Concentrix Co. (NASDAQ:CNXC) Given Average Recommendation of “Buy” by Brokerages

Concentrix Co. (NASDAQ:CNXC) has been assigned an average recommendation of “Buy” from the six research firms that are currently covering the company, Marketbeat reports. One analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $75.00.

Separately, Canaccord Genuity Group decreased 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.

Concentrix Trading Up 3.8 %

NASDAQ:CNXC opened at $44.63 on Friday. The firm has a 50-day simple moving average of $47.48 and a 200-day simple moving average of $50.50. Concentrix has a one year low of $36.28 and a one year high of $77.00. The firm has a market cap of $2.87 billion, a P/E ratio of 12.03, a P/E/G ratio of 0.63 and a beta of 0.69. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.42 and a current ratio of 1.42.

Concentrix (NASDAQ:CNXC) last issued its quarterly earnings data on Wednesday, January 15th. The company reported $3.26 EPS for the quarter, topping analysts’ consensus estimates of $3.01 by $0.25. The company had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.44 billion. Concentrix had a net margin of 2.61% and a return on equity of 16.67%. Concentrix’s revenue for the quarter was up 9.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.36 earnings per share. Equities analysts anticipate that Concentrix will post 10.11 EPS for the current fiscal year.

Concentrix Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, February 11th. Stockholders of record on Friday, January 31st were issued a dividend of $0.3328 per share. The ex-dividend date was Friday, January 31st. This represents a $1.33 annualized dividend and a dividend yield of 2.98%. Concentrix’s dividend payout ratio is presently 35.85%.

Insider Transactions at Concentrix

In other Concentrix news, EVP Cormac J. Twomey sold 500 shares of the stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $55.60, for a total value of $27,800.00. Following the completion of the sale, 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 filing with the SEC, which can be accessed through the SEC website. Insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Concentrix

A number of large investors have recently modified their holdings of CNXC. Pzena Investment Management LLC boosted its stake in Concentrix by 60.0% in the 4th quarter. Pzena Investment Management LLC now owns 2,349,599 shares of the company’s stock worth $101,667,000 after purchasing an additional 880,960 shares in the last quarter. Fuller & Thaler Asset Management Inc. raised its holdings in shares of Concentrix by 38.1% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 2,981,227 shares of the company’s stock worth $128,998,000 after buying an additional 823,228 shares during the last quarter. Alyeska Investment Group L.P. acquired a new stake in shares of Concentrix during the fourth quarter worth $21,123,000. Millennium Management LLC grew its holdings in shares of Concentrix by 232.9% during the fourth quarter. Millennium Management LLC now owns 578,700 shares of the company’s stock valued at $25,040,000 after buying an additional 404,885 shares during the last quarter. Finally, Marshall Wace LLP increased its position in shares of Concentrix by 209.0% in the 4th quarter. Marshall Wace LLP now owns 593,043 shares of the company’s stock valued at $25,661,000 after acquiring an additional 401,133 shares during the period. Hedge funds and other 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.