Concentrix (NASDAQ:CNXC) Sets New 1-Year Low – Time to Sell?

Concentrix Co. (NASDAQ:CNXC)’s share price reached a new 52-week low on Tuesday . The stock traded as low as $41.05 and last traded at $41.22, with a volume of 6316 shares trading hands. The stock had previously closed at $41.41.

Analysts Set New Price Targets

Several research firms have recently commented on CNXC. Bank of America reduced their price target on shares of Concentrix from $85.00 to $70.00 and set a “neutral” rating on the stock in a research report on Thursday, September 26th. Barrington Research dropped their price objective on Concentrix from $84.00 to $70.00 and set an “outperform” rating for the company in a research note on Thursday, September 26th. Baird R W upgraded shares of Concentrix to a “strong-buy” rating in a report on Thursday, October 3rd. Canaccord Genuity Group dropped their target price on Concentrix from $125.00 to $100.00 and set a “buy” rating on the stock in a report on Thursday, September 26th. Finally, Robert W. Baird initiated coverage on Concentrix in a research report on Thursday, October 3rd. They set an “outperform” rating and a $70.00 price objective for the company. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Concentrix currently has an average rating of “Buy” and an average price target of $79.00.

Concentrix Price Performance

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 company’s 50 day moving average is $57.29 and its 200 day moving average is $61.17. The stock has a market cap of $2.69 billion, a price-to-earnings ratio of 13.44, a PEG ratio of 0.57 and a beta of 0.61.

Concentrix (NASDAQ:CNXC) last announced its quarterly earnings results on Wednesday, September 25th. The company reported $2.87 earnings per share for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.06). The firm had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.38 billion. Concentrix had a net margin of 2.18% and a return on equity of 16.57%. The company’s quarterly revenue was up 46.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.54 EPS. Research analysts forecast that Concentrix Co. will post 10.18 earnings per share for the current fiscal year.

Concentrix Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 5th. Stockholders of record on Friday, October 25th will be issued a dividend of $0.333 per share. This represents a $1.33 dividend on an annualized basis and a dividend yield of 3.21%. This is an increase from Concentrix’s previous quarterly dividend of $0.30. The ex-dividend date is Friday, October 25th. Concentrix’s dividend payout ratio is presently 43.18%.

Insider Buying and Selling at Concentrix

In other Concentrix news, EVP Cormac J. Twomey sold 1,544 shares of the business’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $51.38, for a total transaction of $79,330.72. Following the transaction, the executive vice president now owns 27,783 shares in the company, valued at $1,427,490.54. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Concentrix news, CEO Christopher A. Caldwell sold 9,823 shares of the stock in a transaction on Friday, October 4th. The shares were sold at an average price of $52.70, for a total transaction of $517,672.10. Following the sale, 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 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Cormac J. Twomey sold 1,544 shares of the business’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $51.38, for a total transaction of $79,330.72. Following the transaction, the executive vice president now directly owns 27,783 shares of the company’s stock, valued at approximately $1,427,490.54. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 12,267 shares of company stock valued at $648,945. Company insiders own 3.10% of the company’s stock.

Institutional Trading of Concentrix

Several hedge funds have recently added to or reduced their stakes in CNXC. Hexagon Capital Partners LLC increased its holdings in shares of Concentrix by 2,992.3% during the second quarter. Hexagon Capital Partners LLC now owns 402 shares of the company’s stock valued at $25,000 after purchasing an additional 389 shares during the period. GAMMA Investing LLC raised its holdings in shares of Concentrix by 1,005.0% in the 2nd quarter. GAMMA Investing LLC now owns 442 shares of the company’s stock worth $28,000 after purchasing an additional 402 shares in the last quarter. First Horizon Advisors Inc. lifted its position in Concentrix by 54.0% in the 2nd quarter. First Horizon Advisors Inc. now owns 813 shares of the company’s stock worth $51,000 after buying an additional 285 shares in the last quarter. Benjamin F. Edwards & Company Inc. acquired a new stake in shares of Concentrix during the 2nd quarter valued at $68,000. Finally, Quarry LP increased its stake in shares of Concentrix by 769.9% in the second quarter. Quarry LP now owns 1,244 shares of the company’s stock worth $79,000 after acquiring an additional 1,101 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.