Concentrix (NASDAQ:CNXC) Shares Gap Up After Strong Earnings

Concentrix Co. (NASDAQ:CNXC) shares gapped up prior to trading on Thursday following a stronger than expected earnings report. The stock had previously closed at $45.68, but opened at $51.49. Concentrix shares last traded at $59.86, with a volume of 747,478 shares traded.

The company reported $2.79 EPS for the quarter, beating analysts’ consensus estimates of $2.58 by $0.21. The company had revenue of $2.37 billion for the quarter, compared to analyst estimates of $2.37 billion. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. The company’s quarterly revenue was down 1.3% compared to the same quarter last year. During the same period in the previous year, the company posted $2.57 earnings per share.

Concentrix Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, May 6th. Stockholders of record on Friday, April 25th will be given a $0.3328 dividend. The ex-dividend date is Friday, April 25th. This represents a $1.33 dividend on an annualized basis and a dividend yield of 2.05%. Concentrix’s dividend payout ratio (DPR) is presently 35.85%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Barrington Research lowered their price target on shares of Concentrix from $70.00 to $54.00 and set an “outperform” rating on the stock in a research report on Monday. Canaccord Genuity Group decreased their target price on shares of Concentrix from $100.00 to $80.00 and set a “buy” rating on the stock in a report on Thursday, January 16th. Finally, Bank of America raised their price target on shares of Concentrix from $58.00 to $59.00 and gave the stock a “neutral” rating in a report on Thursday. One equities research 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. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $69.60.

Insider Buying and Selling

In related news, EVP Cormac J. Twomey sold 500 shares of Concentrix stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $55.60, for a total value of $27,800.00. Following the completion of the transaction, the executive vice president now owns 41,111 shares in the company, valued at approximately $2,285,771.60. The trade was a 1.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 3.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Concentrix

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. State Street Corp raised its stake in shares of 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 in the last quarter. Nordea Investment Management AB raised its position in Concentrix by 43.9% in the 4th quarter. Nordea Investment Management AB now owns 70,654 shares of the company’s stock valued at $3,076,000 after purchasing an additional 21,568 shares in the last quarter. Neo Ivy Capital Management purchased a new position in shares of Concentrix in the 3rd quarter valued at about $2,844,000. Thompson Investment Management Inc. grew its position in shares of Concentrix by 1,232.8% during the fourth quarter. Thompson Investment Management Inc. now owns 140,411 shares of the company’s stock worth $6,076,000 after buying an additional 129,876 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in shares of Concentrix during the fourth quarter worth approximately $4,752,000. Hedge funds and other institutional investors own 90.34% of the company’s stock.

Concentrix Price Performance

The stock’s 50 day moving average is $47.90 and its two-hundred day moving average is $47.85. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.42 and a quick ratio of 1.42. The stock has a market capitalization of $4.18 billion, a PE ratio of 17.53, a price-to-earnings-growth ratio of 0.63 and a beta of 0.69.

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.