Concentrix (NASDAQ:CNXC) Price Target Raised to $59.00

Concentrix (NASDAQ:CNXC) had its price objective boosted by Bank of America from $58.00 to $59.00 in a research note released on Thursday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Several other research analysts have also commented on CNXC. Canaccord Genuity Group reduced their price objective on shares of Concentrix from $100.00 to $80.00 and set a “buy” rating for the company in a research note on Thursday, January 16th. Barrington Research cut their price target on shares of Concentrix from $70.00 to $54.00 and set an “outperform” rating on the stock in a report on Monday, March 24th. 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 stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $69.60.

Concentrix Stock Down 12.4 %

Shares of Concentrix stock opened at $56.95 on Thursday. Concentrix has a 1 year low of $36.28 and a 1 year high of $77.00. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.42 and a quick ratio of 1.42. The stock has a market cap of $3.66 billion, a price-to-earnings ratio of 15.35, a PEG ratio of 0.63 and a beta of 0.69. The firm’s 50-day moving average is $48.06 and its two-hundred day moving average is $47.60.

Concentrix (NASDAQ:CNXC) last posted its earnings results on Wednesday, March 26th. The company reported $2.79 earnings per share for the quarter, topping analysts’ consensus estimates of $2.58 by $0.21. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. The company had revenue of $2.37 billion during the quarter, compared to analyst estimates of $2.37 billion. During the same quarter in the prior year, the business earned $2.57 earnings per share. Concentrix’s revenue was down 1.3% on a year-over-year basis. As a group, research analysts expect that Concentrix will post 10.11 earnings per share for the current fiscal year.

Concentrix Announces Dividend

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

Insider Buying and Selling at Concentrix

In other news, EVP Cormac J. Twomey sold 500 shares of Concentrix stock in a transaction that occurred on 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 directly owns 41,111 shares of the company’s stock, valued at $2,285,771.60. The trade was a 1.20 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 3.20% of the company’s stock.

Institutional Trading of Concentrix

Hedge funds have recently added to or reduced their stakes in the company. Fuller & Thaler Asset Management Inc. raised its position in shares of Concentrix by 38.1% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 2,981,227 shares of the company’s stock worth $128,998,000 after acquiring an additional 823,228 shares during the period. Pzena Investment Management LLC raised its holdings in Concentrix by 60.0% in the 4th quarter. Pzena Investment Management LLC now owns 2,349,599 shares of the company’s stock worth $101,667,000 after purchasing an additional 880,960 shares during the period. State Street Corp boosted its position in Concentrix by 1.3% during the third quarter. State Street Corp now owns 1,401,953 shares of the company’s stock worth $71,850,000 after purchasing an additional 18,304 shares in the last quarter. Copeland Capital Management LLC boosted its position in Concentrix by 32.9% during the fourth quarter. Copeland Capital Management LLC now owns 1,333,206 shares of the company’s stock worth $57,688,000 after purchasing an additional 329,831 shares in the last quarter. Finally, Lyrical Asset Management LP grew its holdings in Concentrix by 3.4% in the fourth quarter. Lyrical Asset Management LP now owns 1,258,398 shares of the company’s stock valued at $54,451,000 after purchasing an additional 41,540 shares during the period. 90.34% of the stock is owned by hedge funds and other institutional investors.

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.