Concentrix (NASDAQ:CNXC) Shares Gap Up Following Dividend Announcement

Concentrix Co. (NASDAQ:CNXC)’s stock price gapped up prior to trading on Thursday following a dividend announcement from the company. The stock had previously closed at $58.02, but opened at $66.09. Concentrix shares last traded at $62.00, with a volume of 62,184 shares traded.

The newly announced dividend which will be paid on Tuesday, August 6th. Investors of record on Friday, July 26th will be given a $0.303 dividend. The ex-dividend date of this dividend is Friday, July 26th. This represents a $1.21 annualized dividend and a yield of 1.92%. Concentrix’s payout ratio is 28.01%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Bank of America reaffirmed an “underperform” rating and issued a $60.00 price target (down previously from $85.00) on shares of Concentrix in a research report on Wednesday, March 27th. Barrington Research reissued an “outperform” rating and set a $84.00 target price on shares of Concentrix in a research report on Friday, June 21st. Scotiabank dropped their target price on shares of Concentrix from $120.00 to $85.00 and set a “sector outperform” rating on the stock in a research report on Monday, April 29th. Finally, Canaccord Genuity Group reissued a “buy” rating and set a $125.00 target price on shares of Concentrix in a research report on Thursday. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $84.80.

Concentrix Price Performance

The firm has a market capitalization of $4.18 billion, a PE ratio of 14.65, a price-to-earnings-growth ratio of 0.73 and a beta of 0.60. The company has a debt-to-equity ratio of 1.21, a quick ratio of 1.56 and a current ratio of 1.54. The business’s 50 day moving average is $60.39 and its two-hundred day moving average is $73.33.

Concentrix (NASDAQ:CNXC) last released its quarterly earnings data on Tuesday, March 26th. The company reported $2.33 earnings per share for the quarter, missing analysts’ consensus estimates of $2.36 by ($0.03). Concentrix had a net margin of 3.08% and a return on equity of 17.00%. The business had revenue of $2.40 billion during the quarter, compared to analysts’ expectations of $2.38 billion. Equities research analysts anticipate that Concentrix Co. will post 11.03 earnings per share for the current fiscal year.

Insider Activity at Concentrix

In other Concentrix news, CEO Christopher A. Caldwell acquired 900 shares of Concentrix stock in a transaction that occurred on Friday, April 19th. The stock was acquired at an average cost of $54.59 per share, for a total transaction of $49,131.00. Following the purchase, the chief executive officer now owns 239,128 shares of the company’s stock, valued at $13,053,997.52. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last ninety days, insiders acquired 1,679 shares of company stock worth $98,546. Corporate insiders own 3.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Fifth Third Bancorp grew its position in shares of Concentrix by 9.1% during the 4th quarter. Fifth Third Bancorp now owns 1,481 shares of the company’s stock valued at $145,000 after purchasing an additional 123 shares in the last quarter. Ieq Capital LLC grew its position in shares of Concentrix by 3.3% during the 4th quarter. Ieq Capital LLC now owns 4,920 shares of the company’s stock valued at $483,000 after purchasing an additional 157 shares in the last quarter. Treasurer of the State of North Carolina grew its position 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 valued at $1,912,000 after purchasing an additional 190 shares in the last quarter. PNC Financial Services Group Inc. grew its position in shares of Concentrix by 6.4% during the 3rd quarter. PNC Financial Services Group Inc. now owns 3,318 shares of the company’s stock valued at $266,000 after purchasing an additional 199 shares in the last quarter. Finally, Louisiana State Employees Retirement System grew its position in shares of Concentrix by 1.5% during the 1st quarter. Louisiana State Employees Retirement System now owns 13,500 shares of the company’s stock valued at $894,000 after purchasing an additional 200 shares in the last quarter. 90.34% of the stock is currently owned by hedge funds and other institutional investors.

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.