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

Concentrix Co. (NASDAQ:CNXC) has been assigned an average rating of “Buy” from the six brokerages that are currently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a hold recommendation, four have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $79.00.

Several research analysts have commented on the stock. Bank of America cut their price target 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 target price on Concentrix from $84.00 to $70.00 and set an “outperform” rating for the company in a research note on Thursday, September 26th. Robert W. Baird started coverage on Concentrix in a report on Thursday, October 3rd. They issued an “outperform” rating and a $70.00 price objective on the stock. Canaccord Genuity Group decreased 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. Finally, Baird R W raised Concentrix to a “strong-buy” rating in a research report on Thursday, October 3rd.

Concentrix Stock Up 0.8 %

Shares of NASDAQ CNXC opened at $44.92 on Friday. The stock has a market capitalization of $2.91 billion, a PE ratio of 14.58, a P/E/G ratio of 0.61 and a beta of 0.61. Concentrix has a one year low of $36.28 and a one 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 business’s fifty day moving average price is $47.23 and its 200-day moving average price is $59.22.

Concentrix (NASDAQ:CNXC) last posted its earnings results 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 for the quarter, compared to analysts’ expectations of $2.38 billion. Concentrix had a return on equity of 16.57% and a net margin of 2.18%. The company’s revenue was up 46.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.54 EPS. On average, equities research analysts anticipate that Concentrix will post 10.18 EPS for the current year.

Concentrix Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 5th. Investors of record on Friday, October 25th were paid a $0.333 dividend. This represents a $1.33 annualized dividend and a dividend yield of 2.97%. This is a positive change from Concentrix’s previous quarterly dividend of $0.30. The ex-dividend date was Friday, October 25th. Concentrix’s dividend payout ratio (DPR) is presently 43.18%.

Insider Transactions at Concentrix

In related news, CEO Christopher A. Caldwell sold 9,823 shares of the company’s 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 of the company’s stock, valued at approximately $12,745,020.70. This represents a 3.90 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Cormac J. Twomey sold 1,544 shares of Concentrix stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $51.38, for a total value of $79,330.72. Following the completion of the sale, the executive vice president now owns 27,783 shares of the company’s stock, valued at $1,427,490.54. The trade was a 5.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 11,867 shares of company stock valued at $619,093 in the last ninety days. 3.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Franklin Resources Inc. bought a new position in Concentrix in the 3rd quarter worth $445,000. Neo Ivy Capital Management bought a new position in shares of Concentrix during the 3rd quarter valued at about $2,844,000. Geode Capital Management LLC boosted its stake in Concentrix by 5.2% during the third quarter. Geode Capital Management LLC now owns 878,092 shares of the company’s stock valued at $45,013,000 after buying an additional 43,295 shares during the last quarter. Barclays PLC grew its holdings in shares of Concentrix by 134.3% in the third quarter. Barclays PLC now owns 35,862 shares of the company’s stock valued at $1,837,000 after purchasing an additional 20,559 shares in the last quarter. Finally, State Street Corp lifted its holdings in shares of Concentrix by 1.3% in the 3rd quarter. State Street Corp now owns 1,401,953 shares of the company’s stock valued at $71,850,000 after acquiring an additional 18,304 shares during the last quarter. 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.