Concentrix Corporation (NASDAQ:CNXC) Given Consensus Recommendation of "Buy" by Analysts

Key Points

• Concentrix Corporation has been given an average rating of "Buy" by analysts, with a consensus average price target of $66.75.
• The company reported a Q2 EPS of $2.70, missing expectations by $0.06, but had a revenue of $2.42 billion, exceeding analyst estimates.
• Concentrix recently declared a quarterly dividend of $0.3328 per share, providing an annualized yield of 2.8% with a payout ratio of 36.54%.

Concentrix Corporation (NASDAQ:CNXC - Get Free Report) has earned an average rating of "Buy" from the five ratings firms that are currently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating on the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $66.75.

A number of equities analysts have commented on CNXC shares. Wall Street Zen downgraded shares of Concentrix from a "buy" rating to a "hold" rating in a report on Saturday, June 21st. Canaccord Genuity Group reiterated a "buy" rating and issued a $80.00 target price on shares of Concentrix in a research note on Monday, June 30th. Barrington Research reiterated an "outperform" rating and issued a $54.00 target price on shares of Concentrix in a research note on Tuesday, June 24th. Robert W. Baird raised their target price on Concentrix from $62.00 to $72.00 and gave the company an "outperform" rating in a research note on Thursday, June 26th. Finally, Bank of America cut their target price on Concentrix from $65.00 to $61.00 and set a "neutral" rating on the stock in a research note on Friday, June 27th.

Concentrix Stock Performance

Concentrix stock opened at $47.09 on Friday. The company has a market cap of $2.97 billion, a PE ratio of 12.94, a P/E/G ratio of 0.63 and a beta of 0.53. The company has a fifty day moving average price of $55.21 and a two-hundred day moving average price of $51.71. The company has a debt-to-equity ratio of 1.14, a current ratio of 1.61 and a quick ratio of 1.61. Concentrix has a 12 month low of $36.28 and a 12 month high of $77.00.

Concentrix (NASDAQ:CNXC - Get Free Report) last released its quarterly earnings data on Thursday, June 26th. The company reported $2.70 EPS for the quarter, missing analysts' consensus estimates of $2.76 by ($0.06). The business had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.38 billion. Concentrix had a return on equity of 16.31% and a net margin of 2.54%. The business's revenue for the quarter was up 1.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.69 EPS. Research analysts expect that Concentrix will post 10.11 earnings per share for the current year.

Concentrix Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 5th. Investors of record on Friday, July 25th were paid a dividend of $0.3328 per share. This represents a $1.33 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date was Friday, July 25th. Concentrix's payout ratio is currently 36.54%.

Insider Buying and Selling at Concentrix

In related news, EVP Cormac J. Twomey sold 500 shares of Concentrix stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $57.91, for a total transaction of $28,955.00. Following the sale, the executive vice president directly owned 37,130 shares in the company, valued at $2,150,198.30. The trade was a 1.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 3.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Concentrix

A number of hedge funds and other institutional investors have recently modified their holdings of CNXC. Geneos Wealth Management Inc. increased its stake in Concentrix by 532.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 620 shares of the company's stock worth $34,000 after purchasing an additional 522 shares in the last quarter. IFP Advisors Inc increased its stake in Concentrix by 473.8% in the 2nd quarter. IFP Advisors Inc now owns 700 shares of the company's stock worth $37,000 after purchasing an additional 578 shares in the last quarter. UMB Bank n.a. increased its stake in Concentrix by 47.3% in the 1st quarter. UMB Bank n.a. now owns 676 shares of the company's stock worth $38,000 after purchasing an additional 217 shares in the last quarter. First Horizon Advisors Inc. increased its stake in Concentrix by 111.8% in the 1st quarter. First Horizon Advisors Inc. now owns 841 shares of the company's stock worth $47,000 after purchasing an additional 444 shares in the last quarter. Finally, True Wealth Design LLC increased its stake in Concentrix by 39.3% in the 2nd quarter. True Wealth Design LLC now owns 1,163 shares of the company's stock worth $61,000 after purchasing an additional 328 shares in 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.

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