Concentrix (NASDAQ:CNXC) Hits New 52-Week Low – Should You Sell?

Concentrix Corporation (NASDAQ:CNXC) hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $22.40 and last traded at $22.9690, with a volume of 354479 shares trading hands. The stock had previously closed at $23.24.

Wall Street Analysts Forecast Growth

Several brokerages have commented on CNXC. Robert W. Baird lowered their price objective on shares of Concentrix from $52.00 to $40.00 and set an “outperform” rating for the company in a report on Wednesday, March 25th. Wall Street Zen lowered Concentrix from a “buy” rating to a “hold” rating in a research report on Saturday, March 28th. Weiss Ratings restated a “sell (d)” rating on shares of Concentrix in a research note on Monday, April 27th. Canaccord Genuity Group reduced their price target on Concentrix from $80.00 to $55.00 and set a “buy” rating on the stock in a research note on Wednesday, March 25th. Finally, Barrington Research decreased their price objective on Concentrix from $62.00 to $38.00 and set an “outperform” rating for the company in a report on Wednesday, March 25th. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $48.50.

Concentrix Stock Up 0.7%

The stock’s 50 day simple moving average is $28.39 and its two-hundred day simple moving average is $34.74. The firm has a market cap of $1.43 billion, a P/E ratio of -1.09, a P/E/G ratio of 0.29 and a beta of 0.37. The company has a debt-to-equity ratio of 1.43, a current ratio of 1.18 and a quick ratio of 1.18.

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

Concentrix Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 5th. Stockholders of record on Friday, April 24th were paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 6.1%. The ex-dividend date of this dividend was Friday, April 24th. Concentrix’s dividend payout ratio is currently -6.68%.

Insider Buying and Selling at Concentrix

In other news, major shareholder Bruxelles Lambert Groupe sold 6,000,000 shares of the firm’s stock in a transaction on Wednesday, April 29th. The stock was sold at an average price of $22.25, for a total transaction of $133,500,000.00. Following the completion of the transaction, the insider directly owned 2,773,667 shares in the company, valued at $61,714,090.75. This trade represents a 68.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Andre S. Valentine purchased 2,500 shares of the stock in a transaction dated Thursday, April 9th. The stock was bought at an average cost of $27.95 per share, with a total value of $69,875.00. Following the transaction, the chief financial officer owned 89,066 shares in the company, valued at $2,489,394.70. The trade was a 2.89% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 0.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CNXC. Huntington National Bank increased its position in shares of Concentrix by 6,011.1% during the third quarter. Huntington National Bank now owns 550 shares of the company’s stock valued at $25,000 after acquiring an additional 541 shares in the last quarter. Quent Capital LLC bought a new position in Concentrix in the 3rd quarter valued at approximately $29,000. Larson Financial Group LLC boosted its stake in Concentrix by 224.9% during the 3rd quarter. Larson Financial Group LLC now owns 692 shares of the company’s stock valued at $32,000 after purchasing an additional 479 shares during the last quarter. Geneos Wealth Management Inc. boosted its stake in Concentrix by 532.7% during the 1st 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. Finally, Rothschild Investment LLC increased its holdings in shares of Concentrix by 14,980.0% in the 3rd quarter. Rothschild Investment LLC now owns 754 shares of the company’s stock worth $35,000 after purchasing an additional 749 shares in the last quarter. Institutional investors own 90.34% of the company’s stock.

About Concentrix

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.