Concentrix (NASDAQ:CNXC) Hits New 52-Week Low – What’s Next?

Concentrix Co. (NASDAQ:CNXC)’s stock price hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $43.97 and last traded at $44.06, with a volume of 18193 shares traded. The stock had previously closed at $44.49.

Analysts Set New Price Targets

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

Concentrix Stock Performance

The stock has a market capitalization of $2.86 billion, a price-to-earnings ratio of 14.31, a price-to-earnings-growth ratio of 0.61 and a beta of 0.58. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 1.18. The company has a 50 day simple moving average of $58.96 and a 200-day simple moving average of $61.43.

Concentrix (NASDAQ:CNXC) last issued 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 company had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.38 billion. During the same period in the prior year, the company earned $2.54 earnings per share. The firm’s revenue was up 46.2% compared to the same quarter last year. As a group, equities research analysts expect that Concentrix Co. will post 10.18 EPS for the current fiscal year.

Concentrix Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 5th. Investors of record on Friday, October 25th will be given a $0.333 dividend. This represents a $1.33 dividend on an annualized basis and a yield of 3.02%. This is a positive change from Concentrix’s previous quarterly dividend of $0.30. The ex-dividend date is Friday, October 25th. Concentrix’s payout ratio is presently 43.18%.

Insider Buying and Selling

In other news, CEO Christopher A. Caldwell sold 9,823 shares of the business’s stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $52.70, for a total transaction of $517,672.10. Following the completion of the sale, the chief executive officer now owns 241,841 shares in the company, valued at $12,745,020.70. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Concentrix news, EVP Cormac J. Twomey sold 1,544 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $51.38, for a total transaction of $79,330.72. Following the completion of the sale, the executive vice president now directly owns 27,783 shares of the company’s stock, valued at approximately $1,427,490.54. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Christopher A. Caldwell sold 9,823 shares of the stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $52.70, for a total value of $517,672.10. Following the completion of 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 trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 12,267 shares of company stock valued at $648,945. 3.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. 1832 Asset Management L.P. bought a new position in Concentrix during the 2nd quarter valued at $62,738,000. Pzena Investment Management LLC raised its holdings in shares of Concentrix by 246.3% in the first quarter. Pzena Investment Management LLC now owns 1,013,208 shares of the company’s stock valued at $67,095,000 after purchasing an additional 720,616 shares during the last quarter. Impactive Capital LP lifted its position in shares of Concentrix by 13.0% during the first quarter. Impactive Capital LP now owns 3,846,370 shares of the company’s stock valued at $254,707,000 after purchasing an additional 443,045 shares in the last quarter. Paradigm Capital Management Inc. NY lifted its position in shares of Concentrix by 126.4% during the second quarter. Paradigm Capital Management Inc. NY now owns 623,542 shares of the company’s stock valued at $39,458,000 after purchasing an additional 348,100 shares in the last quarter. Finally, AQR Capital Management LLC boosted its holdings in Concentrix by 74.4% during the second quarter. AQR Capital Management LLC now owns 813,864 shares of the company’s stock worth $51,160,000 after purchasing an additional 347,230 shares during the last quarter. Hedge funds and other institutional investors own 90.34% of the company’s stock.

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.