Concentrix (NASDAQ:CNXC) Sees Strong Trading Volume

Concentrix Co. (NASDAQ:CNXC) shares saw unusually-high trading volume on Friday . Approximately 1,571,546 shares traded hands during trading, an increase of 204% from the previous session’s volume of 516,856 shares.The stock last traded at $50.96 and had previously closed at $51.54.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Bank of America reduced their price objective on shares of Concentrix from $85.00 to $70.00 and set a “neutral” rating for the company in a research report on Thursday. Barrington Research lowered their price objective on shares of Concentrix from $84.00 to $70.00 and set an “outperform” rating for the company in a research note on Thursday. Finally, Canaccord Genuity Group lowered their price objective on shares of Concentrix from $125.00 to $100.00 and set a “buy” rating for the company in a research note on Thursday. One research analyst has rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $81.25.

Concentrix Stock Up 0.0 %

The firm has a market cap of $3.35 billion, a P/E ratio of 11.92, a price-to-earnings-growth ratio of 0.68 and a beta of 0.61. The stock’s 50 day simple moving average is $67.59 and its 200 day simple moving average is $63.67. The company has a debt-to-equity ratio of 1.21, a quick ratio of 1.56 and a current ratio of 1.54.

Concentrix (NASDAQ:CNXC) last posted its quarterly earnings data on Wednesday, September 25th. The company reported $2.87 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.06). The firm had revenue of $2.39 billion for 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%. Concentrix’s revenue was up 46.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.54 earnings per share. Research analysts anticipate that Concentrix Co. will post 10.8 EPS for the current year.

Concentrix Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 5th. Shareholders of record on Friday, October 25th will be issued a dividend of $0.333 per share. The ex-dividend date of this dividend is Friday, October 25th. This is an increase from Concentrix’s previous quarterly dividend of $0.30. This represents a $1.33 annualized dividend and a yield of 2.58%. Concentrix’s dividend payout ratio is 28.01%.

Insider Buying and Selling at Concentrix

In other news, EVP Cormac J. Twomey sold 400 shares of the firm’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $74.63, for a total transaction of $29,852.00. Following the transaction, the executive vice president now directly owns 29,327 shares of the company’s stock, valued at $2,188,674.01. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 3.00% of the company’s stock.

Institutional Trading of Concentrix

Large investors have recently bought and sold shares of the company. Pineridge Advisors LLC bought a new stake in Concentrix during the 4th quarter valued at approximately $35,000. Hexagon Capital Partners LLC lifted its holdings in shares of Concentrix by 2,992.3% during the second quarter. Hexagon Capital Partners LLC now owns 402 shares of the company’s stock valued at $25,000 after purchasing an additional 389 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Concentrix by 1,005.0% during 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 during the last quarter. First Horizon Advisors Inc. raised its holdings in Concentrix by 54.0% in the 2nd quarter. First Horizon Advisors Inc. now owns 813 shares of the company’s stock worth $51,000 after acquiring an additional 285 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. purchased a new position in Concentrix in the 2nd quarter worth approximately $68,000. 90.34% of the stock is owned by institutional investors.

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.