Insider Buying: Concentrix Co. (NASDAQ:CNXC) Director Purchases 500 Shares of Stock

Concentrix Co. (NASDAQ:CNXC) Director Kathryn Hayley acquired 500 shares of the business’s stock in a transaction dated Wednesday, January 22nd. The stock was acquired at an average price of $50.22 per share, for a total transaction of $25,110.00. Following the completion of the transaction, the director now owns 3,034 shares in the company, valued at approximately $152,367.48. The trade was a 19.73 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Concentrix Stock Up 4.2 %

NASDAQ:CNXC traded up $2.12 during trading hours on Thursday, reaching $52.44. 899,047 shares of the company traded hands, compared to its average volume of 858,421. The business’s 50-day moving average price is $44.12 and its two-hundred day moving average price is $54.44. The stock has a market capitalization of $3.40 billion, a P/E ratio of 14.13, a P/E/G ratio of 0.70 and a beta of 0.63. Concentrix Co. has a 1 year low of $36.28 and a 1 year high of $106.10. The company has a current ratio of 1.42, a quick ratio of 1.57 and a debt-to-equity ratio of 1.17.

Concentrix (NASDAQ:CNXC) last posted its quarterly earnings results on Wednesday, January 15th. The company reported $3.26 earnings per share for the quarter, topping 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 firm had revenue of $2.45 billion during the quarter, compared to analysts’ expectations of $2.44 billion. During the same quarter in the previous year, the business earned $3.36 earnings per share. The company’s revenue was up 9.7% on a year-over-year basis. Analysts predict that Concentrix Co. will post 10.11 earnings per share for the current year.

Concentrix Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, February 11th. Stockholders of record on Friday, January 31st will be paid a $0.3328 dividend. This represents a $1.33 annualized dividend and a dividend yield of 2.54%. The ex-dividend date is Friday, January 31st. Concentrix’s dividend payout ratio is currently 35.85%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of CNXC. GAMMA Investing LLC raised its stake in shares of Concentrix by 64.9% in the third quarter. GAMMA Investing LLC now owns 729 shares of the company’s stock worth $37,000 after purchasing an additional 287 shares during the last quarter. Benjamin F. Edwards & Company Inc. bought a new stake in shares of Concentrix in the second quarter worth $68,000. Quarry LP grew its holdings 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 period. KBC Group NV grew its holdings in shares of Concentrix by 68.3% in the fourth quarter. KBC Group NV now owns 2,008 shares of the company’s stock worth $87,000 after acquiring an additional 815 shares during the period. Finally, Quest Partners LLC bought a new stake in shares of Concentrix in the third quarter worth $146,000. Hedge funds and other institutional investors own 90.34% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on CNXC shares. Robert W. Baird started coverage on Concentrix in a research report on Thursday, October 3rd. They issued an “outperform” rating and a $70.00 price objective on the stock. Bank of America dropped their price target on Concentrix from $85.00 to $70.00 and set a “neutral” rating on the stock in a research report on Thursday, September 26th. Canaccord Genuity Group dropped their price target on Concentrix from $100.00 to $80.00 and set a “buy” rating on the stock in a research report on Thursday, January 16th. Barrington Research dropped their price target on Concentrix from $84.00 to $70.00 and set an “outperform” rating on the stock in a research report on Thursday, September 26th. Finally, Baird R W upgraded Concentrix to a “strong-buy” rating in a research note on Thursday, October 3rd. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $75.00.

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.