Concentrix (NASDAQ:CNXC) Hits New 1-Year Low – What’s Next?

Concentrix Co. (NASDAQ:CNXC) hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $41.05 and last traded at $41.22, with a volume of 6316 shares changing hands. The stock had previously closed at $41.41.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Baird R W upgraded Concentrix to a “strong-buy” rating in a research note on Thursday, October 3rd. Bank of America reduced their price target on Concentrix from $85.00 to $70.00 and set a “neutral” rating on the stock in a research report on Thursday, September 26th. Barrington Research dropped their price objective on shares of Concentrix from $84.00 to $70.00 and set an “outperform” rating on the stock in a research note on Thursday, September 26th. 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 note on Thursday, September 26th. Finally, Robert W. Baird initiated coverage on Concentrix in a research report on Thursday, October 3rd. They set an “outperform” rating and a $70.00 target price on the stock. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $79.00.

Concentrix Stock Up 3.4 %

The stock has a 50 day moving average of $56.67 and a 200 day moving average of $61.07. The firm has a market capitalization of $2.79 billion, a price-to-earnings ratio of 13.96, a P/E/G ratio of 0.57 and a beta of 0.61. 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 issued its quarterly 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 2.18% and a return on equity of 16.57%. The firm had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.38 billion. During the same quarter last year, the firm posted $2.54 earnings per share. Concentrix’s revenue was up 46.2% compared to the same quarter last year. As a group, analysts expect that Concentrix Co. will post 10.18 earnings per share for the current fiscal year.

Concentrix Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, November 5th. Investors of record on Friday, October 25th were issued a $0.333 dividend. This represents a $1.33 dividend on an annualized basis and a yield of 3.10%. 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. Concentrix’s dividend payout ratio is 43.18%.

Insider Activity at Concentrix

In other news, CEO Christopher A. Caldwell sold 9,823 shares of the stock in a transaction on Friday, October 4th. The stock was sold at an average price of $52.70, for a total value of $517,672.10. Following the completion of the transaction, the chief executive officer now owns 241,841 shares of the company’s stock, valued at approximately $12,745,020.70. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, EVP Cormac J. Twomey sold 1,544 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $51.38, for a total transaction of $79,330.72. Following the sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Christopher A. Caldwell sold 9,823 shares of the company’s stock in a transaction that occurred on Friday, October 4th. The stock was 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 owns 241,841 shares of the company’s stock, valued at $12,745,020.70. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 12,267 shares of company stock worth $648,945 in the last three months. 3.10% of the stock is owned by company insiders.

Institutional Trading of Concentrix

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Hexagon Capital Partners LLC grew its holdings in Concentrix by 2,992.3% during the second quarter. Hexagon Capital Partners LLC now owns 402 shares of the company’s stock worth $25,000 after acquiring an additional 389 shares during the period. GAMMA Investing LLC lifted its stake in Concentrix by 1,005.0% during the second quarter. GAMMA Investing LLC now owns 442 shares of the company’s stock valued at $28,000 after purchasing an additional 402 shares during the last quarter. First Horizon Advisors Inc. boosted its holdings in Concentrix by 54.0% during the second 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. bought a new position in shares of Concentrix in the second quarter valued at $68,000. Finally, Quarry LP boosted its stake in shares of Concentrix by 769.9% during the 2nd quarter. Quarry LP now owns 1,244 shares of the company’s stock worth $79,000 after acquiring an additional 1,101 shares in the last quarter. Institutional investors own 90.34% of the company’s stock.

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.