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 Concentrix stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $57.91, for a total transaction of $28,955.00. Following the transaction, the executive vice president directly owned 37,130 shares of the company's stock, valued at approximately $2,150,198.30. This represents a 1.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Concentrix Stock Up 1.5%

Shares of CNXC traded up $0.69 during mid-day trading on Monday, hitting $46.91. The company's stock had a trading volume of 222,350 shares, compared to its average volume of 807,853. The company's 50-day moving average is $56.23 and its 200-day moving average is $51.84. Concentrix Corporation has a 52-week low of $36.28 and a 52-week high of $77.00. The firm has a market capitalization of $2.96 billion, a price-to-earnings ratio of 12.88, a PEG ratio of 0.62 and a beta of 0.53. 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 (NASDAQ:CNXC - Get Free Report) last announced its quarterly earnings results on Thursday, June 26th. The company reported $2.70 earnings per share for the quarter, missing the consensus estimate of $2.76 by ($0.06). Concentrix had a return on equity of 16.31% and a net margin of 2.54%. The business had revenue of $2.42 billion during the quarter, compared to analysts' expectations of $2.38 billion. During the same period in the previous year, the company posted $2.69 EPS. Concentrix's revenue for the quarter was up 1.5% on a year-over-year basis. On average, equities research analysts forecast that Concentrix Corporation will post 10.11 EPS for the current fiscal year.

Concentrix Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 5th. Investors of record on Friday, July 25th will be paid a dividend of $0.3328 per share. This represents a $1.33 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Friday, July 25th. Concentrix's payout ratio is 36.54%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CNXC. Geneos Wealth Management Inc. increased its stake in shares of Concentrix by 532.7% in the first quarter. Geneos Wealth Management Inc. now owns 620 shares of the company's stock worth $34,000 after acquiring an additional 522 shares during the period. IFP Advisors Inc boosted its holdings 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 buying an additional 578 shares in the last quarter. UMB Bank n.a. boosted its holdings in Concentrix by 47.3% during the first quarter. UMB Bank n.a. now owns 676 shares of the company's stock worth $38,000 after buying an additional 217 shares in the last quarter. First Horizon Advisors Inc. boosted its holdings in Concentrix by 111.8% during the first 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. Finally, PNC Financial Services Group Inc. boosted its holdings in 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 buying an additional 483 shares in the last quarter. Institutional investors and hedge funds own 90.34% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Barrington Research reaffirmed an "outperform" rating and set a $54.00 price target on shares of Concentrix in a research note on Tuesday, June 24th. Robert W. Baird boosted their price objective on shares of Concentrix from $62.00 to $72.00 and gave the company an "outperform" rating in a research report on Thursday, June 26th. Wall Street Zen cut shares of Concentrix from a "buy" rating to a "hold" rating in a research report on Saturday, June 21st. Canaccord Genuity Group reissued a "buy" rating and issued a $80.00 price objective on shares of Concentrix in a research report on Monday, June 30th. Finally, Bank of America lowered their price objective on shares of Concentrix from $65.00 to $61.00 and set a "neutral" rating for the company in a research report on Friday, June 27th. Two equities research 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's stock. Based on data from MarketBeat, Concentrix has an average rating of "Moderate Buy" and an average 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.