Concentrix Co. (NASDAQ:CNXC) Receives Consensus Rating of “Buy” from Analysts

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

Several equities research analysts recently issued reports on CNXC shares. Barrington Research decreased their price target 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. Canaccord Genuity Group decreased their target price on shares of Concentrix from $125.00 to $100.00 and set a “buy” rating on the stock in a research note on Thursday, September 26th. Baird R W upgraded Concentrix to a “strong-buy” rating in a research note on Thursday, October 3rd. Robert W. Baird initiated coverage on Concentrix in a research report on Thursday, October 3rd. They set an “outperform” rating and a $70.00 price objective on the stock. Finally, 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 research report on Thursday, September 26th.

Concentrix Stock Up 3.5 %

NASDAQ CNXC opened at $41.89 on Tuesday. The business has a fifty day moving average price of $43.64 and a two-hundred day moving average price of $56.90. The stock has a market capitalization of $2.72 billion, a PE ratio of 13.60, a PEG ratio of 0.56 and a beta of 0.63. Concentrix has a fifty-two week low of $36.28 and a fifty-two week high of $106.10. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.57 and a quick 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 for the quarter, missing the consensus estimate of $2.93 by ($0.06). Concentrix had a return on equity of 16.57% and a net margin of 2.18%. The business had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.38 billion. During the same quarter in the prior year, the company earned $2.54 earnings per share. Concentrix’s quarterly revenue was up 46.2% compared to the same quarter last year. Equities 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 $0.333 dividend. This represents a $1.33 dividend on an annualized basis and a dividend yield of 3.18%. The ex-dividend date of this dividend was Friday, October 25th. This is a positive change from Concentrix’s previous quarterly dividend of $0.30. Concentrix’s payout ratio is 43.18%.

Insider Activity

In other news, EVP Cormac J. Twomey sold 1,544 shares of Concentrix stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $51.38, for a total value of $79,330.72. Following the completion of the transaction, the executive vice president now directly owns 27,783 shares of the company’s stock, valued at approximately $1,427,490.54. This trade represents a 5.26 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Christopher A. Caldwell sold 9,823 shares of the company’s stock in a transaction dated 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 owns 241,841 shares in the company, valued at approximately $12,745,020.70. The trade was a 3.90 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 12,367 shares of company stock valued at $641,668. Company insiders own 3.10% of the company’s stock.

Hedge Funds Weigh In On Concentrix

Institutional investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC increased its stake in shares of 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 acquiring an additional 287 shares in the last quarter. First Horizon Advisors Inc. grew its holdings in Concentrix by 54.0% in the second quarter. First Horizon Advisors Inc. now owns 813 shares of the company’s stock worth $51,000 after purchasing an additional 285 shares during the period. Benjamin F. Edwards & Company Inc. bought a new stake in Concentrix in the second quarter valued at $68,000. Quarry LP raised its holdings in shares of Concentrix by 769.9% during the second quarter. Quarry LP now owns 1,244 shares of the company’s stock valued at $79,000 after purchasing an additional 1,101 shares during the period. Finally, Fifth Third Bancorp boosted its position in shares of Concentrix by 51.7% during the 2nd quarter. Fifth Third Bancorp now owns 1,573 shares of the company’s stock worth $100,000 after purchasing an additional 536 shares in the last quarter. 90.34% of the stock is owned by institutional investors and hedge funds.

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.