Cormac Twomey Sells 500 Shares of Concentrix (NASDAQ:CNXC) Stock

Concentrix Corporation (NASDAQ:CNXC) EVP Cormac Twomey sold 500 shares of the firm’s stock in a transaction on Thursday, October 30th. The shares were sold at an average price of $42.53, for a total transaction of $21,265.00. Following the completion of the transaction, the executive vice president directly owned 35,630 shares of the company’s stock, valued at approximately $1,515,343.90. The trade was a 1.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Concentrix Trading Down 1.6%

Concentrix stock opened at $40.31 on Friday. The company has a debt-to-equity ratio of 1.10, a quick ratio of 1.56 and a current ratio of 1.56. Concentrix Corporation has a fifty-two week low of $36.28 and a fifty-two week high of $66.00. The stock has a market cap of $2.51 billion, a P/E ratio of 8.52, a PEG ratio of 0.58 and a beta of 0.50. The firm’s fifty day moving average price is $49.56 and its 200-day moving average price is $52.20.

Concentrix Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 4th. Shareholders of record on Friday, October 24th will be issued a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend is Friday, October 24th. This is an increase from Concentrix’s previous quarterly dividend of $0.33. Concentrix’s payout ratio is 30.44%.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Robert W. Baird cut their price objective on Concentrix from $75.00 to $62.00 and set an “outperform” rating for the company in a report on Monday, September 29th. Weiss Ratings raised shares of Concentrix from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, October 8th. Canaccord Genuity Group restated a “buy” rating and set a $80.00 price objective on shares of Concentrix in a research report on Tuesday, September 23rd. Barrington Research reiterated an “outperform” rating and issued a $62.00 target price on shares of Concentrix in a research report on Wednesday, September 24th. Finally, Wall Street Zen raised Concentrix from a “hold” rating to a “buy” rating in a research note on Saturday, October 25th. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $66.25.

Institutional Investors Weigh In On Concentrix

A number of institutional investors have recently made changes to their positions in CNXC. AQR Capital Management LLC raised its position in Concentrix by 850.1% in the 1st quarter. AQR Capital Management LLC now owns 3,429,913 shares of the company’s stock worth $190,840,000 after purchasing an additional 3,068,916 shares during the period. Deprince Race & Zollo Inc. bought a new position in shares of Concentrix during the third quarter valued at about $31,768,000. Norges Bank purchased a new position in shares of Concentrix in the second quarter worth about $23,318,000. Arrowstreet Capital Limited Partnership lifted its stake in shares of Concentrix by 247.2% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 535,843 shares of the company’s stock valued at $28,322,000 after acquiring an additional 381,497 shares during the last quarter. Finally, Capital Management Corp VA bought a new stake in shares of Concentrix in the 2nd quarter valued at about $17,230,000. Hedge funds and other institutional investors 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.