Concentrix (NASDAQ:CNXC) Trading Up 6.1% - Should You Buy?

Key Points

• Concentrix Corporation's stock price increased by 6.1%, trading between $45.13 and $47.91, despite the trading volume decreasing by 87% compared to its average.
• The company recently raised its quarterly dividend from $0.33 to $0.36 per share, reflecting a positive change and a 3.0% yield.
• Analysts have mixed ratings on the stock, with a consensus rating of "Moderate Buy" and a target price averaging $66.25.

Concentrix Corporation (NASDAQ:CNXC - Get Free Report)'s stock price traded up 6.1% on Tuesday . The company traded as high as $47.76 and last traded at $47.91. 107,652 shares were traded during mid-day trading, a decline of 87% from the average session volume of 807,179 shares. The stock had previously closed at $45.13.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Weiss Ratings upgraded Concentrix from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Wednesday, October 8th. Robert W. Baird dropped their target price on shares of Concentrix from $75.00 to $62.00 and set an "outperform" rating on the stock in a research report on Monday, September 29th. Bank of America dropped their price objective on shares of Concentrix from $65.00 to $61.00 and set a "neutral" rating on the stock in a report on Friday, June 27th. Canaccord Genuity Group restated a "buy" rating and issued a $80.00 target price on shares of Concentrix in a research note on Tuesday, September 23rd. Finally, Barrington Research reiterated an "outperform" rating and set a $62.00 price target on shares of Concentrix in a research note on Wednesday, September 24th. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $66.25.

Concentrix Stock Up 4.7%

The business has a 50 day moving average price of $50.29 and a 200 day moving average price of $52.39. 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 $2.94 billion, a PE ratio of 9.99, a P/E/G ratio of 0.65 and a beta of 0.50.

Concentrix Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 4th. Stockholders of record on Friday, October 24th will be issued a dividend of $0.36 per share. This is a positive change from Concentrix's previous quarterly dividend of $0.33. The ex-dividend date of this dividend is Friday, October 24th. This represents a $1.44 annualized dividend and a dividend yield of 3.0%. Concentrix's payout ratio is presently 28.12%.

Insiders Place Their Bets

In other Concentrix news, EVP Cormac J. Twomey sold 500 shares of the company's stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $57.91, for a total value of $28,955.00. Following the completion of the transaction, the executive vice president owned 37,130 shares in the company, valued at approximately $2,150,198.30. This represents a 1.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Christopher A. Caldwell bought 1,000 shares of the stock in a transaction dated Friday, October 10th. The shares were purchased at an average cost of $45.35 per share, for a total transaction of $45,350.00. Following the completion of the purchase, the chief executive officer owned 305,345 shares in the company, valued at approximately $13,847,395.75. This represents a 0.33% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 3.20% of the company's stock.

Institutional Trading of Concentrix

Institutional investors have recently bought and sold shares of the business. Geneos Wealth Management Inc. raised its stake in shares of Concentrix by 532.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 620 shares of the company's stock worth $34,000 after buying an additional 522 shares during the period. 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 worth $37,000 after acquiring an additional 578 shares during the period. First Horizon Advisors Inc. lifted its holdings in Concentrix by 111.8% during the first quarter. First Horizon Advisors Inc. now owns 841 shares of the company's stock valued at $47,000 after purchasing an additional 444 shares in the last quarter. True Wealth Design LLC grew its position 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 valued at $61,000 after purchasing an additional 328 shares during the period. Finally, PNC Financial Services Group Inc. increased its stake in shares of Concentrix by 47.3% during the first quarter. PNC Financial Services Group Inc. now owns 1,504 shares of the company's stock worth $84,000 after purchasing an additional 483 shares in the last quarter. 90.34% of the stock is owned by institutional investors and hedge funds.

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.

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.