Cormac J. Twomey Sells 1,544 Shares of Concentrix Co. (NASDAQ:CNXC) Stock

Concentrix Co. (NASDAQ:CNXC) 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 sale, the executive vice president now owns 27,783 shares of the company’s stock, valued at approximately $1,427,490.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Concentrix Trading Up 1.5 %

CNXC stock traded up $0.76 during trading on Wednesday, hitting $51.70. The company had a trading volume of 1,171,752 shares, compared to its average volume of 529,500. The firm has a 50-day moving average price of $66.66 and a 200-day moving average price of $63.44. The stock has a market cap of $3.38 billion, a price-to-earnings ratio of 11.79, a PEG ratio of 0.55 and a beta of 0.61. Concentrix Co. has a 12 month low of $50.23 and a 12 month high of $106.10. The company has a quick ratio of 1.56, a current ratio of 1.57 and a debt-to-equity ratio of 1.18.

Concentrix (NASDAQ:CNXC) last announced its quarterly earnings data on Wednesday, September 25th. The company reported $2.87 earnings per share (EPS) 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 business had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.38 billion. During the same period in the previous year, the business posted $2.54 earnings per share. Concentrix’s revenue was up 46.2% compared to the same quarter last year. As a group, analysts predict that Concentrix Co. will post 10.18 earnings per share for the current year.

Concentrix Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 5th. Investors of record on Friday, October 25th will be issued a dividend of $0.333 per share. The ex-dividend date of this dividend is Friday, October 25th. This represents a $1.33 dividend on an annualized basis and a yield of 2.58%. This is a boost from Concentrix’s previous quarterly dividend of $0.30. Concentrix’s payout ratio is currently 30.79%.

Institutional Investors Weigh In On Concentrix

Several hedge funds have recently bought and sold shares of the company. Hexagon Capital Partners LLC raised its stake in shares of Concentrix by 2,992.3% in the 2nd quarter. Hexagon Capital Partners LLC now owns 402 shares of the company’s stock valued at $25,000 after purchasing an additional 389 shares during the period. GAMMA Investing LLC lifted its position in shares of Concentrix by 1,005.0% in the second quarter. GAMMA Investing LLC now owns 442 shares of the company’s stock worth $28,000 after purchasing an additional 402 shares in the last quarter. Pineridge Advisors LLC acquired a new position in Concentrix during the fourth quarter worth $35,000. First Horizon Advisors Inc. grew its position in Concentrix by 54.0% in the second quarter. First Horizon Advisors Inc. now owns 813 shares of the company’s stock valued at $51,000 after purchasing an additional 285 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. bought a new stake in Concentrix during the 2nd quarter worth about $68,000. 90.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on CNXC shares. Canaccord Genuity Group decreased their price objective on Concentrix from $125.00 to $100.00 and set a “buy” rating for the company in a research report on Thursday, September 26th. Barrington Research dropped their price target 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. Finally, Bank of America lowered their price target on Concentrix from $85.00 to $70.00 and set a “neutral” rating on the stock in a report on Thursday, September 26th. One equities research analyst has rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $81.25.

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.