Concentrix Co. (NASDAQ:CNXC) Receives Average Recommendation of “Buy” from Brokerages

by · The Markets Daily

Concentrix Co. (NASDAQ:CNXC – Get Free Report) has been assigned an average rating of “Buy” from the six brokerages that are currently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a hold recommendation, four have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $79.00.

Several research analysts have commented on the stock. Bank of America cut their price target on shares of Concentrix from $85.00 to $70.00 and set a “neutral” rating for the company in a report on Thursday, September 26th. Barrington Research cut their target price on Concentrix from $84.00 to $70.00 and set an “outperform” rating for the company in a research note on Thursday, September 26th. Robert W. Baird started coverage on Concentrix in a report on Thursday, October 3rd. They issued an “outperform” rating and a $70.00 price objective on the stock. Canaccord Genuity Group decreased their target price on shares of Concentrix from $125.00 to $100.00 and set a “buy” rating on the stock in a research note on Thursday, September 26th. Finally, Baird R W raised Concentrix to a “strong-buy” rating in a research report on Thursday, October 3rd.

Check Out Our Latest Stock Report on Concentrix

Concentrix Stock Up 0.8 %

Shares of NASDAQ CNXC opened at $44.92 on Friday. The stock has a market capitalization of $2.91 billion, a PE ratio of 14.58, a P/E/G ratio of 0.61 and a beta of 0.61. Concentrix has a one year low of $36.28 and a one year high of $106.10. 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 business’s fifty day moving average price is $47.23 and its 200-day moving average price is $59.22.

Concentrix (NASDAQ:CNXC – Get Free Report) last posted 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). The company had revenue of $2.39 billion for the quarter, compared to analysts’ expectations of $2.38 billion. Concentrix had a return on equity of 16.57% and a net margin of 2.18%. The company’s revenue was up 46.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.54 EPS. On average, equities research analysts anticipate that Concentrix will post 10.18 EPS for the current year.

Concentrix Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 5th. Investors of record on Friday, October 25th were paid a $0.333 dividend. This represents a $1.33 annualized dividend and a dividend yield of 2.97%. This is a positive change from Concentrix’s previous quarterly dividend of $0.30. The ex-dividend date was Friday, October 25th. Concentrix’s dividend payout ratio (DPR) is presently 43.18%.

Insider Transactions at Concentrix

In related news, CEO Christopher A. Caldwell sold 9,823 shares of the company’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 value of $517,672.10. Following the transaction, 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 3.90 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Cormac J. Twomey sold 1,544 shares of Concentrix stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $51.38, for a total value of $79,330.72. Following the completion of the sale, the executive vice president now owns 27,783 shares of the company’s stock, valued at $1,427,490.54. The trade was a 5.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 11,867 shares of company stock valued at $619,093 in the last ninety days. 3.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Franklin Resources Inc. bought a new position in Concentrix in the 3rd quarter worth $445,000. Neo Ivy Capital Management bought a new position in shares of Concentrix during the 3rd quarter valued at about $2,844,000. Geode Capital Management LLC boosted its stake in Concentrix by 5.2% during the third quarter. Geode Capital Management LLC now owns 878,092 shares of the company’s stock valued at $45,013,000 after buying an additional 43,295 shares during the last quarter. Barclays PLC grew its holdings in shares of Concentrix by 134.3% in the third quarter. Barclays PLC now owns 35,862 shares of the company’s stock valued at $1,837,000 after purchasing an additional 20,559 shares in the last quarter. Finally, State Street Corp lifted its holdings in shares of Concentrix by 1.3% in the 3rd quarter. State Street Corp now owns 1,401,953 shares of the company’s stock valued at $71,850,000 after acquiring an additional 18,304 shares during the last quarter. Institutional investors own 90.34% of the company’s stock.

About Concentrix

(Get Free Report

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.

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