Concentrix Sees Unusually Large Options Volume (NASDAQ:CNXC)

Key Points

• Concentrix Corporation saw an **unprecedented 2,876% increase** in call option volume, with 19,613 options traded on a recent Friday.
• Analysts have mixed views on Concentrix, with ratings ranging from a **"Strong Buy"** to a **"Hold,"** and an average price target of **$69.50**.
• The company recently announced an increase in its quarterly dividend from **$0.33 to $0.36** per share, reflecting a dividend yield of **2.9%**.

Concentrix Corporation (NASDAQ:CNXC - Get Free Report) was the target of unusually large options trading on Friday. Stock investors bought 19,613 call options on the company. This represents an increase of 2,876% compared to the typical daily volume of 659 call options.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on CNXC. Canaccord Genuity Group reiterated a "buy" rating and set a $80.00 price target on shares of Concentrix in a report on Tuesday. Robert W. Baird lifted their price target on Concentrix from $72.00 to $75.00 and gave the stock an "outperform" rating in a report on Thursday, September 18th. Wall Street Zen lowered Concentrix from a "buy" rating to a "hold" rating in a report on Saturday, June 21st. Barrington Research reiterated an "outperform" rating and set a $62.00 price target on shares of Concentrix in a report on Wednesday. Finally, Bank of America lowered their target price on Concentrix from $65.00 to $61.00 and set a "neutral" rating on the stock in a research note on Friday, June 27th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, Concentrix presently has an average rating of "Buy" and an average price target of $69.50.

Concentrix Stock Performance

Shares of CNXC traded down $5.17 during mid-day trading on Friday, hitting $49.82. The stock had a trading volume of 2,474,395 shares, compared to its average volume of 794,207. The firm has a market cap of $3.14 billion, a P/E ratio of 13.69, a PEG ratio of 0.74 and a beta of 0.53. The business has a fifty day moving average price of $52.68 and a 200-day moving average price of $52.61. The company has a debt-to-equity ratio of 1.14, a current ratio of 1.61 and a quick ratio of 1.61. Concentrix has a 52 week low of $36.28 and a 52 week high of $66.00.

Concentrix (NASDAQ:CNXC - Get Free Report) last released its quarterly earnings data on Thursday, June 26th. The company reported $2.70 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.76 by ($0.06). Concentrix had a net margin of 2.54% and a return on equity of 16.31%. The company had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.38 billion. During the same quarter in the previous year, the firm posted $2.69 earnings per share. The business's revenue for the quarter was up 1.5% compared to the same quarter last year. On average, equities research analysts expect that Concentrix will post 10.11 EPS for the current year.

Concentrix Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 4th. Investors of record on Friday, October 24th will be paid a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Friday, October 24th. This is a positive change from Concentrix's previous quarterly dividend of $0.33. Concentrix's dividend payout ratio is presently 36.54%.

Insider Buying and Selling

In related news, EVP Cormac J. Twomey sold 500 shares of Concentrix stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $57.91, for a total transaction of $28,955.00. Following the sale, the executive vice president directly owned 37,130 shares in the company, valued at approximately $2,150,198.30. This trade represents a 1.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 3.20% of the company's stock.

Institutional Trading of Concentrix

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in Concentrix by 2.1% during the first quarter. Vanguard Group Inc. now owns 5,242,763 shares of the company's stock worth $291,707,000 after buying an additional 106,217 shares in the last quarter. AQR Capital Management LLC grew its position in Concentrix by 25.5% during the second quarter. AQR Capital Management LLC now owns 4,305,469 shares of the company's stock worth $226,252,000 after buying an additional 875,556 shares in the last quarter. State Street Corp grew its position in Concentrix by 8.7% during the second quarter. State Street Corp now owns 1,622,854 shares of the company's stock worth $85,776,000 after buying an additional 130,529 shares in the last quarter. 1832 Asset Management L.P. grew its position in Concentrix by 3.1% during the second quarter. 1832 Asset Management L.P. now owns 1,544,997 shares of the company's stock worth $81,661,000 after buying an additional 46,856 shares in the last quarter. Finally, Copeland Capital Management LLC grew its position in Concentrix by 3.0% during the first quarter. Copeland Capital Management LLC now owns 1,373,432 shares of the company's stock worth $76,418,000 after buying an additional 40,226 shares in the last quarter. 90.34% of the stock is currently owned by institutional investors.

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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