Concentrix (NASDAQ:CNXC) Shares Gap Up After Strong Earnings

Shares of Concentrix Co. (NASDAQ:CNXC) gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $45.68, but opened at $51.49. Concentrix shares last traded at $59.86, with a volume of 747,478 shares traded.

The company reported $2.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.58 by $0.21. The business had revenue of $2.37 billion during the quarter, compared to analysts’ expectations of $2.37 billion. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. Concentrix’s revenue for the quarter was down 1.3% compared to the same quarter last year. During the same period in the prior year, the business earned $2.57 EPS.

Concentrix Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, May 6th. Shareholders of record on Friday, April 25th will be paid a $0.3328 dividend. This represents a $1.33 annualized dividend and a dividend yield of 2.34%. The ex-dividend date is Friday, April 25th. Concentrix’s dividend payout ratio is 35.85%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on CNXC shares. Barrington Research dropped their target price on Concentrix from $70.00 to $54.00 and set an “outperform” rating on the stock in a research report on Monday, March 24th. Canaccord Genuity Group lowered their price objective on shares of Concentrix from $100.00 to $80.00 and set a “buy” rating on the stock in a report on Thursday, January 16th. Finally, Bank of America boosted their price objective on shares of Concentrix from $58.00 to $59.00 and gave the stock a “neutral” rating in a research report on Thursday. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $69.60.

Insiders Place Their Bets

In related news, EVP Cormac J. Twomey sold 500 shares of the firm’s stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $55.60, for a total value of $27,800.00. Following the completion of the transaction, the executive vice president now directly owns 41,111 shares of the company’s stock, valued at approximately $2,285,771.60. This trade represents a 1.20 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of CNXC. State Street Corp lifted its stake in Concentrix by 1.3% in the 3rd quarter. State Street Corp now owns 1,401,953 shares of the company’s stock valued at $71,850,000 after purchasing an additional 18,304 shares during the last quarter. Nordea Investment Management AB raised its stake in Concentrix by 43.9% in the fourth quarter. Nordea Investment Management AB now owns 70,654 shares of the company’s stock valued at $3,076,000 after buying an additional 21,568 shares during the period. Neo Ivy Capital Management acquired a new stake in shares of Concentrix in the third quarter valued at approximately $2,844,000. Thompson Investment Management Inc. boosted its stake in shares of Concentrix by 1,232.8% during the 4th quarter. Thompson Investment Management Inc. now owns 140,411 shares of the company’s stock worth $6,076,000 after acquiring an additional 129,876 shares during the period. Finally, Raymond James Financial Inc. acquired a new position in shares of Concentrix during the 4th quarter worth approximately $4,752,000. Institutional investors own 90.34% of the company’s stock.

Concentrix Trading Down 12.4 %

The business has a 50 day moving average of $48.06 and a two-hundred day moving average of $47.75. The firm has a market cap of $3.66 billion, a P/E ratio of 15.35, a PEG ratio of 0.63 and a beta of 0.69. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 1.17.

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.