Concentrix (NASDAQ:CNXC) Stock Price Down 3.7% – What’s Next?

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

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Bank of America lowered their price target on Concentrix from $85.00 to $70.00 and set a “neutral” rating for the company in a research report on Thursday, September 26th. Baird R W raised shares of Concentrix to a “strong-buy” rating in a report on Thursday, October 3rd. Barrington Research cut their price target on shares of Concentrix from $84.00 to $70.00 and set an “outperform” rating on the stock in a report on Thursday, September 26th. Canaccord Genuity Group reduced their price objective on Concentrix from $125.00 to $100.00 and set a “buy” rating for the company in a report on Thursday, September 26th. Finally, Robert W. Baird began coverage on shares of Concentrix in a research note 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 assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $79.00.

Concentrix Trading Down 0.8 %

The stock has a 50 day simple moving average of $49.45 and a 200-day simple moving average of $59.82. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 1.18. The firm has a market capitalization of $2.56 billion, a P/E ratio of 12.91, a P/E/G ratio of 0.51 and a beta of 0.61.

Concentrix (NASDAQ:CNXC) last announced 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 business 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 firm’s quarterly revenue was up 46.2% on a year-over-year basis. During the same period in the prior year, the company posted $2.54 earnings per share. On average, equities research analysts forecast that Concentrix Co. will post 10.18 EPS for the current fiscal year.

Concentrix Increases Dividend

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

Insider Transactions at Concentrix

In related news, 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 approximately $1,427,490.54. This represents a 5.26 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Christopher A. Caldwell sold 9,823 shares of the firm’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 sale, the chief executive officer now directly owns 241,841 shares in the company, valued at approximately $12,745,020.70. This represents a 3.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 12,267 shares of company stock valued at $648,945 over the last quarter. 3.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CNXC. GSA Capital Partners LLP bought a new stake in Concentrix in the third quarter worth $1,243,000. SG Americas Securities LLC bought a new stake in shares of Concentrix in the 2nd quarter worth about $1,445,000. Raymond James & Associates raised its position in shares of Concentrix by 73.3% during the 3rd quarter. Raymond James & Associates now owns 55,313 shares of the company’s stock valued at $2,835,000 after buying an additional 23,387 shares in the last quarter. State of Alaska Department of Revenue lifted its holdings in shares of Concentrix by 24.8% in the 3rd quarter. State of Alaska Department of Revenue now owns 64,783 shares of the company’s stock valued at $3,319,000 after acquiring an additional 12,870 shares during the last quarter. Finally, Natixis purchased a new position in Concentrix in the first quarter worth about $542,000. Hedge funds and other 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.