Concentrix (NASDAQ:CNXC) Reaches New 52-Week Low – Should You Sell?

Concentrix Co. (NASDAQ:CNXC) shares hit a new 52-week low during trading on Tuesday . The stock traded as low as $45.44 and last traded at $45.44, with a volume of 183858 shares traded. The stock had previously closed at $47.12.

Analyst Ratings Changes

CNXC has been the subject of a number of recent analyst reports. Canaccord Genuity Group decreased their price target on shares of Concentrix from $125.00 to $100.00 and set a “buy” rating for the company in a report on Thursday, September 26th. Barrington Research reduced their price objective on Concentrix from $84.00 to $70.00 and set an “outperform” rating for the company in a research report on Thursday, September 26th. Bank of America decreased their target price on Concentrix from $85.00 to $70.00 and set a “neutral” rating on the stock in a research report on Thursday, September 26th. Robert W. Baird initiated coverage on Concentrix in a research report on Thursday, October 3rd. They set an “outperform” rating and a $70.00 target price for the company. Finally, Baird R W upgraded Concentrix to a “strong-buy” rating in a report on Thursday, October 3rd. One research 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. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $79.00.

Concentrix Price Performance

The firm has a market capitalization of $2.95 billion, a P/E ratio of 10.54, a price-to-earnings-growth ratio of 0.67 and a beta of 0.58. The company has a 50-day moving average price of $62.04 and a 200-day moving average price of $62.19. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.57 and a current ratio of 1.57.

Concentrix (NASDAQ:CNXC) last announced its earnings results on Wednesday, September 25th. The company reported $2.87 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 analyst estimates of $2.38 billion. During the same quarter last year, the business posted $2.54 earnings per share. The business’s quarterly revenue was up 46.2% on a year-over-year basis. On average, sell-side analysts predict that Concentrix Co. will post 10.18 earnings per share for the current year.

Concentrix Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 5th. Stockholders of record on Friday, October 25th will be given a dividend of $0.333 per share. This is a boost from Concentrix’s previous quarterly dividend of $0.30. This represents a $1.33 annualized dividend and a dividend yield of 2.95%. The ex-dividend date of this dividend is Friday, October 25th. Concentrix’s dividend payout ratio is currently 30.79%.

Insider Activity at Concentrix

In other Concentrix news, EVP Cormac J. Twomey sold 400 shares of the company’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $67.23, for a total transaction of $26,892.00. Following the completion of the transaction, the executive vice president now owns 29,727 shares of the company’s stock, valued at $1,998,546.21. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, CEO Christopher A. Caldwell sold 9,823 shares of the company’s stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $52.70, for a total transaction of $517,672.10. Following the sale, the chief executive officer now owns 241,841 shares in the company, valued at $12,745,020.70. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Cormac J. Twomey sold 400 shares of the business’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $67.23, for a total transaction of $26,892.00. Following the transaction, the executive vice president now owns 29,727 shares in the company, valued at approximately $1,998,546.21. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 12,167 shares of company stock valued at $653,747. 3.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CNXC. Vanguard Group Inc. grew its holdings in Concentrix by 23.9% during the fourth quarter. Vanguard Group Inc. now owns 5,363,893 shares of the company’s stock worth $526,788,000 after purchasing an additional 1,034,546 shares during the period. 1832 Asset Management L.P. bought a new position in shares of Concentrix during the 2nd quarter worth approximately $62,738,000. Pzena Investment Management LLC increased its holdings 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 worth $67,095,000 after acquiring an additional 720,616 shares during the last quarter. Impactive Capital LP raised its stake in Concentrix by 13.0% in 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 period. Finally, Paradigm Capital Management Inc. NY lifted its holdings in Concentrix by 126.4% during the 2nd quarter. Paradigm Capital Management Inc. NY now owns 623,542 shares of the company’s stock valued at $39,458,000 after purchasing an additional 348,100 shares during the last quarter. 90.34% of the stock is currently owned by institutional investors and hedge funds.

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.