Concentrix (NASDAQ:CNXC) Hits New 1-Year Low – Should You Sell?

Concentrix Co. (NASDAQ:CNXC)’s share price reached a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $40.63 and last traded at $40.72, with a volume of 445678 shares traded. The stock had previously closed at $42.94.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. 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. Baird R W upgraded Concentrix to a “strong-buy” rating in a report on Thursday, October 3rd. Robert W. Baird initiated coverage on shares of Concentrix in a research report on Thursday, October 3rd. They issued an “outperform” rating and a $70.00 price objective for the company. Barrington Research reduced their price target on Concentrix from $84.00 to $70.00 and set an “outperform” rating for the company in a report on Thursday, September 26th. Finally, Canaccord Genuity Group cut 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. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $79.00.

Concentrix Price Performance

The company’s 50-day simple moving average is $52.70 and its 200 day simple moving average is $60.45. 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 stock has a market capitalization of $2.58 billion, a price-to-earnings ratio of 12.93, a P/E/G ratio of 0.56 and a beta of 0.61.

Concentrix (NASDAQ:CNXC) last issued its quarterly earnings data 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 company had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.38 billion. Concentrix had a net margin of 2.18% and a return on equity of 16.57%. The firm’s revenue was up 46.2% on a year-over-year basis. During the same period in the previous year, the business posted $2.54 earnings per share. Equities research analysts forecast that Concentrix Co. will post 10.18 EPS for the current year.

Concentrix Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 5th. Investors of record on Friday, October 25th were paid a $0.333 dividend. The ex-dividend date of this dividend was Friday, October 25th. This represents a $1.33 dividend on an annualized basis and a yield of 3.35%. This is a boost from Concentrix’s previous quarterly dividend of $0.30. Concentrix’s payout ratio is presently 43.18%.

Insiders Place Their Bets

In other Concentrix news, CEO Christopher A. Caldwell sold 9,823 shares of the stock in a transaction dated 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 owns 241,841 shares of the company’s stock, valued at approximately $12,745,020.70. This represents a 3.90 % 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. Also, EVP Cormac J. Twomey sold 400 shares of the stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $74.63, for a total transaction of $29,852.00. Following the completion of the sale, the executive vice president now owns 29,327 shares in the company, valued at approximately $2,188,674.01. This trade represents a 1.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 12,267 shares of company stock worth $648,945 over the last quarter. Company insiders own 3.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of CNXC. Hexagon Capital Partners LLC grew its holdings in shares of Concentrix by 2,992.3% in the 2nd quarter. Hexagon Capital Partners LLC now owns 402 shares of the company’s stock valued at $25,000 after acquiring an additional 389 shares in the last quarter. GAMMA Investing LLC grew its stake in Concentrix by 1,005.0% in the second quarter. GAMMA Investing LLC now owns 442 shares of the company’s stock valued at $28,000 after purchasing an additional 402 shares in the last quarter. First Horizon Advisors Inc. increased its position in shares of Concentrix by 54.0% during the 2nd quarter. First Horizon Advisors Inc. now owns 813 shares of the company’s stock worth $51,000 after purchasing an additional 285 shares during the last quarter. Benjamin F. Edwards & Company Inc. bought a new stake in shares of Concentrix during the 2nd quarter worth approximately $68,000. Finally, Quarry LP boosted its holdings in shares of Concentrix by 769.9% in the 2nd quarter. Quarry LP now owns 1,244 shares of the company’s stock valued at $79,000 after buying an additional 1,101 shares during the last quarter. 90.34% of the stock is owned by institutional investors and hedge funds.

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.