Concentrix (NASDAQ:CNXC) Sets New 1-Year Low at $56.21

Concentrix Co. (NASDAQ:CNXC)’s stock price reached a new 52-week low on Wednesday . The stock traded as low as $56.21 and last traded at $56.21, with a volume of 73798 shares trading hands. The stock had previously closed at $57.54.

Analysts Set New Price Targets

Several research firms recently weighed in on CNXC. Barrington Research reduced their target price on shares of Concentrix from $121.00 to $84.00 and set an “outperform” rating on the stock in a report on Wednesday, March 27th. Bank of America restated an “underperform” rating and set a $60.00 target price (down previously from $85.00) on shares of Concentrix in a report on Wednesday, March 27th. One analyst has rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $82.25.

Concentrix Price Performance

The stock has a market cap of $3.61 billion, a PE ratio of 11.29, a P/E/G ratio of 0.63 and a beta of 0.48. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 1.23. The company’s 50 day moving average is $68.08 and its 200-day moving average is $81.96.

Concentrix (NASDAQ:CNXC) last released its quarterly earnings results on Tuesday, March 26th. The company reported $2.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.36 by ($0.03). Concentrix had a return on equity of 17.70% and a net margin of 3.53%. The firm had revenue of $2.40 billion for the quarter, compared to analysts’ expectations of $2.38 billion. As a group, sell-side analysts predict that Concentrix Co. will post 11.03 earnings per share for the current year.

Concentrix Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, May 7th. Investors of record on Friday, April 26th will be paid a dividend of $0.303 per share. This is an increase from Concentrix’s previous quarterly dividend of $0.30. The ex-dividend date is Thursday, April 25th. This represents a $1.21 annualized dividend and a yield of 2.21%. Concentrix’s payout ratio is 24.95%.

Institutional Investors Weigh In On Concentrix

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Utah Retirement Systems increased its position in shares of Concentrix by 4.5% in the 2nd quarter. Utah Retirement Systems now owns 2,300 shares of the company’s stock worth $312,000 after purchasing an additional 100 shares during the last quarter. Fifth Third Bancorp increased its position in shares of Concentrix by 9.1% in the 4th quarter. Fifth Third Bancorp now owns 1,481 shares of the company’s stock worth $145,000 after purchasing an additional 123 shares during the last quarter. Public Employees Retirement Association of Colorado boosted its holdings in shares of Concentrix by 2.8% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 4,767 shares of the company’s stock valued at $468,000 after buying an additional 128 shares during the period. Cambridge Investment Research Advisors Inc. boosted its holdings in shares of Concentrix by 7.7% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 1,859 shares of the company’s stock valued at $310,000 after buying an additional 133 shares during the period. Finally, Ieq Capital LLC boosted its holdings in shares of Concentrix by 3.3% in the 4th quarter. Ieq Capital LLC now owns 4,920 shares of the company’s stock valued at $483,000 after buying an additional 157 shares during the period. Institutional investors own 90.34% of the company’s stock.

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.