Concentrix (NASDAQ:CNXC) Hits New 1-Year Low at $56.21

Concentrix Co. (NASDAQ:CNXC) shares reached a new 52-week low during trading on Wednesday . The company traded as low as $56.21 and last traded at $56.21, with a volume of 73798 shares changing hands. The stock had previously closed at $57.54.

Analyst Ratings Changes

A number of research firms recently commented on CNXC. Barrington Research decreased their price objective on Concentrix from $121.00 to $84.00 and set an “outperform” rating on the stock in a report on Wednesday, March 27th. Bank of America reiterated an “underperform” rating and issued a $60.00 price objective (down from $85.00) on shares of Concentrix in a report on Wednesday, March 27th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $82.25.

Concentrix Trading Down 0.9 %

The company has a market cap of $3.61 billion, a PE ratio of 11.29, a price-to-earnings-growth ratio of 0.63 and a beta of 0.48. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 1.23. The business has a 50-day simple moving average of $68.08 and a 200-day simple moving average of $81.96.

Concentrix (NASDAQ:CNXC) last announced its earnings results on Tuesday, March 26th. The company reported $2.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.36 by ($0.03). The firm had revenue of $2.40 billion during the quarter, compared to analysts’ expectations of $2.38 billion. Concentrix had a net margin of 3.53% and a return on equity of 17.70%. On average, analysts predict that Concentrix Co. will post 11.03 EPS for the current fiscal year.

Concentrix Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, May 7th. Shareholders of record on Friday, April 26th will be given a $0.303 dividend. This is a positive change from Concentrix’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Thursday, April 25th. This represents a $1.21 dividend on an annualized basis and a yield of 2.21%. Concentrix’s payout ratio is presently 24.95%.

Institutional Trading of Concentrix

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. increased its position in shares of Concentrix by 7.7% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 1,859 shares of the company’s stock worth $310,000 after acquiring an additional 133 shares during the period. BlackRock Inc. increased its position in shares of Concentrix by 1.0% during the first quarter. BlackRock Inc. now owns 3,668,975 shares of the company’s stock worth $611,103,000 after acquiring an additional 35,619 shares during the period. Great West Life Assurance Co. Can increased its position in shares of Concentrix by 8.0% during the first quarter. Great West Life Assurance Co. Can now owns 23,644 shares of the company’s stock worth $4,049,000 after acquiring an additional 1,761 shares during the period. Sei Investments Co. increased its position in shares of Concentrix by 168.7% during the first quarter. Sei Investments Co. now owns 22,904 shares of the company’s stock worth $3,823,000 after acquiring an additional 14,380 shares during the period. Finally, Aviva PLC purchased a new stake in shares of Concentrix during the first quarter worth $593,000. Hedge funds and other institutional investors own 90.34% of the company’s stock.

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.