Concentrix Co. (NASDAQ:CNXC) Receives Average Recommendation of “Buy” from Analysts

Shares of Concentrix Co. (NASDAQ:CNXC) have earned an average recommendation of “Buy” from the six brokerages that are currently covering the stock, Marketbeat reports. One analyst has rated the stock with a hold recommendation, four have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $79.00.

A number of research firms have weighed in on CNXC. Robert W. Baird assumed coverage on Concentrix in a research note on Thursday, October 3rd. They set an “outperform” rating and a $70.00 price objective on the stock. Baird R W raised shares of Concentrix to a “strong-buy” rating in a report on Thursday, October 3rd. Bank of America cut their price objective on shares of Concentrix from $85.00 to $70.00 and set a “neutral” rating for the company in a research report on Thursday, September 26th. Barrington Research decreased their target price on shares of Concentrix from $84.00 to $70.00 and set an “outperform” rating on the stock in a report on Thursday, September 26th. Finally, 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 report on Thursday, September 26th.

Concentrix Trading Down 0.8 %

Shares of CNXC stock opened at $39.46 on Friday. Concentrix has a fifty-two week low of $36.28 and a fifty-two week high of $106.10. The firm has a market capitalization of $2.56 billion, a P/E ratio of 12.81, a PEG ratio of 0.51 and a beta of 0.61. The stock’s fifty day moving average is $48.91 and its two-hundred day moving average is $59.68. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.57 and a current ratio of 1.57.

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 the consensus estimate 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 for the quarter, compared to analysts’ expectations of $2.38 billion. During the same period in the prior year, the company posted $2.54 EPS. The firm’s revenue was up 46.2% on a year-over-year basis. Research analysts expect that Concentrix will post 10.18 earnings per share for the current fiscal year.

Concentrix Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 5th. Shareholders of record on Friday, October 25th were given a dividend of $0.333 per share. The ex-dividend date was Friday, October 25th. This is a boost from Concentrix’s previous quarterly dividend of $0.30. This represents a $1.33 dividend on an annualized basis and a dividend yield of 3.38%. Concentrix’s dividend payout ratio (DPR) is currently 43.18%.

Insider Activity

In related news, CEO Christopher A. Caldwell sold 9,823 shares of the company’s stock in a transaction that occurred on Friday, October 4th. The shares were sold at an average price of $52.70, for a total transaction of $517,672.10. Following the sale, the chief executive officer now directly owns 241,841 shares of the company’s stock, valued at $12,745,020.70. This represents a 3.90 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Cormac J. Twomey sold 1,544 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $51.38, for a total transaction of $79,330.72. Following the sale, the executive vice president now directly owns 27,783 shares in the company, valued at approximately $1,427,490.54. The trade was a 5.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 12,267 shares of company stock valued at $648,945. Company insiders own 3.10% of the company’s stock.

Institutional Trading of Concentrix

Several hedge funds have recently modified their holdings of CNXC. 1832 Asset Management L.P. acquired a new stake in Concentrix in the second quarter valued at approximately $62,738,000. Pzena Investment Management LLC raised its holdings in shares of Concentrix by 46.6% in the 2nd quarter. Pzena Investment Management LLC now owns 1,484,907 shares of the company’s stock valued at $93,965,000 after purchasing an additional 471,699 shares in the last quarter. Impactive Capital LP lifted its position in shares of Concentrix by 13.0% during the 1st quarter. Impactive Capital LP now owns 3,846,370 shares of the company’s stock worth $254,707,000 after purchasing an additional 443,045 shares during the last quarter. Invenomic Capital Management LP grew its stake in shares of Concentrix by 354.3% during the third quarter. Invenomic Capital Management LP now owns 472,243 shares of the company’s stock worth $24,202,000 after purchasing an additional 368,295 shares in the last quarter. Finally, Paradigm Capital Management Inc. NY increased its holdings in Concentrix by 126.4% in the second quarter. Paradigm Capital Management Inc. NY now owns 623,542 shares of the company’s stock valued at $39,458,000 after buying an additional 348,100 shares during the last quarter. 90.34% of the stock is currently owned by institutional investors and hedge funds.

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.