Concentrix (NASDAQ:CNXC) Trading Down 3.7% – Here’s What Happened

Shares of Concentrix Co. (NASDAQ:CNXC) traded down 3.7% during mid-day trading on Tuesday . The company traded as low as $36.28 and last traded at $36.38. 262,747 shares were traded during mid-day trading, a decline of 53% from the average session volume of 560,797 shares. The stock had previously closed at $37.77.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Canaccord Genuity Group reduced their target price on Concentrix from $125.00 to $100.00 and set a “buy” rating for the company in a research report on Thursday, September 26th. 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. Baird R W raised shares of Concentrix to a “strong-buy” rating in a research note on Thursday, October 3rd. Bank of America dropped their price objective on shares of Concentrix from $85.00 to $70.00 and set a “neutral” rating for the company in a report on Thursday, September 26th. Finally, Robert W. Baird started coverage on Concentrix in a research report on Thursday, October 3rd. They issued an “outperform” rating and a $70.00 target price for the company. One investment 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. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $79.00.

Concentrix Stock Performance

The company has a debt-to-equity ratio of 1.18, a current ratio of 1.57 and a quick ratio of 1.57. The stock has a market cap of $2.56 billion, a PE ratio of 12.91, a price-to-earnings-growth ratio of 0.51 and a beta of 0.61. The business has a 50 day moving average price of $49.45 and a two-hundred day moving average price of $59.82.

Concentrix (NASDAQ:CNXC) last announced its quarterly 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). The firm had revenue of $2.39 billion for the quarter, compared to analysts’ expectations of $2.38 billion. Concentrix had a net margin of 2.18% and a return on equity of 16.57%. The company’s quarterly revenue was up 46.2% on a year-over-year basis. During the same period in the previous year, the company earned $2.54 EPS. As a group, equities research analysts forecast that Concentrix Co. will post 10.18 EPS for the current fiscal year.

Concentrix Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 5th. Shareholders of record on Friday, October 25th were given a dividend of $0.333 per share. This is a positive change from Concentrix’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Friday, October 25th. This represents a $1.33 dividend on an annualized basis and a yield of 3.38%. Concentrix’s dividend payout ratio is presently 43.18%.

Insiders Place Their Bets

In other news, 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 transaction of $517,672.10. Following the sale, the chief executive officer now owns 241,841 shares of the company’s stock, valued at approximately $12,745,020.70. The trade was a 3.90 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Cormac J. Twomey sold 1,544 shares of the stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $51.38, for a total transaction 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 approximately $1,427,490.54. The trade was a 5.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 12,267 shares of company stock worth $648,945. 3.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Concentrix

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Neo Ivy Capital Management bought a new stake in shares of Concentrix during the 3rd quarter valued at $2,844,000. Geode Capital Management LLC boosted its stake in Concentrix by 5.2% during the third quarter. Geode Capital Management LLC now owns 878,092 shares of the company’s stock worth $45,013,000 after acquiring an additional 43,295 shares in the last quarter. Barclays PLC grew its holdings in Concentrix by 134.3% in the third quarter. Barclays PLC now owns 35,862 shares of the company’s stock worth $1,837,000 after purchasing an additional 20,559 shares during the period. State Street Corp increased its stake in shares of Concentrix by 1.3% during the third quarter. State Street Corp now owns 1,401,953 shares of the company’s stock valued at $71,850,000 after purchasing an additional 18,304 shares in the last quarter. Finally, Stifel Financial Corp lifted its holdings in shares of Concentrix by 9.0% during the third quarter. Stifel Financial Corp now owns 36,131 shares of the company’s stock valued at $1,852,000 after purchasing an additional 2,997 shares during the last quarter. 90.34% of the stock is owned by hedge funds and other institutional investors.

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.