Concentrix (NASDAQ:CNXC) Shares Down 8.6% – Here’s What Happened

Concentrix Corporation (NASDAQ:CNXC) dropped 8.6% during trading on Thursday . The company traded as low as $26.33 and last traded at $26.4570. Approximately 292,568 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 1,486,732 shares. The stock had previously closed at $28.95.

Wall Street Analyst Weigh In

CNXC has been the topic of a number of research analyst reports. Canaccord Genuity Group lowered their price target on Concentrix from $80.00 to $55.00 and set a “buy” rating on the stock in a report on Wednesday, March 25th. Barrington Research lowered their price target on Concentrix from $62.00 to $38.00 and set an “outperform” rating on the stock in a report on Wednesday, March 25th. Robert W. Baird lowered their price target on Concentrix from $52.00 to $40.00 and set an “outperform” rating on the stock in a report on Wednesday, March 25th. Wall Street Zen cut Concentrix from a “buy” rating to a “hold” rating in a report on Saturday, March 28th. Finally, Weiss Ratings cut Concentrix from a “hold (c-)” rating to a “sell (d)” rating in a report on Thursday, January 29th. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $48.50.

Concentrix Stock Down 7.7%

The firm has a market capitalization of $1.63 billion, a PE ratio of -1.24, a PEG ratio of 0.37 and a beta of 0.50. The company has a fifty day moving average price of $30.21 and a 200-day moving average price of $36.79. The company has a debt-to-equity ratio of 1.43, a quick ratio of 1.18 and a current ratio of 1.18.

Concentrix (NASDAQ:CNXC) last issued its quarterly earnings data on Tuesday, March 24th. The company reported $2.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.65 by ($0.04). The firm had revenue of $2.50 billion for the quarter, compared to analysts’ expectations of $2.49 billion. Concentrix had a positive return on equity of 17.80% and a negative net margin of 13.35%.The firm’s revenue was up 5.4% on a year-over-year basis. During the same period last year, the company earned $2.79 earnings per share. As a group, analysts expect that Concentrix Corporation will post 10.42 earnings per share for the current year.

Concentrix Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 5th. Stockholders of record on Friday, April 24th will be issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 5.4%. The ex-dividend date of this dividend is Friday, April 24th. Concentrix’s dividend payout ratio is -6.68%.

Insider Activity at Concentrix

In other news, CEO Christopher A. Caldwell acquired 1,000 shares of the firm’s stock in a transaction dated Thursday, January 29th. The shares were acquired at an average cost of $37.07 per share, with a total value of $37,070.00. Following the acquisition, the chief executive officer directly owned 362,075 shares of the company’s stock, valued at approximately $13,422,120.25. The trade was a 0.28% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Andre S. Valentine bought 2,500 shares of the business’s stock in a transaction dated Thursday, April 9th. The shares were bought at an average cost of $27.95 per share, for a total transaction of $69,875.00. Following the transaction, the chief financial officer owned 89,066 shares in the company, valued at approximately $2,489,394.70. The trade was a 2.89% increase in their position. The SEC filing for this purchase provides additional information. 0.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Concentrix

Several large investors have recently modified their holdings of the stock. AQR Capital Management LLC increased its position in shares of Concentrix by 1.8% during the 3rd quarter. AQR Capital Management LLC now owns 4,380,821 shares of the company’s stock valued at $202,175,000 after purchasing an additional 75,352 shares during the last quarter. Pzena Investment Management LLC increased its position in shares of Concentrix by 32.3% during the 4th quarter. Pzena Investment Management LLC now owns 2,927,196 shares of the company’s stock valued at $121,713,000 after purchasing an additional 714,604 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Concentrix by 28.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,491,270 shares of the company’s stock valued at $103,588,000 after purchasing an additional 551,778 shares during the last quarter. State Street Corp increased its position in shares of Concentrix by 8.7% during the 2nd quarter. State Street Corp now owns 1,622,854 shares of the company’s stock valued at $85,776,000 after purchasing an additional 130,529 shares during the last quarter. Finally, Invenomic Capital Management LP increased its position in shares of Concentrix by 6.3% during the 4th quarter. Invenomic Capital Management LP now owns 874,241 shares of the company’s stock valued at $36,351,000 after purchasing an additional 51,896 shares during the last quarter. Institutional investors own 90.34% of the company’s stock.

Concentrix Company Profile

Concentrix Inc (NASDAQ: CNXC) is a global business services company specializing in customer engagement solutions and technology?driven business process outsourcing. The firm’s offerings encompass customer care delivered across voice and digital channels, back?office processing, analytics and consulting, and automated workflow management. By integrating proprietary platforms, strategic partnerships and advanced automation, Concentrix helps clients enhance customer experiences and streamline operations.

Its capabilities extend to digital marketing and technology implementation, leveraging artificial intelligence, machine learning and data analytics to optimize customer journeys.