Concentrix (NASDAQ:CNXC) Trading Down 4.8% Following Insider Selling

Concentrix Co. (NASDAQ:CNXC)’s stock price dropped 4.8% during trading on Monday after an insider sold shares in the company. The company traded as low as $49.00 and last traded at $49.77. Approximately 125,646 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 841,300 shares. The stock had previously closed at $52.28.

Specifically, EVP Cormac J. Twomey sold 500 shares of the stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $55.60, for a total value of $27,800.00. Following the transaction, the executive vice president now owns 41,111 shares of the company’s stock, valued at approximately $2,285,771.60. This represents a 1.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Analyst Upgrades and Downgrades

Separately, Canaccord Genuity Group lowered their target price on Concentrix from $100.00 to $80.00 and set a “buy” rating on the stock in a research report on Thursday, January 16th. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $75.00.

Concentrix Stock Down 5.5 %

The company has a 50-day moving average price of $46.17 and a 200 day moving average price of $53.45. The firm has a market capitalization of $3.18 billion, a PE ratio of 13.32, a P/E/G ratio of 0.72 and a beta of 0.66. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.42 and a quick ratio of 1.42.

Concentrix (NASDAQ:CNXC) last posted its earnings results on Wednesday, January 15th. The company reported $3.26 earnings per share for the quarter, beating the consensus estimate of $3.01 by $0.25. The company had revenue of $2.45 billion during the quarter, compared to analysts’ expectations of $2.44 billion. Concentrix had a net margin of 2.61% and a return on equity of 16.67%. Concentrix’s quarterly revenue was up 9.7% on a year-over-year basis. During the same period last year, the company posted $3.36 earnings per share. Analysts forecast that Concentrix Co. will post 10.11 earnings per share for the current year.

Concentrix Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 11th. Shareholders of record on Friday, January 31st will be paid a $0.3328 dividend. The ex-dividend date is Friday, January 31st. This represents a $1.33 dividend on an annualized basis and a dividend yield of 2.69%. Concentrix’s payout ratio is currently 35.85%.

Institutional Trading of Concentrix

Hedge funds have recently made changes to their positions in the business. New York State Common Retirement Fund grew its position in Concentrix by 47.3% in the fourth quarter. New York State Common Retirement Fund now owns 144,557 shares of the company’s stock worth $6,255,000 after acquiring an additional 46,406 shares in the last quarter. Venturi Wealth Management LLC boosted its holdings in shares of Concentrix by 159.6% in the 4th quarter. Venturi Wealth Management LLC now owns 797 shares of the company’s stock worth $34,000 after purchasing an additional 490 shares during the period. Sanctuary Advisors LLC purchased a new position in shares of Concentrix in the 4th quarter worth approximately $497,000. Rhumbline Advisers increased its position in shares of Concentrix by 0.3% during the 4th quarter. Rhumbline Advisers now owns 128,617 shares of the company’s stock valued at $5,565,000 after purchasing an additional 324 shares during the last quarter. Finally, Thompson Investment Management Inc. lifted its position in Concentrix by 1,232.8% in 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 during the last quarter. 90.34% of the stock is currently owned by hedge funds and other institutional investors.

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.