Bank of America Trims Concentrix (NASDAQ:CNXC) Target Price to $70.00

Concentrix (NASDAQ:CNXC) had its price objective decreased by Bank of America from $85.00 to $70.00 in a report issued on Thursday morning, Benzinga reports. Bank of America currently has a neutral rating on the stock.

A number of other analysts also recently issued reports on the stock. Canaccord Genuity Group reduced their price target on shares of Concentrix from $125.00 to $100.00 and set a buy rating on the stock in a report on Thursday. Barrington Research cut their price objective on Concentrix from $84.00 to $70.00 and set an outperform rating for the company in a research report on Thursday. One equities research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average target price of $81.25.

Concentrix Stock Performance

NASDAQ CNXC opened at $51.56 on Thursday. The company has a quick ratio of 1.56, a current ratio of 1.54 and a debt-to-equity ratio of 1.21. Concentrix has a twelve month low of $50.23 and a twelve month high of $106.10. The business has a 50-day moving average price of $67.29 and a 200-day moving average price of $63.58. The firm has a market cap of $3.35 billion, a price-to-earnings ratio of 11.94, a price-to-earnings-growth ratio of 0.68 and a beta of 0.61.

Concentrix (NASDAQ:CNXC) last posted its quarterly earnings results on Wednesday, September 25th. The company reported $2.87 earnings per share for the quarter, missing the consensus estimate of $2.93 by ($0.06). The business had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.38 billion. Concentrix had a return on equity of 17.00% and a net margin of 3.08%. The company’s revenue for the quarter was up 46.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.54 earnings per share. As a group, equities research analysts predict that Concentrix will post 10.8 EPS for the current fiscal year.

Concentrix Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 5th. Investors of record on Friday, October 25th will be given a $0.333 dividend. This represents a $1.33 annualized dividend and a yield of 2.58%. The ex-dividend date is Friday, October 25th. This is a boost from Concentrix’s previous quarterly dividend of $0.30. Concentrix’s payout ratio is currently 28.01%.

Insider Activity at Concentrix

In other Concentrix news, EVP Cormac J. Twomey sold 400 shares of Concentrix stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $74.63, for a total value of $29,852.00. Following the completion of the transaction, the executive vice president now directly owns 29,327 shares of the company’s stock, valued at approximately $2,188,674.01. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 3.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Concentrix

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC bought a new position in shares of Concentrix during the 2nd quarter valued at approximately $1,445,000. Vanguard Group Inc. increased its position in Concentrix by 23.9% during the fourth quarter. Vanguard Group Inc. now owns 5,363,893 shares of the company’s stock valued at $526,788,000 after acquiring an additional 1,034,546 shares during the last quarter. Natixis purchased a new stake in shares of Concentrix in the first quarter valued at $542,000. Tweedy Browne Co LLC lifted its holdings in shares of Concentrix by 21.6% in the 1st quarter. Tweedy Browne Co LLC now owns 173,338 shares of the company’s stock worth $11,478,000 after acquiring an additional 30,798 shares during the last quarter. Finally, Groupe Bruxelles Lambert purchased a new position in shares of Concentrix during the 4th quarter worth about $861,662,000. 90.34% of the stock is currently owned by hedge funds and other 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.