Cormac J. Twomey Sells 500 Shares of Concentrix Co. (NASDAQ:CNXC) Stock

Concentrix Co. (NASDAQ:CNXC) EVP Cormac J. Twomey sold 500 shares of the firm’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $45.15, for a total value of $22,575.00. Following the transaction, the executive vice president now directly owns 24,436 shares of the company’s stock, valued at $1,103,285.40. This represents a 2.01 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

Concentrix Trading Down 0.4 %

Shares of NASDAQ:CNXC opened at $45.31 on Thursday. The stock has a market capitalization of $2.94 billion, a price-to-earnings ratio of 14.71, a PEG ratio of 0.58 and a beta of 0.63. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.57 and a current ratio of 1.57. The stock’s 50-day simple moving average is $45.75 and its two-hundred day simple moving average is $58.64. Concentrix Co. has a 52-week low of $36.28 and a 52-week high of $106.10.

Concentrix (NASDAQ:CNXC) last announced 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). Concentrix had a return on equity of 16.57% and a net margin of 2.18%. The firm had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.38 billion. During the same period in the previous year, the business posted $2.54 earnings per share. The company’s revenue for the quarter was up 46.2% on a year-over-year basis. Analysts expect that Concentrix Co. will post 10.18 EPS for the current 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 is a boost from Concentrix’s previous quarterly dividend of $0.30. This represents a $1.33 dividend on an annualized basis and a dividend yield of 2.94%. The ex-dividend date was Friday, October 25th. Concentrix’s payout ratio is presently 43.18%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Franklin Resources Inc. purchased a new position in Concentrix in the 3rd quarter worth approximately $445,000. Neo Ivy Capital Management purchased a new position in Concentrix in the 3rd quarter worth approximately $2,844,000. Geode Capital Management LLC lifted its holdings in Concentrix by 5.2% in the 3rd quarter. Geode Capital Management LLC now owns 878,092 shares of the company’s stock worth $45,013,000 after purchasing an additional 43,295 shares in the last quarter. Barclays PLC lifted its holdings in Concentrix by 134.3% in the 3rd quarter. Barclays PLC now owns 35,862 shares of the company’s stock worth $1,837,000 after purchasing an additional 20,559 shares in the last quarter. Finally, State Street Corp lifted its holdings in Concentrix by 1.3% in the 3rd 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 owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Canaccord Genuity Group lowered their price objective on Concentrix from $125.00 to $100.00 and set a “buy” rating for the company in a research report on Thursday, September 26th. Barrington Research reduced their price target on Concentrix from $84.00 to $70.00 and set an “outperform” rating for the company in a report on Thursday, September 26th. Bank of America reduced their price target on Concentrix from $85.00 to $70.00 and set a “neutral” rating for the company in a report on Thursday, September 26th. Robert W. Baird began coverage on Concentrix in a report on Thursday, October 3rd. They set an “outperform” rating and a $70.00 price target for the company. Finally, Baird R W upgraded Concentrix to a “strong-buy” rating in a report on Thursday, October 3rd. One equities research 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. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $79.00.

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.