Concentrix (NASDAQ:CNXC) Hits New 52-Week Low – Here’s Why

Shares of Concentrix Co. (NASDAQ:CNXC) reached a new 52-week low during mid-day trading on Monday . The stock traded as low as $37.89 and last traded at $37.97, with a volume of 107894 shares trading hands. The stock had previously closed at $38.29.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Robert W. Baird began coverage on Concentrix in a report on Thursday, October 3rd. They set an “outperform” rating and a $70.00 target price for the company. Baird R W raised shares of Concentrix to a “strong-buy” rating in a research note on Thursday, October 3rd. Canaccord Genuity Group cut 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. Barrington Research decreased their price target on shares of Concentrix from $84.00 to $70.00 and set an “outperform” rating for the company in a research report on Thursday, September 26th. Finally, Bank of America dropped their price target on shares of Concentrix from $85.00 to $70.00 and set a “neutral” rating for the company in a research note on Thursday, September 26th. One 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 company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $79.00.

Concentrix Trading Down 1.4 %

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 stock has a market cap of $2.42 billion, a price-to-earnings ratio of 12.10, a P/E/G ratio of 0.53 and a beta of 0.61. The business’s 50 day moving average is $50.02 and its 200 day moving average is $59.97.

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

Concentrix Increases Dividend

The business also recently disclosed 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. This represents a $1.33 annualized dividend and a dividend yield of 3.57%. The ex-dividend date was Friday, October 25th. This is an increase from Concentrix’s previous quarterly dividend of $0.30. Concentrix’s payout ratio is currently 43.18%.

Insider Activity at Concentrix

In related news, EVP Cormac J. Twomey sold 400 shares of the company’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $74.63, for a total value of $29,852.00. Following the completion of the sale, the executive vice president now directly owns 29,327 shares of the company’s stock, valued at $2,188,674.01. This represents a 1.35 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Christopher A. Caldwell sold 9,823 shares of Concentrix stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $52.70, for a total value of $517,672.10. Following the transaction, the chief executive officer now directly owns 241,841 shares in the company, valued at approximately $12,745,020.70. This trade represents a 3.90 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 12,267 shares of company stock valued at $648,945 in the last ninety days. Insiders own 3.10% of the company’s stock.

Institutional Investors Weigh In On Concentrix

Institutional investors and hedge funds have recently made changes to their positions in the business. GSA Capital Partners LLP acquired a new position in Concentrix in the 3rd quarter valued at about $1,243,000. SG Americas Securities LLC purchased a new position in shares of Concentrix in the 2nd quarter valued at approximately $1,445,000. Raymond James & Associates grew its position in Concentrix by 73.3% in the 3rd quarter. Raymond James & Associates now owns 55,313 shares of the company’s stock valued at $2,835,000 after buying an additional 23,387 shares during the last quarter. State of Alaska Department of Revenue increased its stake in shares of Concentrix by 24.8% during the third quarter. State of Alaska Department of Revenue now owns 64,783 shares of the company’s stock worth $3,319,000 after acquiring an additional 12,870 shares during the period. Finally, Natixis acquired a new position in Concentrix during the 1st quarter worth approximately $542,000. 90.34% of the stock is owned by hedge funds and other institutional investors.

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.