Concentrix (NASDAQ:CNXC) Sees Unusually-High Trading Volume Following Strong Earnings

Concentrix Co. (NASDAQ:CNXC) shares saw unusually-high trading volume on Thursday after the company announced better than expected quarterly earnings. Approximately 323,993 shares traded hands during mid-day trading, a decline of 54% from the previous session’s volume of 699,940 shares.The stock last traded at $48.50 and had previously closed at $47.47.

The company reported $3.26 EPS for the quarter, beating analysts’ consensus estimates of $3.01 by $0.25. The firm had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.44 billion. Concentrix had a net margin of 2.18% and a return on equity of 16.57%. The firm’s revenue was up 9.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.36 EPS.

Concentrix Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 11th. Investors of record on Friday, January 31st will be issued a $0.3328 dividend. This represents a $1.33 annualized dividend and a yield of 2.73%. The ex-dividend date is Friday, January 31st. Concentrix’s dividend payout ratio is currently 43.18%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Canaccord Genuity Group decreased their target price on Concentrix from $100.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday. Barrington Research lowered their target price on shares of Concentrix from $84.00 to $70.00 and set an “outperform” rating for the company in a research note on Thursday, September 26th. Robert W. Baird began coverage on shares of Concentrix in a research report on Thursday, October 3rd. They issued an “outperform” rating and a $70.00 price target on the stock. Baird R W raised shares of Concentrix to a “strong-buy” rating in a report on Thursday, October 3rd. Finally, Bank of America dropped their price objective on shares of Concentrix from $85.00 to $70.00 and set a “neutral” rating on the stock in a research note on Thursday, September 26th. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $75.00.

Hedge Funds Weigh In On Concentrix

Several hedge funds and other institutional investors have recently modified their holdings of the company. GAMMA Investing LLC lifted its position in Concentrix by 64.9% in the 3rd quarter. GAMMA Investing LLC now owns 729 shares of the company’s stock valued at $37,000 after purchasing an additional 287 shares during the last quarter. Oppenheimer Asset Management Inc. raised its holdings in shares of Concentrix by 21.2% during the second quarter. Oppenheimer Asset Management Inc. now owns 4,370 shares of the company’s stock valued at $277,000 after buying an additional 764 shares during the last quarter. Clark Estates Inc. NY boosted its position in shares of Concentrix by 2.0% during the third quarter. Clark Estates Inc. NY now owns 45,150 shares of the company’s stock worth $2,314,000 after buying an additional 900 shares during the period. Benjamin F. Edwards & Company Inc. acquired a new position in shares of Concentrix during the second quarter worth approximately $68,000. Finally, Quarry LP grew its holdings in Concentrix by 769.9% in the 2nd quarter. Quarry LP now owns 1,244 shares of the company’s stock worth $79,000 after buying an additional 1,101 shares in the last quarter. Institutional investors and hedge funds own 90.34% of the company’s stock.

Concentrix Trading Up 2.8 %

The firm has a 50-day moving average of $43.34 and a 200 day moving average of $54.98. 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 stock has a market capitalization of $3.16 billion, a price-to-earnings ratio of 15.84, a PEG ratio of 0.60 and a beta of 0.63.

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.