Concentrix (NASDAQ:CNXC) Coverage Initiated at Robert W. Baird

Robert W. Baird initiated coverage on shares of Concentrix (NASDAQ:CNXC) in a research report sent to investors on Thursday, Marketbeat.com reports. The firm issued an outperform rating and a $70.00 price target on the stock.

A number of other brokerages have also recently issued reports on CNXC. Barrington Research cut their target price on Concentrix from $84.00 to $70.00 and set an outperform rating on the stock in a report on Thursday, September 26th. Bank of America dropped their price objective on shares of Concentrix from $85.00 to $70.00 and set a neutral rating on the stock in a research note on Thursday, September 26th. Finally, Canaccord Genuity Group decreased their target price on shares of Concentrix from $125.00 to $100.00 and set a buy rating for the company in a research report on Thursday, September 26th. One equities research 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’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Buy and an average target price of $79.00.

Concentrix Trading Down 0.1 %

NASDAQ:CNXC opened at $52.58 on Thursday. The firm has a fifty day simple moving average of $65.82 and a two-hundred day simple moving average of $63.24. Concentrix has a 12 month low of $50.23 and a 12 month high of $106.10. The stock has a market capitalization of $3.42 billion, a price-to-earnings ratio of 12.17, a PEG ratio of 0.71 and a beta of 0.58. The company has a current ratio of 1.57, a quick ratio of 1.56 and a debt-to-equity ratio of 1.18.

Concentrix (NASDAQ:CNXC) last issued its earnings results on Wednesday, September 25th. The company reported $2.87 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 net margin of 2.18% and a return on equity of 16.57%. The business’s quarterly revenue was up 46.2% on a year-over-year basis. During the same period in the previous year, the firm earned $2.54 earnings per share. Analysts expect that Concentrix will post 10.18 EPS for the current fiscal year.

Concentrix Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 5th. Stockholders of record on Friday, October 25th will be issued a $0.333 dividend. The ex-dividend date is Friday, October 25th. This represents a $1.33 annualized dividend and a dividend yield of 2.53%. This is an increase from Concentrix’s previous quarterly dividend of $0.30. Concentrix’s dividend payout ratio is currently 28.01%.

Insider Activity at Concentrix

In other Concentrix news, CEO Christopher A. Caldwell sold 9,823 shares of the company’s stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $52.70, for a total value of $517,672.10. Following the completion of the sale, the chief executive officer now directly owns 241,841 shares of the company’s stock, valued at approximately $12,745,020.70. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CEO Christopher A. Caldwell sold 9,823 shares of Concentrix stock in a transaction on Friday, October 4th. The stock was sold at an average price of $52.70, for a total transaction 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. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Cormac J. Twomey sold 1,544 shares of the company’s stock in a transaction on Monday, September 30th. The shares were 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. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 12,167 shares of company stock valued at $653,747 over the last ninety days. Corporate insiders own 3.00% of the company’s stock.

Institutional Trading of Concentrix

Several hedge funds have recently added to or reduced their stakes in CNXC. Treasurer of the State of North Carolina increased its stake in shares of Concentrix by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 19,466 shares of the company’s stock worth $1,912,000 after purchasing an additional 190 shares during the last quarter. State of Michigan Retirement System increased its position in Concentrix by 1.8% in the first quarter. State of Michigan Retirement System now owns 11,591 shares of the company’s stock worth $768,000 after buying an additional 200 shares during the last quarter. SummerHaven Investment Management LLC raised its stake in shares of Concentrix by 2.9% in the second quarter. SummerHaven Investment Management LLC now owns 8,662 shares of the company’s stock valued at $548,000 after buying an additional 248 shares during the period. First Horizon Advisors Inc. lifted its position in shares of Concentrix by 54.0% during the 2nd quarter. First Horizon Advisors Inc. now owns 813 shares of the company’s stock valued at $51,000 after buying an additional 285 shares during the last quarter. Finally, nVerses Capital LLC grew its stake in shares of Concentrix by 10.7% during the 2nd quarter. nVerses Capital LLC now owns 3,100 shares of the company’s stock worth $196,000 after acquiring an additional 300 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.