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

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

A number of other research analysts have also recently commented on the company. Barrington Research reduced their price objective on Concentrix from $70.00 to $54.00 and set an "outperform" rating on the stock in a research note on Monday, March 24th. Bank of America boosted their target price on shares of Concentrix from $59.00 to $65.00 and gave the stock a "neutral" rating in a research report on Monday, June 9th. 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's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $67.25.

Concentrix Trading Up 4.5%

Shares of NASDAQ CNXC traded up $2.31 during trading on Friday, hitting $54.08. 835,252 shares of the company traded hands, compared to its average volume of 725,087. The firm has a market capitalization of $3.45 billion, a P/E ratio of 13.55, a P/E/G ratio of 0.65 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. The company has a 50-day moving average price of $53.36 and a 200-day moving average price of $49.30. Concentrix has a 1 year low of $36.28 and a 1 year high of $77.00.

Concentrix (NASDAQ:CNXC - Get Free Report) last posted its quarterly earnings results on Wednesday, March 26th. The company reported $2.79 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.58 by $0.21. The firm had revenue of $2.37 billion during the quarter, compared to the consensus estimate of $2.37 billion. Concentrix had a return on equity of 16.73% and a net margin of 2.81%. The firm's quarterly revenue was down 1.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.57 earnings per share. On average, equities analysts predict that Concentrix will post 10.11 EPS for the current year.

Concentrix Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, May 6th. Shareholders of record on Friday, April 25th were paid a $0.3328 dividend. The ex-dividend date of this dividend was Friday, April 25th. This represents a $1.33 annualized dividend and a dividend yield of 2.46%. Concentrix's payout ratio is currently 33.33%.

Insider Transactions at Concentrix

In other Concentrix news, CEO Christopher A. Caldwell bought 1,000 shares of the company's stock in a transaction that occurred on Monday, April 21st. The shares were acquired at an average cost of $46.00 per share, for a total transaction of $46,000.00. Following the acquisition, the chief executive officer now directly owns 303,362 shares of the company's stock, valued at $13,954,652. This trade represents a 0.33% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Cormac J. Twomey sold 500 shares of the stock in a transaction on Monday, March 31st. The shares were sold at an average price of $55.31, for a total value of $27,655.00. Following the sale, the executive vice president now owns 39,130 shares of the company's stock, valued at $2,164,280.30. This trade represents a 1.26% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 30,944 shares of company stock worth $1,510,158. Company insiders own 3.20% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. UMB Bank n.a. lifted its position in shares of Concentrix by 47.3% in the 1st quarter. UMB Bank n.a. now owns 676 shares of the company's stock valued at $38,000 after acquiring an additional 217 shares in the last quarter. Steward Partners Investment Advisory LLC boosted its position in shares of Concentrix by 81.3% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 638 shares of the company's stock worth $28,000 after buying an additional 286 shares during the period. Rhumbline Advisers grew its holdings 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 buying an additional 324 shares in the last quarter. Parkside Financial Bank & Trust raised its position in Concentrix by 58.7% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,201 shares of the company's stock valued at $52,000 after buying an additional 444 shares during the period. Finally, First Horizon Advisors Inc. lifted 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 acquiring an additional 444 shares in the last quarter. 90.34% of the stock is currently owned by institutional investors and hedge funds.

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.