Cormac J. Twomey Sells 500 Shares of Concentrix Corporation (NASDAQ:CNXC) Stock

Key Points

• Cormac J. Twomey, EVP of Concentrix Corporation, sold 500 shares at an average price of $57.91, resulting in a decrease of his holdings to 37,130 shares.
• Concentrix has announced a quarterly dividend of $0.3328, with an annual yield of 2.6%, to be paid on August 5th.
• The stock is currently trading at $51.97, down 6.0%, and analysts have mixed ratings, with a consensus target price of $66.75.

Concentrix Corporation (NASDAQ:CNXC - Get Free Report) EVP Cormac J. Twomey sold 500 shares of the company's stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $57.91, for a total value of $28,955.00. Following the transaction, the executive vice president directly owned 37,130 shares in the company, valued at $2,150,198.30. This represents a 1.33% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Concentrix Trading Down 6.0%

NASDAQ:CNXC traded down $3.34 on Thursday, hitting $51.97. 651,876 shares of the stock were exchanged, compared to its average volume of 810,693. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 1.14. Concentrix Corporation has a fifty-two week low of $36.28 and a fifty-two week high of $77.00. The stock has a market cap of $3.28 billion, a PE ratio of 14.28, a PEG ratio of 0.77 and a beta of 0.53. The stock has a fifty day moving average of $56.51 and a 200-day moving average of $51.75.

Concentrix (NASDAQ:CNXC - Get Free Report) last posted its earnings results 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 during the quarter, compared to analyst estimates of $2.38 billion. During the same quarter last year, the business posted $2.69 EPS. Concentrix's quarterly revenue was up 1.5% compared to the same quarter last year. As a group, equities analysts expect that Concentrix Corporation will post 10.11 earnings per share for the current fiscal year.

Concentrix Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 5th. Investors of record on Friday, July 25th will be issued a $0.3328 dividend. The ex-dividend date of this dividend is Friday, July 25th. This represents a $1.33 dividend on an annualized basis and a yield of 2.6%. Concentrix's dividend payout ratio is currently 36.54%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Geneos Wealth Management Inc. boosted its holdings in Concentrix by 532.7% in the first quarter. Geneos Wealth Management Inc. now owns 620 shares of the company's stock valued at $34,000 after purchasing an additional 522 shares during the last quarter. IFP Advisors Inc boosted its holdings in Concentrix by 473.8% in the second quarter. IFP Advisors Inc now owns 700 shares of the company's stock valued at $37,000 after purchasing an additional 578 shares during the last quarter. UMB Bank n.a. boosted its holdings in Concentrix by 47.3% in the first quarter. UMB Bank n.a. now owns 676 shares of the company's stock valued at $38,000 after purchasing an additional 217 shares during the last quarter. First Horizon Advisors Inc. boosted its holdings in Concentrix by 111.8% in 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 during the last quarter. Finally, PNC Financial Services Group Inc. boosted its holdings in Concentrix by 47.3% in the first quarter. PNC Financial Services Group Inc. now owns 1,504 shares of the company's stock valued at $84,000 after purchasing an additional 483 shares during the last quarter. Hedge funds and other institutional investors own 90.34% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on CNXC shares. Canaccord Genuity Group reaffirmed a "buy" rating and set a $80.00 price objective on shares of Concentrix in a research note on Monday, June 30th. Wall Street Zen downgraded Concentrix from a "buy" rating to a "hold" rating in a research report on Saturday, June 21st. Barrington Research reiterated an "outperform" rating and set a $54.00 target price on shares of Concentrix in a research report on Tuesday, June 24th. Robert W. Baird increased their target price on Concentrix from $62.00 to $72.00 and gave the stock an "outperform" rating in a research report on Thursday, June 26th. Finally, Bank of America reduced their target price on Concentrix from $65.00 to $61.00 and set a "neutral" rating on the stock in a research report on Friday, June 27th. Two investment analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $66.75.

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.

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