Concentrix (NASDAQ:CNXC) Shares Down 4.8% Following Insider Selling

Shares of Concentrix Co. (NASDAQ:CNXC) dropped 4.8% on Monday following insider selling activity. The company traded as low as $49.00 and last traded at $49.77. Approximately 125,646 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 841,300 shares. The stock had previously closed at $52.28.

Specifically, EVP Cormac J. Twomey sold 500 shares of the stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $55.60, for a total transaction of $27,800.00. Following the completion of the transaction, the executive vice president now owns 41,111 shares of the company’s stock, valued at $2,285,771.60. This trade represents a 1.20 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Analyst Ratings Changes

Separately, Canaccord Genuity Group decreased their target price on Concentrix from $100.00 to $80.00 and set a “buy” rating on the stock in a research note on Thursday, January 16th. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $75.00.

Concentrix Stock Down 0.9 %

The firm has a market cap of $3.15 billion, a PE ratio of 13.20, a PEG ratio of 0.72 and a beta of 0.63. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 1.17. The firm has a 50 day moving average price of $46.26 and a 200-day moving average price of $53.33.

Concentrix (NASDAQ:CNXC) last announced its quarterly earnings data on Wednesday, January 15th. The company reported $3.26 EPS for the quarter, beating analysts’ consensus estimates of $3.01 by $0.25. The company had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.44 billion. Concentrix had a net margin of 2.61% and a return on equity of 16.67%. The company’s quarterly revenue was up 9.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.36 EPS. Research analysts forecast that Concentrix Co. will post 10.11 EPS for the current fiscal year.

Concentrix Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 11th. Stockholders of record on Friday, January 31st will be given a dividend of $0.3328 per share. The ex-dividend date of this dividend is Friday, January 31st. This represents a $1.33 annualized dividend and a dividend yield of 2.72%. Concentrix’s dividend payout ratio is currently 35.85%.

Institutional Investors Weigh In On Concentrix

Hedge funds and other institutional investors have recently made changes to their positions in the business. Millennium Management LLC increased its stake in Concentrix by 212.0% in the second quarter. Millennium Management LLC now owns 138,532 shares of the company’s stock valued at $8,766,000 after purchasing an additional 94,130 shares during the last quarter. Algert Global LLC acquired a new stake in Concentrix during the 2nd quarter worth $273,000. Handelsbanken Fonder AB lifted its position in Concentrix by 45.1% in the third quarter. Handelsbanken Fonder AB now owns 11,900 shares of the company’s stock valued at $610,000 after acquiring an additional 3,700 shares during the last quarter. GAMMA Investing LLC boosted its stake in Concentrix by 64.9% in the third quarter. GAMMA Investing LLC now owns 729 shares of the company’s stock valued at $37,000 after acquiring an additional 287 shares in the last quarter. Finally, CWM LLC grew its holdings in shares of Concentrix by 34.4% during the third quarter. CWM LLC now owns 8,682 shares of the company’s stock worth $445,000 after purchasing an additional 2,224 shares during 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.