Concentrix (NASDAQ:CNXC) Shares Gap Down on Disappointing Earnings

Concentrix Corporation (NASDAQ:CNXCGet Free Report)’s stock price gapped down before the market opened on Friday following a weaker than expected earnings announcement. The stock had previously closed at $55.13, but opened at $51.77. Concentrix shares last traded at $55.90, with a volume of 521,544 shares changing hands.

The company reported $2.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.76 by ($0.06). Concentrix had a return on equity of 16.51% and a net margin of 2.54%. The business had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.38 billion. During the same period in the prior year, the company posted $2.69 EPS. The firm’s revenue for the quarter was up 1.5% compared to the same quarter last year.

Concentrix Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 5th. Investors of record on Friday, July 25th will be paid a dividend of $0.3328 per share. The ex-dividend date of this dividend is Friday, July 25th. This represents a $1.33 dividend on an annualized basis and a dividend yield of 2.57%. Concentrix’s payout ratio is 33.33%.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Wall Street Zen lowered shares of Concentrix from a “buy” rating to a “hold” rating in a research note on Saturday, June 21st. Robert W. Baird boosted their price objective on Concentrix from $62.00 to $72.00 and gave the company an “outperform” rating in a research note on Thursday. Bank of America reduced their price objective on Concentrix from $65.00 to $61.00 and set a “neutral” rating for the company in a research note on Friday. Finally, Barrington Research restated an “outperform” rating and set a $54.00 price objective on shares of Concentrix in a research report on Tuesday. Two analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $66.75.

Get Our Latest Stock Analysis on Concentrix

Insider Buying and Selling at Concentrix

In related news, EVP Cormac J. Twomey sold 500 shares of the firm’s stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $57.06, for a total transaction of $28,530.00. Following the sale, the executive vice president now owns 38,130 shares in the company, valued at approximately $2,175,697.80. This trade represents a 1.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Christopher A. Caldwell purchased 1,000 shares of the business’s stock in a transaction on Monday, April 21st. The stock was acquired at an average price of $46.00 per share, with a total value of $46,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 303,362 shares in the company, valued at $13,954,652. The trade was a 0.33% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders sold 30,944 shares of company stock valued at $1,510,158. Corporate insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Geneos Wealth Management Inc. increased its holdings in shares of Concentrix by 532.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 620 shares of the company’s stock worth $34,000 after buying an additional 522 shares during the last quarter. Steward Partners Investment Advisory LLC boosted its holdings in Concentrix by 81.3% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 638 shares of the company’s stock valued at $28,000 after acquiring an additional 286 shares during the last quarter. UMB Bank n.a. boosted its holdings in Concentrix by 47.3% in the first quarter. UMB Bank n.a. now owns 676 shares of the company’s stock valued at $38,000 after acquiring an additional 217 shares during the last quarter. First Horizon Advisors Inc. boosted its holdings in Concentrix by 111.8% in the first quarter. First Horizon Advisors Inc. now owns 841 shares of the company’s stock valued at $47,000 after acquiring an additional 444 shares during the last quarter. Finally, Parkside Financial Bank & Trust boosted its holdings in Concentrix by 58.7% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,201 shares of the company’s stock valued at $52,000 after acquiring an additional 444 shares during the last quarter. Institutional investors and hedge funds own 90.34% of the company’s stock.

Concentrix Stock Down 6.2%

The stock has a fifty day moving average of $53.86 and a two-hundred day moving average of $49.47. The stock has a market cap of $3.30 billion, a price-to-earnings ratio of 14.21, a PEG ratio of 0.71 and a beta of 0.56. The company has a quick ratio of 1.65, a current ratio of 1.65 and a debt-to-equity ratio of 1.22.

About Concentrix

(Get Free Report)

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.

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