Concentrix (NASDAQ:CNXC) Shares Up 9.7% – Time to Buy?

Concentrix Co. (NASDAQ:CNXC) rose 9.7% during mid-day trading on Monday . The company traded as high as $47.56 and last traded at $47.48. Approximately 364,128 shares were traded during mid-day trading, a decline of 37% from the average daily volume of 576,150 shares. The stock had previously closed at $43.28.

Wall Street Analysts Forecast Growth

CNXC has been the topic of a number of research analyst reports. Baird R W raised shares of Concentrix to a “strong-buy” rating in a research report on Thursday, October 3rd. Canaccord Genuity Group decreased 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. Bank of America cut their price target on Concentrix from $85.00 to $70.00 and set a “neutral” rating on the stock in a report on Thursday, September 26th. Barrington Research lowered their price objective on shares of Concentrix from $84.00 to $70.00 and set an “outperform” rating for the company in a research note on Thursday, September 26th. Finally, Robert W. Baird began 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. 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’s stock. According to MarketBeat.com, Concentrix currently has an average rating of “Buy” and an average target price of $79.00.

Concentrix Price Performance

The business has a 50-day moving average price of $44.87 and a two-hundred day moving average price of $57.99. 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 company has a market capitalization of $2.86 billion, a price-to-earnings ratio of 14.77, a price-to-earnings-growth ratio of 0.55 and a beta of 0.63.

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

Concentrix Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, November 5th. Shareholders of record on Friday, October 25th were given a dividend of $0.333 per share. The ex-dividend date was Friday, October 25th. This represents a $1.33 annualized dividend and a dividend yield of 3.02%. This is a boost from Concentrix’s previous quarterly dividend of $0.30. Concentrix’s dividend payout ratio (DPR) is currently 43.18%.

Insider Activity

In related news, EVP Cormac J. Twomey sold 1,544 shares of Concentrix stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $51.38, for a total value of $79,330.72. Following the completion of the transaction, the executive vice president now directly owns 27,783 shares in the company, valued at approximately $1,427,490.54. The trade was a 5.26 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Christopher A. Caldwell sold 9,823 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 241,841 shares of the company’s stock, valued at $12,745,020.70. The trade was a 3.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 12,367 shares of company stock valued at $641,668 in the last ninety days. 3.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Concentrix

A number of large investors have recently modified their holdings of the company. Franklin Resources Inc. bought a new stake in Concentrix during the third quarter valued at $445,000. Neo Ivy Capital Management bought a new position in Concentrix in the 3rd quarter worth about $2,844,000. Geode Capital Management LLC raised its holdings in shares of Concentrix by 5.2% in the 3rd quarter. Geode Capital Management LLC now owns 878,092 shares of the company’s stock valued at $45,013,000 after acquiring an additional 43,295 shares in the last quarter. Barclays PLC boosted its position in shares of Concentrix by 134.3% during the 3rd quarter. Barclays PLC now owns 35,862 shares of the company’s stock valued at $1,837,000 after acquiring an additional 20,559 shares during the last quarter. Finally, State Street Corp grew its holdings in shares of Concentrix by 1.3% during the third quarter. State Street Corp now owns 1,401,953 shares of the company’s stock worth $71,850,000 after purchasing an additional 18,304 shares in the last quarter. 90.34% of the stock is currently owned by 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.