Concentrix (NASDAQ:CNXC) Trading Up 5.2% – Still a Buy?

Concentrix Co. (NASDAQ:CNXC) was up 5.2% on Friday . The company traded as high as $41.65 and last traded at $41.63. Approximately 73,832 shares traded hands during trading, a decline of 87% from the average daily volume of 563,201 shares. The stock had previously closed at $39.56.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. 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 cut their price objective 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 shares of Concentrix to a “strong-buy” rating in a report on Thursday, October 3rd. Robert W. Baird assumed coverage on shares of Concentrix in a report on Thursday, October 3rd. They set an “outperform” rating and a $70.00 price target for the company. Finally, Barrington Research decreased their price objective on shares of Concentrix from $84.00 to $70.00 and set an “outperform” rating on the stock in a research note on Thursday, September 26th. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $79.00.

Concentrix Trading Up 10.5 %

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 cap of $2.83 billion, a P/E ratio of 14.19, a price-to-earnings-growth ratio of 0.54 and a beta of 0.61. The business’s fifty day simple moving average is $48.43 and its 200 day simple moving average is $59.55.

Concentrix (NASDAQ:CNXC) last issued its quarterly earnings results on Wednesday, September 25th. The company reported $2.87 earnings per share for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.06). Concentrix had a net margin of 2.18% and a return on equity of 16.57%. The company had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.38 billion. During the same period in the prior year, the business earned $2.54 EPS. The business’s revenue for the quarter was up 46.2% on a year-over-year basis. As a group, analysts expect that Concentrix Co. will post 10.18 EPS for the current year.

Concentrix Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, November 5th. Stockholders of record on Friday, October 25th were given a dividend of $0.333 per share. The ex-dividend date of this dividend was Friday, October 25th. This represents a $1.33 dividend on an annualized basis and a dividend yield of 3.05%. This is an increase from Concentrix’s previous quarterly dividend of $0.30. Concentrix’s payout ratio is presently 43.18%.

Insider Activity at Concentrix

In related news, CEO Christopher A. Caldwell sold 9,823 shares of the business’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 completion of the sale, the chief executive officer now directly owns 241,841 shares of the company’s stock, valued at $12,745,020.70. The trade was a 3.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Cormac J. Twomey sold 400 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $74.63, for a total transaction of $29,852.00. Following the completion of the transaction, the executive vice president now directly owns 29,327 shares in the company, valued at approximately $2,188,674.01. The trade was a 1.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 12,267 shares of company stock worth $648,945 over the last 90 days. Insiders own 3.10% of the company’s stock.

Institutional Investors Weigh In On Concentrix

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. SummerHaven Investment Management LLC boosted its holdings in Concentrix by 2.9% during the second quarter. SummerHaven Investment Management LLC now owns 8,662 shares of the company’s stock worth $548,000 after buying an additional 248 shares during the last quarter. First Horizon Advisors Inc. boosted its stake in Concentrix by 54.0% during the 2nd quarter. First Horizon Advisors Inc. now owns 813 shares of the company’s stock worth $51,000 after acquiring an additional 285 shares during the last quarter. GAMMA Investing LLC grew its holdings in Concentrix by 64.9% during the third 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 period. nVerses Capital LLC increased its stake in Concentrix by 10.7% in the second quarter. nVerses Capital LLC now owns 3,100 shares of the company’s stock valued at $196,000 after purchasing an additional 300 shares in the last quarter. Finally, Hexagon Capital Partners LLC raised its holdings in Concentrix by 2,992.3% in the second quarter. Hexagon Capital Partners LLC now owns 402 shares of the company’s stock worth $25,000 after purchasing an additional 389 shares during the period. Institutional investors own 90.34% of the company’s stock.

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.