Brokerages Set Concentrix Co. (NASDAQ:CNXC) Price Target at $79.00

Shares of Concentrix Co. (NASDAQ:CNXC) have received an average recommendation of “Buy” from the six ratings firms that are covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a hold recommendation, four have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $79.00.

CNXC has been the subject of several analyst reports. Robert W. Baird initiated coverage on shares of Concentrix in a research note on Thursday, October 3rd. They issued an “outperform” rating and a $70.00 price objective for the company. Canaccord Genuity Group cut 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. Bank of America cut their target price on shares of 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 research report on Thursday, October 3rd. Finally, Barrington Research cut their target price on shares of Concentrix from $84.00 to $70.00 and set an “outperform” rating for the company in a research report on Thursday, September 26th.

Concentrix Trading Down 0.5 %

Concentrix stock opened at $44.56 on Friday. 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 has a 12 month low of $36.28 and a 12 month high of $106.10. The company’s fifty day simple moving average is $47.61 and its 200-day simple moving average is $59.32. The stock has a market cap of $2.89 billion, a P/E ratio of 14.47, a P/E/G ratio of 0.60 and a beta of 0.61.

Concentrix (NASDAQ:CNXC) last released its quarterly earnings data 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 business had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.38 billion. During the same period in the previous year, the firm posted $2.54 EPS. The firm’s revenue for the quarter was up 46.2% on a year-over-year basis. As a group, sell-side analysts forecast that Concentrix will post 10.18 EPS for the current fiscal year.

Concentrix Increases Dividend

The business 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. 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 2.99%. This is a positive change from Concentrix’s previous quarterly dividend of $0.30. Concentrix’s dividend payout ratio is currently 43.18%.

Insider Activity

In other news, EVP Cormac J. Twomey sold 1,544 shares of the company’s stock in a transaction dated Monday, September 30th. The shares were 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 owns 27,783 shares of the company’s stock, valued at approximately $1,427,490.54. This represents a 5.26 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 transaction of $517,672.10. Following the transaction, the chief executive officer now directly owns 241,841 shares of the company’s stock, valued at $12,745,020.70. This represents a 3.90 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 12,267 shares of company stock valued at $648,945. Insiders own 3.10% of the company’s stock.

Institutional Trading of Concentrix

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CNXC. 1832 Asset Management L.P. bought a new stake in Concentrix in the second quarter valued at about $62,738,000. Pzena Investment Management LLC increased its stake in Concentrix by 46.6% in the second quarter. Pzena Investment Management LLC now owns 1,484,907 shares of the company’s stock valued at $93,965,000 after acquiring an additional 471,699 shares during the period. Impactive Capital LP grew its stake in Concentrix by 13.0% during the first quarter. Impactive Capital LP now owns 3,846,370 shares of the company’s stock worth $254,707,000 after buying an additional 443,045 shares during the last quarter. Invenomic Capital Management LP grew its stake in Concentrix by 354.3% during the third quarter. Invenomic Capital Management LP now owns 472,243 shares of the company’s stock worth $24,202,000 after buying an additional 368,295 shares during the last quarter. Finally, Paradigm Capital Management Inc. NY grew its stake in Concentrix by 126.4% during the second quarter. Paradigm Capital Management Inc. NY now owns 623,542 shares of the company’s stock worth $39,458,000 after buying an additional 348,100 shares during the last quarter. 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.