a fifty day simple moving average of $61.26 and a 200 day simple moving average of $61.97. 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) last announced its quarterly earnings results on Wednesday, September 25th. The company reported $2.87 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.06). The firm had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.38 billion. Concentrix had a return on equity of 16.57% and a net margin of 2.18%. The business’s revenue for the quarter was up 46.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.54 EPS. On average, equities analysts expect that Concentrix Co. will post 10.18 EPS for the current fiscal year.

Concentrix Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 5th. Investors of record on Friday, October 25th will be issued a $0.333 dividend. This is a positive change from Concentrix’s previous quarterly dividend of $0.30. This represents a $1.33 dividend on an annualized basis and a yield of 2.98%. The ex-dividend date is Friday, October 25th. Concentrix’s payout ratio is presently 39.29%.

Insider Activity at Concentrix

In other news, EVP Cormac J. Twomey sold 400 shares of the business’s stock in a transaction on 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 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 document filed with the Securities & Exchange Commission, which is available through this link. In related news, EVP Cormac J. Twomey sold 1,544 shares of the stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $51.38, for a total transaction of $79,330.72. Following the transaction, the executive vice president now owns 27,783 shares in the company, valued at $1,427,490.54. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Cormac J. Twomey sold 400 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $74.63, for a total transaction 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 position. The disclosure for this sale can be found here. In the last three months, insiders have sold 12,167 shares of company stock valued at $653,747. 3.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Concentrix

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its position in Concentrix by 23.9% during the fourth quarter. Vanguard Group Inc. now owns 5,363,893 shares of the company’s stock valued at $526,788,000 after acquiring an additional 1,034,546 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Concentrix by 27.6% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 11,433 shares of the company’s stock worth $757,000 after purchasing an additional 2,476 shares during the period. State of Michigan Retirement System lifted its stake in shares of Concentrix by 1.8% in the 1st quarter. State of Michigan Retirement System now owns 11,591 shares of the company’s stock worth $768,000 after purchasing an additional 200 shares during the period. FORA Capital LLC purchased a new position in shares of Concentrix in the first quarter worth approximately $231,000. Finally, Pzena Investment Management LLC grew its position in Concentrix by 246.3% during the first quarter. Pzena Investment Management LLC now owns 1,013,208 shares of the company’s stock valued at $67,095,000 after buying an additional 720,616 shares during the period. 90.34% of the stock is owned by institutional investors.

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.