Concentrix (NASDAQ:CNXC) Shares Gap Up Following Dividend Announcement

Concentrix Co. (NASDAQ:CNXC) shares gapped up before the market opened on Thursday following a dividend announcement from the company. The stock had previously closed at $58.02, but opened at $66.09. Concentrix shares last traded at $62.00, with a volume of 62,184 shares.

The newly announced dividend which will be paid on Tuesday, August 6th. Investors of record on Friday, July 26th will be given a $0.303 dividend. The ex-dividend date is Friday, July 26th. This represents a $1.21 dividend on an annualized basis and a dividend yield of 1.92%. Concentrix’s dividend payout ratio (DPR) is presently 28.01%.

Analyst Ratings Changes

CNXC has been the topic of a number of recent analyst reports. Barrington Research reiterated an “outperform” rating and issued a $84.00 price objective on shares of Concentrix in a research report on Friday, June 21st. Bank of America restated an “underperform” rating and set a $60.00 price target (down previously from $85.00) on shares of Concentrix in a research report on Wednesday, March 27th. Scotiabank lowered their price target on Concentrix from $120.00 to $85.00 and set a “sector outperform” rating on the stock in a research report on Monday, April 29th. Finally, Canaccord Genuity Group restated a “buy” rating and set a $125.00 price target on shares of Concentrix in a research report on Thursday. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $84.80.

Concentrix Stock Performance

The stock has a market cap of $4.18 billion, a PE ratio of 14.65, a P/E/G ratio of 0.73 and a beta of 0.60. The company has a fifty day moving average price of $60.39 and a 200 day moving average price of $73.33. The company has a quick ratio of 1.56, a current ratio of 1.54 and a debt-to-equity ratio of 1.21.

Concentrix (NASDAQ:CNXC) last released its quarterly earnings data on Tuesday, March 26th. The company reported $2.33 EPS for the quarter, missing the consensus estimate of $2.36 by ($0.03). The company had revenue of $2.40 billion during the quarter, compared to analysts’ expectations of $2.38 billion. Concentrix had a return on equity of 17.00% and a net margin of 3.08%. Analysts expect that Concentrix Co. will post 11.03 earnings per share for the current year.

Insider Transactions at Concentrix

In related news, CEO Christopher A. Caldwell acquired 900 shares of the firm’s stock in a transaction dated Friday, April 19th. The shares were purchased at an average price of $54.59 per share, for a total transaction of $49,131.00. Following the completion of the acquisition, the chief executive officer now owns 239,128 shares in the company, valued at $13,053,997.52. The purchase was disclosed in a filing with the SEC, which is available at this link. Over the last quarter, insiders have purchased 1,679 shares of company stock worth $98,546. Company insiders own 3.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CNXC. Citigroup Inc. increased its holdings in Concentrix by 51.9% during the 3rd quarter. Citigroup Inc. now owns 9,192 shares of the company’s stock valued at $736,000 after purchasing an additional 3,139 shares during the period. PNC Financial Services Group Inc. increased its holdings in Concentrix by 6.4% during the 3rd quarter. PNC Financial Services Group Inc. now owns 3,318 shares of the company’s stock valued at $266,000 after purchasing an additional 199 shares during the period. Mariner LLC increased its holdings in Concentrix by 211.5% during the 3rd quarter. Mariner LLC now owns 19,182 shares of the company’s stock valued at $1,537,000 after purchasing an additional 13,024 shares during the period. Natixis Advisors L.P. increased its holdings in Concentrix by 45.7% during the 3rd quarter. Natixis Advisors L.P. now owns 37,196 shares of the company’s stock valued at $2,979,000 after purchasing an additional 11,666 shares during the period. Finally, Trexquant Investment LP increased its holdings in Concentrix by 33.9% during the 3rd quarter. Trexquant Investment LP now owns 23,557 shares of the company’s stock valued at $1,887,000 after purchasing an additional 5,967 shares during the period. 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.