Concentrix (NASDAQ:CNXC) CEO Buys $45,350.00 in Stock

Key Points

• Concentrix CEO Christopher Caldwell purchased 1,000 shares of the company's stock for a total of $45,350, increasing his ownership to 305,345 shares valued at approximately $13.8 million.
• The company announced a quarterly dividend increase from $0.33 to $0.36 per share, resulting in an annualized dividend yield of 3.2%.
• Recent analyst ratings show mixed sentiments, with target prices ranging from $61.00 to $80.00, and a consensus rating of "Moderate Buy" for the stock.

Concentrix Corporation (NASDAQ:CNXC - Get Free Report) CEO Christopher Caldwell bought 1,000 shares of the business's stock in a transaction dated Friday, October 10th. The stock was acquired at an average cost of $45.35 per share, for a total transaction of $45,350.00. Following the completion of the acquisition, the chief executive officer directly owned 305,345 shares in the company, valued at approximately $13,847,395.75. This trade represents a 0.33% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Concentrix Stock Performance

NASDAQ:CNXC traded up $0.10 during midday trading on Tuesday, reaching $44.92. The stock had a trading volume of 594,182 shares, compared to its average volume of 812,396. The firm has a fifty day simple moving average of $50.47 and a two-hundred day simple moving average of $52.66. Concentrix Corporation has a 12-month low of $36.28 and a 12-month high of $66.00. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 1.10. The stock has a market cap of $2.80 billion, a P/E ratio of 9.50, a P/E/G ratio of 0.65 and a beta of 0.50.

Concentrix Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 4th. Stockholders of record on Friday, October 24th will be paid a dividend of $0.36 per share. The ex-dividend date of this dividend is Friday, October 24th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 3.2%. This is an increase from Concentrix's previous quarterly dividend of $0.33. Concentrix's dividend payout ratio is currently 28.12%.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Bank of America dropped their target price on Concentrix from $65.00 to $61.00 and set a "neutral" rating on the stock in a research report on Friday, June 27th. Barrington Research reaffirmed an "outperform" rating and set a $62.00 price target on shares of Concentrix in a research note on Wednesday, September 24th. Robert W. Baird lowered their target price on Concentrix from $75.00 to $62.00 and set an "outperform" rating on the stock in a report on Monday, September 29th. Wall Street Zen downgraded Concentrix from a "buy" rating to a "hold" rating in a research report on Saturday, June 21st. Finally, Canaccord Genuity Group reiterated a "buy" rating and issued a $80.00 price objective on shares of Concentrix in a research report on Tuesday, September 23rd. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $66.25.

Institutional Investors Weigh In On Concentrix

Institutional investors and hedge funds have recently made changes to their positions in the business. Geneos Wealth Management Inc. raised its stake in shares of Concentrix by 532.7% in the first quarter. Geneos Wealth Management Inc. now owns 620 shares of the company's stock worth $34,000 after purchasing an additional 522 shares during the last quarter. IFP Advisors Inc raised its position in Concentrix by 473.8% during the second quarter. IFP Advisors Inc now owns 700 shares of the company's stock valued at $37,000 after purchasing an additional 578 shares in the last quarter. UMB Bank n.a. raised its position in Concentrix by 47.3% during the first quarter. UMB Bank n.a. now owns 676 shares of the company's stock valued at $38,000 after purchasing an additional 217 shares in the last quarter. First Horizon Advisors Inc. increased its holdings in shares of 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 buying an additional 444 shares during the period. Finally, True Wealth Design LLC increased its holdings in shares of Concentrix by 39.3% in the second quarter. True Wealth Design LLC now owns 1,163 shares of the company's stock worth $61,000 after buying an additional 328 shares during the period. 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.

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