Concentrix (NASDAQ:CNXC) Trading Down 2.9% - Here's Why

Concentrix Corporation (NASDAQ:CNXC - Get Free Report) shares fell 2.9% during mid-day trading on Wednesday . The stock traded as low as $54.70 and last traded at $54.04. 35,884 shares were traded during trading, a decline of 95% from the average session volume of 716,037 shares. The stock had previously closed at $55.63.

Wall Street Analysts Forecast Growth

Several analysts recently commented on CNXC shares. Barrington Research lowered their target price on Concentrix from $70.00 to $54.00 and set an "outperform" rating on the stock in a research report on Monday, March 24th. Bank of America raised their price target on Concentrix from $59.00 to $65.00 and gave the company a "neutral" rating in a report on Monday, June 9th. Finally, Wall Street Zen downgraded shares of Concentrix from a "buy" rating to a "hold" rating in a report on Saturday. Two analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $67.25.

Concentrix Price Performance

The business has a 50-day simple moving average of $53.32 and a two-hundred day simple moving average of $49.18. 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 stock has a market capitalization of $3.20 billion, a price-to-earnings ratio of 12.57, a P/E/G ratio of 0.69 and a beta of 0.56.

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

Concentrix Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 6th. Shareholders of record on Friday, April 25th were given a $0.3328 dividend. This represents a $1.33 annualized dividend 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%.

Insiders Place Their Bets

In other Concentrix news, Director Olivier Duha sold 29,444 shares of the business's stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $48.52, for a total value of $1,428,622.88. Following the sale, the director now directly owns 1,155,862 shares in the company, valued at approximately $56,082,424.24. The trade was a 2.48% 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 company's stock in a transaction that occurred on Monday, April 21st. The stock was bought at an average cost of $46.00 per share, for a total transaction of $46,000.00. Following the purchase, the chief executive officer now directly owns 303,362 shares in the company, valued at $13,954,652. This represents a 0.33% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 30,944 shares of company stock worth $1,510,158. 3.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of Concentrix by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 5,242,763 shares of the company's stock valued at $291,707,000 after acquiring an additional 106,217 shares in the last quarter. AQR Capital Management LLC grew its position in Concentrix by 850.1% during the 1st quarter. AQR Capital Management LLC now owns 3,429,913 shares of the company's stock worth $190,840,000 after purchasing an additional 3,068,916 shares in the last quarter. Fuller & Thaler Asset Management Inc. raised its stake in Concentrix by 38.1% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 2,981,227 shares of the company's stock valued at $128,998,000 after purchasing an additional 823,228 shares during the period. Pzena Investment Management LLC lifted its holdings in shares of Concentrix by 60.0% in the fourth quarter. Pzena Investment Management LLC now owns 2,349,599 shares of the company's stock valued at $101,667,000 after purchasing an additional 880,960 shares in the last quarter. Finally, Copeland Capital Management LLC lifted its holdings in shares of Concentrix by 3.0% in the first quarter. Copeland Capital Management LLC now owns 1,373,432 shares of the company's stock valued at $76,418,000 after purchasing an additional 40,226 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.