Concentrix (NASDAQ:CNXC) Sets New 52-Week Low – Should You Sell?

Concentrix Co. (NASDAQ:CNXC)’s share price hit a new 52-week low on Tuesday . The company traded as low as $40.63 and last traded at $40.72, with a volume of 445678 shares changing hands. The stock had previously closed at $42.94.

Analyst Ratings Changes

Several research firms recently weighed in on CNXC. Barrington Research decreased 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. Robert W. Baird began coverage on shares of Concentrix in a research report on Thursday, October 3rd. They set an “outperform” rating and a $70.00 price objective on the stock. Canaccord Genuity Group reduced their price objective on shares of Concentrix from $125.00 to $100.00 and set a “buy” rating on the stock in a research note on Thursday, September 26th. Bank of America cut 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. Finally, Baird R W upgraded 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 given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $79.00.

Concentrix Trading Down 5.2 %

The firm’s fifty day moving average is $54.07 and its two-hundred day moving average is $60.69. The firm has a market capitalization of $2.64 billion, a PE ratio of 13.64, a PEG ratio of 0.57 and a beta of 0.61. 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) last announced 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 analysts’ expectations of $2.38 billion. During the same quarter in the prior year, the firm earned $2.54 EPS. Concentrix’s quarterly revenue was up 46.2% compared to the same quarter last year. On average, equities analysts predict 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 was paid on Tuesday, November 5th. Stockholders 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 dividend yield of 3.27%. Concentrix’s dividend payout ratio (DPR) is presently 43.18%.

Insider Activity

In other Concentrix news, EVP Cormac J. Twomey sold 400 shares of the company’s stock in a transaction 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Cormac J. Twomey sold 400 shares of the business’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 directly owns 29,327 shares in the company, valued at approximately $2,188,674.01. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Cormac J. Twomey sold 1,544 shares of the stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $51.38, for a total value of $79,330.72. Following the completion of the transaction, the executive vice president now owns 27,783 shares of the company’s stock, valued at $1,427,490.54. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 12,267 shares of company stock valued at $648,945. 3.10% of the stock is currently owned by insiders.

Institutional Trading of Concentrix

Institutional investors have recently modified their holdings of the business. Hexagon Capital Partners LLC grew its holdings in Concentrix by 2,992.3% in the 2nd quarter. Hexagon Capital Partners LLC now owns 402 shares of the company’s stock valued at $25,000 after buying an additional 389 shares during the period. GAMMA Investing LLC boosted its position in Concentrix by 1,005.0% during the 2nd quarter. GAMMA Investing LLC now owns 442 shares of the company’s stock worth $28,000 after acquiring an additional 402 shares during the period. First Horizon Advisors Inc. raised its stake in shares of Concentrix by 54.0% in the 2nd quarter. First Horizon Advisors Inc. now owns 813 shares of the company’s stock worth $51,000 after buying an additional 285 shares in the last quarter. Benjamin F. Edwards & Company Inc. purchased a new stake in Concentrix during the second quarter valued at about $68,000. Finally, Quarry LP lifted its position in Concentrix by 769.9% in 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 in the last quarter. 90.34% of the stock is currently owned by hedge funds and other 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.