Cormac J. Twomey Sells 1,544 Shares of Concentrix Co. (NASDAQ:CNXC) Stock

Concentrix Co. (NASDAQ:CNXC) EVP Cormac J. Twomey sold 1,544 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $51.38, for a total value of $79,330.72. Following the transaction, the executive vice president now directly owns 27,783 shares in the company, valued at approximately $1,427,490.54. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Concentrix Price Performance

CNXC traded up $0.76 on Wednesday, reaching $51.70. The stock had a trading volume of 1,171,752 shares, compared to its average volume of 529,500. The firm has a 50-day moving average of $66.66 and a 200-day moving average of $63.44. Concentrix Co. has a fifty-two week low of $50.23 and a fifty-two week high of $106.10. The company has a market capitalization of $3.38 billion, a price-to-earnings ratio of 11.79, a price-to-earnings-growth ratio of 0.55 and a beta of 0.61. The company has a current ratio of 1.57, a quick ratio of 1.56 and a debt-to-equity ratio of 1.18.

Concentrix (NASDAQ:CNXC) last announced its earnings results on Wednesday, September 25th. The company reported $2.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.93 by ($0.06). Concentrix had a return on equity of 16.57% and a net margin of 2.18%. The company had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.38 billion. During the same period in the prior year, the business earned $2.54 earnings per share. The firm’s revenue for the quarter was up 46.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Concentrix Co. will post 10.18 EPS for the current year.

Concentrix Increases Dividend

The firm also recently declared 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. This represents a $1.33 dividend on an annualized basis and a dividend yield of 2.58%. This is a boost from Concentrix’s previous quarterly dividend of $0.30. The ex-dividend date is Friday, October 25th. Concentrix’s dividend payout ratio is presently 30.79%.

Wall Street Analyst Weigh In

Several research firms recently commented on CNXC. Canaccord Genuity Group decreased their price target 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. Barrington Research reduced their target price on Concentrix from $84.00 to $70.00 and set an “outperform” rating on the stock in a report on Thursday, September 26th. Finally, Bank of America dropped their price target on Concentrix from $85.00 to $70.00 and set a “neutral” rating for the company in a research note on Thursday, September 26th. One investment analyst has rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $81.25.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Treasurer of the State of North Carolina grew its stake in Concentrix by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 19,466 shares of the company’s stock valued at $1,912,000 after acquiring an additional 190 shares during the period. State of Michigan Retirement System lifted its stake in shares of Concentrix by 1.8% in the first quarter. State of Michigan Retirement System now owns 11,591 shares of the company’s stock valued at $768,000 after buying an additional 200 shares in the last quarter. Capital International Ltd. CA grew its holdings in shares of Concentrix by 1.4% during the fourth quarter. Capital International Ltd. CA now owns 15,368 shares of the company’s stock valued at $1,509,000 after buying an additional 218 shares during the last quarter. SummerHaven Investment Management LLC raised its holdings in shares of Concentrix by 2.9% in the 2nd quarter. SummerHaven Investment Management LLC now owns 8,662 shares of the company’s stock worth $548,000 after acquiring an additional 248 shares during the last quarter. Finally, First Horizon Advisors Inc. lifted its position in Concentrix by 54.0% in the 2nd quarter. First Horizon Advisors Inc. now owns 813 shares of the company’s stock valued at $51,000 after acquiring an additional 285 shares in the last quarter. Institutional investors and hedge funds 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.