Concentrix Co. (NASDAQ:CNXC) Given Average Recommendation of “Buy” by Brokerages

Shares of Concentrix Co. (NASDAQ:CNXC) have been assigned a consensus rating of “Buy” from the six research firms that are covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $69.60.

A number of equities research analysts recently weighed in on CNXC shares. Barrington Research dropped their price target on Concentrix from $70.00 to $54.00 and set an “outperform” rating for the company in a report on Monday, March 24th. Bank of America raised their target price on Concentrix from $58.00 to $59.00 and gave the company a “neutral” rating in a research note on Thursday, March 27th. Finally, Canaccord Genuity Group reduced their price target on shares of Concentrix from $100.00 to $80.00 and set a “buy” rating on the stock in a research report on Thursday, January 16th.

Insider Activity

In related news, Director Kathryn Hayley purchased 500 shares of the business’s stock in a transaction dated Wednesday, January 22nd. The shares were bought at an average price of $50.22 per share, with a total value of $25,110.00. Following the purchase, the director now directly owns 3,034 shares in the company, valued at $152,367.48. This trade represents a 19.73 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Concentrix

Hedge funds have recently bought and sold shares of the company. State Street Corp raised its position in shares of Concentrix by 1.3% during the third quarter. State Street Corp now owns 1,401,953 shares of the company’s stock worth $71,850,000 after purchasing an additional 18,304 shares during the period. Nordea Investment Management AB raised its holdings in Concentrix by 43.9% during the 4th quarter. Nordea Investment Management AB now owns 70,654 shares of the company’s stock worth $3,076,000 after buying an additional 21,568 shares during the period. Neo Ivy Capital Management bought a new position in Concentrix in the third quarter valued at approximately $2,844,000. Thompson Investment Management Inc. boosted its holdings in shares of Concentrix by 1,232.8% in the fourth quarter. Thompson Investment Management Inc. now owns 140,411 shares of the company’s stock valued at $6,076,000 after buying an additional 129,876 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in shares of Concentrix during the fourth quarter worth $4,752,000. 90.34% of the stock is currently owned by institutional investors and hedge funds.

Concentrix Stock Down 2.3 %

Shares of NASDAQ CNXC opened at $55.64 on Tuesday. Concentrix has a 52-week low of $36.28 and a 52-week high of $77.00. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.42 and a current ratio of 1.42. The business has a fifty day moving average of $48.20 and a two-hundred day moving average of $47.38. The stock has a market cap of $3.58 billion, a PE ratio of 15.00, a PEG ratio of 0.63 and a beta of 0.69.

Concentrix (NASDAQ:CNXC) last released its quarterly earnings results on Wednesday, March 26th. The company reported $2.79 EPS for the quarter, beating analysts’ consensus estimates of $2.58 by $0.21. The firm had revenue of $2.37 billion for the quarter, compared to analyst estimates of $2.37 billion. Concentrix had a net margin of 2.61% and a return on equity of 16.67%. The company’s revenue for the quarter was down 1.3% compared to the same quarter last year. During the same period in the previous year, the business earned $2.57 earnings per share. As a group, equities research analysts expect that Concentrix will post 10.11 earnings per share for the current fiscal year.

Concentrix Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, May 6th. Shareholders of record on Friday, April 25th will be given a dividend of $0.3328 per share. The ex-dividend date is Friday, April 25th. This represents a $1.33 dividend on an annualized basis and a yield of 2.39%. Concentrix’s payout ratio is presently 33.33%.

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.