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

Concentrix Co. (NASDAQ:CNXC) EVP Cormac J. Twomey sold 500 shares of the business’s stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $55.60, for a total value of $27,800.00. Following the sale, the executive vice president now owns 41,111 shares in the company, valued at $2,285,771.60. This represents a 1.20 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Concentrix Trading Down 1.7 %

Shares of NASDAQ CNXC traded down $0.88 during trading on Friday, reaching $52.28. The company had a trading volume of 631,772 shares, compared to its average volume of 878,419. The company’s fifty day moving average price is $45.90 and its 200-day moving average price is $53.95. Concentrix Co. has a 12 month low of $36.28 and a 12 month high of $91.20. The stock has a market cap of $3.37 billion, a P/E ratio of 14.09, a PEG ratio of 0.75 and a beta of 0.63. The company has a quick ratio of 1.57, a current ratio of 1.42 and a debt-to-equity ratio of 1.17.

Concentrix (NASDAQ:CNXC) last announced its quarterly earnings data on Wednesday, January 15th. The company reported $3.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.01 by $0.25. The company had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.44 billion. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. The firm’s revenue was up 9.7% compared to the same quarter last year. During the same period in the previous year, the business earned $3.36 EPS. As a group, research analysts expect that Concentrix Co. will post 10.11 earnings per share for the current year.

Concentrix Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 11th. Stockholders of record on Friday, January 31st will be paid a $0.3328 dividend. This represents a $1.33 dividend on an annualized basis and a dividend yield of 2.55%. The ex-dividend date is Friday, January 31st. Concentrix’s dividend payout ratio is 35.85%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in CNXC. Invenomic Capital Management LP lifted its stake in shares of Concentrix by 354.3% in the 3rd quarter. Invenomic Capital Management LP now owns 472,243 shares of the company’s stock valued at $24,202,000 after purchasing an additional 368,295 shares during the period. Copeland Capital Management LLC lifted its stake in shares of Concentrix by 32.9% in the 4th quarter. Copeland Capital Management LLC now owns 1,333,206 shares of the company’s stock valued at $57,688,000 after purchasing an additional 329,831 shares during the period. Thompson Investment Management Inc. lifted its stake in shares of Concentrix by 1,232.8% in the 4th quarter. Thompson Investment Management Inc. now owns 140,411 shares of the company’s stock valued at $6,076,000 after purchasing an additional 129,876 shares during the period. Millennium Management LLC raised its stake in Concentrix by 212.0% during the 2nd quarter. Millennium Management LLC now owns 138,532 shares of the company’s stock worth $8,766,000 after buying an additional 94,130 shares during the period. Finally, Neo Ivy Capital Management acquired a new position in Concentrix during the 3rd quarter worth approximately $2,844,000. 90.34% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CNXC has been the topic of a number of research reports. Robert W. Baird initiated coverage on Concentrix in a research report on Thursday, October 3rd. They set an “outperform” rating and a $70.00 price objective on the stock. Baird R W upgraded Concentrix to a “strong-buy” rating in a research report on Thursday, October 3rd. Finally, Canaccord Genuity Group reduced their price target on Concentrix from $100.00 to $80.00 and set a “buy” rating on the stock in a research report on Thursday, January 16th. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Concentrix currently has an average rating of “Buy” and a consensus target price of $75.00.

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.