Christopher A. Caldwell Sells 9,823 Shares of Concentrix Co. (NASDAQ:CNXC) Stock

Concentrix Co. (NASDAQ:CNXC) CEO Christopher A. Caldwell sold 9,823 shares of the firm’s stock in a transaction on Friday, October 4th. The shares were sold at an average price of $52.70, for a total value 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 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Concentrix Stock Down 0.1 %

CNXC stock opened at $52.58 on Friday. The company has a market cap of $3.42 billion, a PE ratio of 12.17, a price-to-earnings-growth ratio of 0.71 and a beta of 0.58. The business has a 50-day simple moving average of $65.82 and a 200 day simple moving average of $63.22. Concentrix Co. has a 52 week low of $50.23 and a 52 week 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 posted its quarterly earnings results on Wednesday, September 25th. The company reported $2.87 EPS for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.06). The company had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.38 billion. Concentrix had a net margin of 2.18% and a return on equity of 16.57%. The firm’s revenue for the quarter was up 46.2% compared to the same quarter last year. During the same period last year, the firm earned $2.54 EPS. Sell-side analysts anticipate that Concentrix Co. will post 10.18 EPS for the current fiscal year.

Concentrix Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 5th. Investors of record on Friday, October 25th will be paid a $0.333 dividend. This represents a $1.33 dividend on an annualized basis and a yield of 2.53%. The ex-dividend date is Friday, October 25th. This is an increase from Concentrix’s previous quarterly dividend of $0.30. Concentrix’s payout ratio is 28.01%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CNXC. Groupe Bruxelles Lambert bought a new position in Concentrix in the fourth quarter valued at about $861,662,000. Vanguard Group Inc. grew its position in Concentrix by 23.9% in the fourth quarter. Vanguard Group Inc. now owns 5,363,893 shares of the company’s stock valued at $526,788,000 after acquiring an additional 1,034,546 shares during the last quarter. Impactive Capital LP grew its position in Concentrix by 13.0% in the first quarter. Impactive Capital LP now owns 3,846,370 shares of the company’s stock valued at $254,707,000 after acquiring an additional 443,045 shares during the last quarter. Capital International Investors grew its position in Concentrix by 0.3% in the first quarter. Capital International Investors now owns 2,525,762 shares of the company’s stock valued at $167,256,000 after acquiring an additional 7,333 shares during the last quarter. Finally, Pzena Investment Management LLC grew its position in Concentrix by 46.6% in the second quarter. Pzena Investment Management LLC now owns 1,484,907 shares of the company’s stock valued at $93,965,000 after acquiring an additional 471,699 shares during the last quarter. Institutional investors and hedge funds own 90.34% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on CNXC shares. Barrington Research cut their price target on Concentrix from $84.00 to $70.00 and set an “outperform” rating for the company in a report on Thursday, September 26th. Canaccord Genuity Group dropped their target price on Concentrix from $125.00 to $100.00 and set a “buy” rating for the company in a report on Thursday, September 26th. Bank of America dropped their target price on Concentrix from $85.00 to $70.00 and set a “neutral” rating for the company in a report on Thursday, September 26th. Baird R W raised Concentrix to a “strong-buy” rating in a report on Thursday. Finally, Robert W. Baird started coverage on Concentrix in a report on Thursday. They set an “outperform” rating and a $70.00 target price for the company. One 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 stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $79.00.

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.