Concentrix (NASDAQ:CNXC) Stock Price Down 2.9% - What's Next?

Concentrix Corporation (NASDAQ:CNXC - Get Free Report)'s share price dropped 2.9% on Wednesday . The stock traded as low as $54.70 and last traded at $54.04. Approximately 35,884 shares traded hands during trading, a decline of 95% from the average daily volume of 716,037 shares. The stock had previously closed at $55.63.

Analyst Ratings Changes

CNXC has been the topic of several research analyst reports. Barrington Research dropped 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 raised their price target on shares of Concentrix from $59.00 to $65.00 and gave the company a "neutral" rating in a report on Monday, June 9th. One research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $67.25.

Concentrix Price Performance

The firm has a 50-day simple moving average of $53.11 and a two-hundred day simple moving average of $49.06. The company has a market capitalization of $3.45 billion, a price-to-earnings ratio of 13.47, a P/E/G ratio of 0.75 and a beta of 0.56. The company has a current ratio of 1.65, a quick ratio of 1.65 and a debt-to-equity ratio of 1.22.

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

Concentrix Announces Dividend

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

Insider Activity

In other news, Director Olivier Duha sold 29,444 shares of the company's stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $48.52, for a total transaction of $1,428,622.88. Following the sale, the director now owns 1,155,862 shares of the company's stock, valued at approximately $56,082,424.24. This represents a 2.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Cormac J. Twomey sold 500 shares of the business's stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $55.31, for a total value of $27,655.00. Following the transaction, the executive vice president now directly owns 39,130 shares of the company's stock, valued at approximately $2,164,280.30. This 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. Company insiders own 3.20% of the company's stock.

Institutional Trading of Concentrix

Several institutional investors have recently modified their holdings of CNXC. UMB Bank n.a. raised its position in 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 buying an additional 217 shares during the last quarter. Steward Partners Investment Advisory LLC lifted its position in Concentrix by 81.3% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 638 shares of the company's stock valued at $28,000 after purchasing an additional 286 shares during the period. Rhumbline Advisers boosted its holdings in Concentrix by 0.3% in the 4th 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 position in Concentrix by 58.7% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,201 shares of the company's stock worth $52,000 after purchasing an additional 444 shares during the period. Finally, First Horizon Advisors Inc. raised its stake in shares of Concentrix by 111.8% during the 1st quarter. First Horizon Advisors Inc. now owns 841 shares of the company's stock worth $47,000 after buying an additional 444 shares in the last quarter. Hedge funds and other institutional investors own 90.34% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.