Insider Selling: Concentrix Co. (NASDAQ:CNXC) CEO Sells 9,823 Shares of Stock

Concentrix Co. (NASDAQ:CNXC) CEO Christopher A. Caldwell sold 9,823 shares of the stock in a transaction that occurred on Friday, October 4th. The shares were sold at an average price of $52.70, for a total value of $517,672.10. Following the sale, the chief executive officer now owns 241,841 shares of the company’s stock, valued at approximately $12,745,020.70. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Concentrix Price Performance

Shares of Concentrix stock traded down $0.06 during trading on Friday, hitting $52.58. 889,991 shares of the company’s stock traded hands, compared to its average volume of 535,536. The company has a market cap of $3.43 billion, a PE ratio of 12.17, a PEG ratio of 0.55 and a beta of 0.58. The firm’s fifty day moving average price is $66.12 and its 200 day moving average price is $63.28. Concentrix Co. has a twelve month low of $50.23 and a twelve month 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 1.56.

Concentrix (NASDAQ:CNXC) last released its quarterly earnings data on Wednesday, September 25th. The company reported $2.87 earnings per share for the quarter, missing the consensus estimate of $2.93 by ($0.06). Concentrix had a net margin of 2.18% and a return on equity of 16.57%. The company had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.38 billion. During the same quarter in the prior year, the company posted $2.54 earnings per share. The company’s revenue for the quarter was up 46.2% on a year-over-year basis. Analysts forecast that Concentrix Co. will post 10.18 earnings per share for the current year.

Concentrix Increases Dividend

The business 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 a boost from Concentrix’s previous quarterly dividend of $0.30. This represents a $1.33 dividend on an annualized basis and a dividend yield of 2.53%. Concentrix’s dividend payout ratio (DPR) is presently 30.79%.

Institutional Investors Weigh In On Concentrix

Several large investors have recently made changes to their positions in the company. Groupe Bruxelles Lambert bought a new stake in Concentrix during the 4th quarter worth approximately $861,662,000. Vanguard Group Inc. boosted its stake in shares of Concentrix by 23.9% in the 4th quarter. Vanguard Group Inc. now owns 5,363,893 shares of the company’s stock valued at $526,788,000 after purchasing an additional 1,034,546 shares during the last quarter. 1832 Asset Management L.P. bought a new position in Concentrix in the second quarter valued at approximately $62,738,000. Pzena Investment Management LLC raised its position in shares of Concentrix by 246.3% during the 1st quarter. Pzena Investment Management LLC now owns 1,013,208 shares of the company’s stock valued at $67,095,000 after acquiring an additional 720,616 shares during the last quarter. Finally, Impactive Capital LP raised its position in shares of Concentrix by 13.0% during the 1st quarter. Impactive Capital LP now owns 3,846,370 shares of the company’s stock valued at $254,707,000 after acquiring an additional 443,045 shares during the last quarter. Institutional investors own 90.34% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Barrington Research lowered their price objective on shares of Concentrix from $84.00 to $70.00 and set an “outperform” rating on the stock in a research note on Thursday, September 26th. Bank of America decreased 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. Canaccord Genuity Group cut their price objective on shares of Concentrix from $125.00 to $100.00 and set a “buy” rating for the company in a research report on Thursday, September 26th. Baird R W raised Concentrix to a “strong-buy” rating in a research report on Thursday. Finally, Robert W. Baird assumed coverage on Concentrix in a research note on Thursday. They set an “outperform” rating and a $70.00 price target on the stock. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $79.00.

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.