Concentrix (NASDAQ:CNXC) Downgraded to “Hold” Rating by Wall Street Zen

Wall Street Zen lowered shares of Concentrix (NASDAQ:CNXC) from a buy rating to a hold rating in a research note published on Saturday.

CNXC has been the subject of a number of other reports. Bank of America boosted their price objective on shares of Concentrix from $59.00 to $65.00 and gave the stock a “neutral” rating in a report on Monday, June 9th. Barrington Research reduced their target price on Concentrix from $70.00 to $54.00 and set an “outperform” rating on the stock in a research note on Monday, March 24th. Two investment analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $67.25.

Concentrix Stock Performance

NASDAQ CNXC opened at $50.15 on Friday. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.65 and a quick ratio of 1.65. Concentrix has a 1 year low of $36.28 and a 1 year high of $77.00. The stock has a market capitalization of $3.20 billion, a PE ratio of 12.57, a P/E/G ratio of 0.65 and a beta of 0.56. The company’s 50 day simple moving average is $53.32 and its two-hundred day simple moving average is $49.20.

Concentrix (NASDAQ:CNXC) last announced its earnings results on Wednesday, March 26th. The company reported $2.79 earnings per share for the quarter, beating analysts’ consensus estimates of $2.58 by $0.21. Concentrix had a net margin of 2.81% and a return on equity of 16.73%. The business had revenue of $2.37 billion for the quarter, compared to the consensus estimate of $2.37 billion. During the same period last year, the firm posted $2.57 earnings per share. Concentrix’s quarterly revenue was down 1.3% on a year-over-year basis. Analysts predict that Concentrix will post 10.11 earnings per share for the current fiscal year.

Concentrix Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, May 6th. Shareholders of record on Friday, April 25th were issued a $0.3328 dividend. This represents a $1.33 dividend on an annualized basis and a yield of 2.65%. The ex-dividend date of this dividend was Friday, April 25th. Concentrix’s dividend payout ratio (DPR) is presently 33.33%.

Insider Activity at Concentrix

In related news, Director Olivier Duha sold 29,444 shares of the stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $48.52, for a total transaction of $1,428,622.88. Following the transaction, the director now owns 1,155,862 shares in the company, valued at $56,082,424.24. This represents a 2.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Cormac J. Twomey sold 500 shares of the firm’s stock in a transaction on Monday, March 31st. The stock was sold at an average price of $55.31, for a total value of $27,655.00. Following the completion of the transaction, the executive vice president now owns 39,130 shares in the company, valued at approximately $2,164,280.30. This trade represents a 1.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 30,944 shares of company stock valued at $1,510,158 in the last 90 days. Corporate insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Concentrix

Large investors have recently made changes to their positions in the company. UMB Bank n.a. boosted its stake in shares of Concentrix by 47.3% during the 1st quarter. UMB Bank n.a. now owns 676 shares of the company’s stock worth $38,000 after acquiring an additional 217 shares during the last quarter. Steward Partners Investment Advisory LLC grew its stake in Concentrix by 81.3% during 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 in the last quarter. Rhumbline Advisers grew its position in shares of Concentrix by 0.3% during the fourth quarter. Rhumbline Advisers now owns 128,617 shares of the company’s stock valued at $5,565,000 after purchasing an additional 324 shares in the last quarter. Parkside Financial Bank & Trust increased its stake in Concentrix by 58.7% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,201 shares of the company’s stock worth $52,000 after acquiring an additional 444 shares during the last quarter. Finally, First Horizon Advisors Inc. increased its position in Concentrix by 111.8% in the first quarter. First Horizon Advisors Inc. now owns 841 shares of the company’s stock worth $47,000 after purchasing an additional 444 shares during the last quarter. 90.34% of the stock is currently owned by institutional investors.

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.