Concentrix (NASDAQ:CNXC) Shares Down 4.7% – Here’s What Happened

Concentrix Co. (NASDAQ:CNXC) shares were down 4.7% during mid-day trading on Monday . The company traded as low as $42.06 and last traded at $42.07. Approximately 145,535 shares traded hands during trading, a decline of 75% from the average daily volume of 575,828 shares. The stock had previously closed at $44.13.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on CNXC. Robert W. Baird assumed coverage on Concentrix in a research note on Thursday, October 3rd. They issued an “outperform” rating and a $70.00 target price for the company. Bank of America dropped their price objective on shares of Concentrix from $85.00 to $70.00 and set a “neutral” rating for the company in a research note on Thursday, September 26th. Baird R W raised shares of Concentrix to a “strong-buy” rating in a research note on Thursday, October 3rd. Canaccord Genuity Group cut their price target 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, Barrington Research lowered their price objective on Concentrix from $84.00 to $70.00 and set an “outperform” rating on the stock in a research note on Thursday, September 26th. One investment 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. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $79.00.

Concentrix Trading Down 5.9 %

The company has a market cap of $2.57 billion, a price-to-earnings ratio of 12.89, a price-to-earnings-growth ratio of 0.56 and a beta of 0.63. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 1.18. The company’s fifty day moving average price is $44.05 and its two-hundred day moving average price is $57.35.

Concentrix (NASDAQ:CNXC) last announced its earnings results on Wednesday, September 25th. The company reported $2.87 EPS for the quarter, missing the consensus estimate of $2.93 by ($0.06). The business had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.38 billion. Concentrix had a return on equity of 16.57% and a net margin of 2.18%. Concentrix’s revenue for the quarter was up 46.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.54 EPS. Research analysts expect that Concentrix Co. will post 10.18 earnings per share for the current year.

Concentrix Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 5th. Investors of record on Friday, October 25th were issued a $0.333 dividend. 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 3.36%. This is a positive change from Concentrix’s previous quarterly dividend of $0.30. Concentrix’s dividend payout ratio (DPR) is currently 43.18%.

Insider Buying and Selling

In other Concentrix 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 transaction of $79,330.72. Following the completion of the sale, the executive vice president now owns 27,783 shares in the company, valued at approximately $1,427,490.54. The trade was a 5.26 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Christopher A. Caldwell sold 9,823 shares of the firm’s 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 in the company, valued at $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 sold a total of 12,367 shares of company stock worth $641,668 over the last three months. 3.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Pzena Investment Management LLC boosted its position in shares of Concentrix by 46.6% during the second quarter. Pzena Investment Management LLC now owns 1,484,907 shares of the company’s stock worth $93,965,000 after purchasing an additional 471,699 shares in the last quarter. State Street Corp grew its stake in Concentrix by 1.3% in the third quarter. State Street Corp now owns 1,401,953 shares of the company’s stock valued at $71,850,000 after acquiring an additional 18,304 shares during the period. Copeland Capital Management LLC increased its holdings in shares of Concentrix by 1.8% in the third quarter. Copeland Capital Management LLC now owns 1,003,375 shares of the company’s stock worth $51,423,000 after acquiring an additional 17,653 shares in the last quarter. 1832 Asset Management L.P. acquired a new stake in shares of Concentrix during the second quarter worth about $62,738,000. Finally, Geode Capital Management LLC increased its stake in Concentrix by 5.2% during the 3rd quarter. Geode Capital Management LLC now owns 878,092 shares of the company’s stock worth $45,013,000 after purchasing an additional 43,295 shares in 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.