Concentrix (NASDAQ:CNXC) Hits New 52-Week Low – What’s Next?

Concentrix Co. (NASDAQ:CNXC)’s stock price reached a new 52-week low on Monday . The company traded as low as $37.89 and last traded at $37.97, with a volume of 107894 shares changing hands. The stock had previously closed at $38.29.

Analysts Set New Price Targets

Several brokerages have commented on CNXC. Canaccord Genuity Group lowered their target price on Concentrix from $125.00 to $100.00 and set a “buy” rating for the company in a research note on Thursday, September 26th. Robert W. Baird initiated coverage on shares of Concentrix in a research note on Thursday, October 3rd. They issued an “outperform” rating and a $70.00 price objective for the company. Barrington Research lowered their price objective on Concentrix from $84.00 to $70.00 and set an “outperform” rating on the stock in a research note on Thursday, September 26th. Baird R W raised shares of Concentrix to a “strong-buy” rating in a report on Thursday, October 3rd. Finally, Bank of America decreased their target price on Concentrix from $85.00 to $70.00 and set a “neutral” rating on the stock in a research note on Thursday, September 26th. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $79.00.

Concentrix Stock Performance

The business’s fifty day moving average is $51.33 and its two-hundred day moving average is $60.26. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 1.18. The stock has a market capitalization of $2.45 billion, a PE ratio of 12.43, a price-to-earnings-growth ratio of 0.53 and a beta of 0.61.

Concentrix (NASDAQ:CNXC) last posted its quarterly earnings data on Wednesday, September 25th. The company reported $2.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.93 by ($0.06). The company had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.38 billion. Concentrix had a net margin of 2.18% and a return on equity of 16.57%. Concentrix’s revenue for the quarter was up 46.2% on a year-over-year basis. During the same period in the previous year, the business earned $2.54 earnings per share. As a group, research analysts anticipate that Concentrix Co. will post 10.18 EPS for the current fiscal 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 paid a $0.333 dividend. The ex-dividend date was Friday, October 25th. This represents a $1.33 annualized dividend and a dividend yield of 3.53%. This is an increase from Concentrix’s previous quarterly dividend of $0.30. Concentrix’s dividend payout ratio is currently 43.18%.

Insider Buying and Selling

In related news, CEO Christopher A. Caldwell sold 9,823 shares of Concentrix stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $52.70, for a total value of $517,672.10. Following the completion of the sale, the chief executive officer now directly owns 241,841 shares in the company, 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 legal filing with the SEC, which is available through the SEC website. Also, EVP Cormac J. Twomey sold 1,544 shares of the firm’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $51.38, for a total transaction of $79,330.72. Following the transaction, the executive vice president now directly owns 27,783 shares in the company, valued at $1,427,490.54. This trade represents a 5.26 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 12,267 shares of company stock valued at $648,945. Insiders own 3.10% of the company’s stock.

Hedge Funds Weigh In On Concentrix

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CNXC. State Board of Administration of Florida Retirement System increased its stake in shares of Concentrix by 13.9% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 43,752 shares of the company’s stock valued at $2,897,000 after purchasing an additional 5,355 shares in the last quarter. Covestor Ltd grew its stake in shares of Concentrix by 49.8% in the 1st quarter. Covestor Ltd now owns 1,918 shares of the company’s stock valued at $127,000 after buying an additional 638 shares during the period. Bessemer Group Inc. lifted its stake in shares of Concentrix by 68.6% in the 1st quarter. Bessemer Group Inc. now owns 4,610 shares of the company’s stock valued at $305,000 after purchasing an additional 1,876 shares during the last quarter. CANADA LIFE ASSURANCE Co raised its stake in shares of Concentrix by 23.4% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 35,289 shares of the company’s stock valued at $2,334,000 after acquiring an additional 6,690 shares during the period. Finally, Natixis acquired a new position in Concentrix during the first quarter worth $542,000. Hedge funds and other institutional investors own 90.34% of the company’s stock.

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.