Concentrix Co. (NASDAQ:CNXC) Receives Consensus Recommendation of “Buy” from Brokerages

Shares of Concentrix Co. (NASDAQ:CNXC) have been given a consensus rating of “Buy” by the six ratings firms that are currently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $75.00.

Several research firms have recently weighed in on CNXC. Bank of America cut their target price on shares of Concentrix from $85.00 to $70.00 and set a “neutral” rating for the company in a report on Thursday, September 26th. Barrington Research cut their price objective on shares of Concentrix from $84.00 to $70.00 and set an “outperform” rating for the company in a report on Thursday, September 26th. Robert W. Baird assumed coverage on shares of Concentrix in a research note on Thursday, October 3rd. They set an “outperform” rating and a $70.00 target price on the stock. Baird R W upgraded Concentrix to a “strong-buy” rating in a research note on Thursday, October 3rd. Finally, Canaccord Genuity Group lowered their price target on Concentrix from $100.00 to $80.00 and set a “buy” rating on the stock in a research report on Thursday, January 16th.

Concentrix Trading Up 0.4 %

NASDAQ CNXC opened at $48.96 on Thursday. Concentrix has a 1 year low of $36.28 and a 1 year 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. The company has a market capitalization of $3.17 billion, a PE ratio of 15.90, a P/E/G ratio of 0.60 and a beta of 0.63. The company has a fifty day moving average of $43.61 and a 200 day moving average of $54.68.

Concentrix (NASDAQ:CNXC) last issued its earnings results on Wednesday, January 15th. The company reported $3.26 EPS for the quarter, topping analysts’ consensus estimates of $3.01 by $0.25. The firm had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.44 billion. Concentrix had a return on equity of 16.57% and a net margin of 2.18%. The company’s revenue was up 9.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.36 earnings per share. Research analysts forecast that Concentrix will post 10.11 earnings per share for the current year.

Concentrix Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, February 11th. Stockholders of record on Friday, January 31st will be paid a dividend of $0.3328 per share. The ex-dividend date is Friday, January 31st. This represents a $1.33 dividend on an annualized basis and a dividend yield of 2.72%. Concentrix’s dividend payout ratio is currently 43.18%.

Hedge Funds Weigh In On Concentrix

A number of hedge funds have recently made changes to their positions in CNXC. State Street Corp boosted its stake in shares of Concentrix by 1.3% in the third quarter. State Street Corp now owns 1,401,953 shares of the company’s stock worth $71,850,000 after acquiring an additional 18,304 shares during the last quarter. Nordea Investment Management AB lifted its holdings in Concentrix by 43.9% in the 4th quarter. Nordea Investment Management AB now owns 70,654 shares of the company’s stock valued at $3,076,000 after purchasing an additional 21,568 shares in the last quarter. GSA Capital Partners LLP acquired a new stake in Concentrix during the 3rd quarter worth $1,243,000. Raymond James & Associates grew its holdings in shares of Concentrix by 73.3% during the third quarter. Raymond James & Associates now owns 55,313 shares of the company’s stock worth $2,835,000 after buying an additional 23,387 shares in the last quarter. Finally, State of Alaska Department of Revenue raised its position in shares of Concentrix by 24.8% in the third quarter. State of Alaska Department of Revenue now owns 64,783 shares of the company’s stock valued at $3,319,000 after buying an additional 12,870 shares during the last quarter. Institutional investors and hedge funds 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.