Insider Selling: Concentrix Co. (NASDAQ:CNXC) EVP Sells 500 Shares of Stock

Concentrix Co. (NASDAQ:CNXC) EVP Cormac J. Twomey sold 500 shares of the company’s stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $55.60, for a total value of $27,800.00. Following the transaction, the executive vice president now directly owns 41,111 shares in the company, valued at approximately $2,285,771.60. This trade represents a 1.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Concentrix Stock Performance

Shares of CNXC stock traded down $0.88 during trading on Friday, hitting $52.28. The company’s stock had a trading volume of 631,772 shares, compared to its average volume of 878,419. The company has a market cap of $3.37 billion, a PE ratio of 14.09, a P/E/G ratio of 0.75 and a beta of 0.63. The company has a current ratio of 1.42, a quick ratio of 1.57 and a debt-to-equity ratio of 1.17. The business has a fifty day moving average of $45.90 and a 200-day moving average of $53.95. Concentrix Co. has a 52 week low of $36.28 and a 52 week high of $91.20.

Concentrix (NASDAQ:CNXC) last announced its quarterly earnings data on Wednesday, January 15th. The company reported $3.26 earnings per share for the quarter, beating the consensus estimate of $3.01 by $0.25. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. The business had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.44 billion. During the same period in the prior year, the company earned $3.36 earnings per share. Concentrix’s revenue was up 9.7% compared to the same quarter last year. As a group, research analysts anticipate that Concentrix Co. will post 10.11 earnings per share for the current year.

Concentrix Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 11th. Shareholders of record on Friday, January 31st will be issued a dividend of $0.3328 per share. This represents a $1.33 annualized dividend and a yield of 2.55%. The ex-dividend date is Friday, January 31st. Concentrix’s dividend payout ratio (DPR) is 35.85%.

Hedge Funds Weigh In On Concentrix

Several institutional investors and hedge funds have recently bought and sold shares of the company. New York State Common Retirement Fund boosted its holdings in shares of Concentrix by 47.3% in the fourth quarter. New York State Common Retirement Fund now owns 144,557 shares of the company’s stock worth $6,255,000 after acquiring an additional 46,406 shares during the period. Venturi Wealth Management LLC boosted its holdings in shares of Concentrix by 159.6% in the fourth quarter. Venturi Wealth Management LLC now owns 797 shares of the company’s stock worth $34,000 after acquiring an additional 490 shares during the period. Sanctuary Advisors LLC bought a new position in shares of Concentrix in the fourth quarter worth $497,000. Rhumbline Advisers boosted its holdings in shares of Concentrix by 0.3% in the fourth quarter. Rhumbline Advisers now owns 128,617 shares of the company’s stock worth $5,565,000 after acquiring an additional 324 shares during the period. Finally, Thompson Investment Management Inc. boosted its holdings in shares of Concentrix by 1,232.8% in the fourth quarter. Thompson Investment Management Inc. now owns 140,411 shares of the company’s stock worth $6,076,000 after acquiring an additional 129,876 shares during the period. 90.34% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Robert W. Baird assumed coverage on Concentrix in a research note on Thursday, October 3rd. They issued an “outperform” rating and a $70.00 price objective for the company. Baird R W raised Concentrix to a “strong-buy” rating in a research note on Thursday, October 3rd. Finally, Canaccord Genuity Group lowered their price objective on Concentrix from $100.00 to $80.00 and set a “buy” rating for the company in a research note on Thursday, January 16th. 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, the stock presently has a consensus rating of “Buy” and a consensus price target of $75.00.

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.