Scotiabank Trims Concentrix (NASDAQ:CNXC) Target Price to $85.00

Concentrix (NASDAQ:CNXC) had its price objective lowered by Scotiabank from $120.00 to $85.00 in a report published on Monday, Benzinga reports. The firm currently has a sector outperform rating on the stock.

CNXC has been the subject of several other research reports. Barrington Research dropped their price objective on shares of Concentrix from $121.00 to $84.00 and set an outperform rating for the company in a report on Wednesday, March 27th. Bank of America restated an underperform rating and set a $60.00 price target (down previously from $85.00) on shares of Concentrix in a report on Wednesday, March 27th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of Hold and an average target price of $74.75.

Concentrix Price Performance

Shares of Concentrix stock opened at $56.13 on Monday. The stock’s 50-day simple moving average is $64.26 and its 200-day simple moving average is $80.78. The company has a market capitalization of $3.70 billion, a price-to-earnings ratio of 11.57, a PEG ratio of 0.63 and a beta of 0.48. Concentrix has a 52 week low of $54.16 and a 52 week high of $106.10. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 1.23.

Concentrix (NASDAQ:CNXC) last announced its quarterly earnings data 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). Concentrix had a net margin of 3.53% and a return on equity of 17.70%. The company had revenue of $2.40 billion for the quarter, compared to analysts’ expectations of $2.38 billion. As a group, analysts expect that Concentrix will post 11.03 earnings per share for the current fiscal year.

Concentrix Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, May 7th. Stockholders of record on Friday, April 26th will be given a dividend of $0.303 per share. This represents a $1.21 annualized dividend and a dividend yield of 2.16%. This is a boost from Concentrix’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Thursday, April 25th. Concentrix’s dividend payout ratio is currently 24.95%.

Insider Buying and Selling

In related news, CEO Christopher A. Caldwell acquired 900 shares of the firm’s stock in a transaction on Friday, April 19th. The shares were acquired at an average cost of $54.59 per share, for a total transaction of $49,131.00. Following the completion of the transaction, the chief executive officer now directly owns 239,128 shares in the company, valued at approximately $13,053,997.52. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Over the last quarter, insiders purchased 1,679 shares of company stock worth $98,546. Corporate insiders own 3.00% of the company’s stock.

Institutional Trading of Concentrix

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Groupe Bruxelles Lambert bought a new position in Concentrix during the fourth quarter valued at $861,662,000. Vanguard Group Inc. grew its holdings in Concentrix by 23.9% during the 4th quarter. Vanguard Group Inc. now owns 5,363,893 shares of the company’s stock valued at $526,788,000 after purchasing an additional 1,034,546 shares during the last quarter. Fuller & Thaler Asset Management Inc. lifted its stake in Concentrix by 470.1% in the third quarter. Fuller & Thaler Asset Management Inc. now owns 969,707 shares of the company’s stock worth $77,683,000 after purchasing an additional 799,625 shares during the last quarter. Impactive Capital LP boosted its position in shares of Concentrix by 30.2% during the third quarter. Impactive Capital LP now owns 3,255,172 shares of the company’s stock valued at $260,772,000 after buying an additional 754,566 shares during the period. Finally, AQR Capital Management LLC grew its stake in shares of Concentrix by 161.3% during the third quarter. AQR Capital Management LLC now owns 794,300 shares of the company’s stock valued at $63,488,000 after buying an additional 490,361 shares during the last quarter. Hedge funds and other institutional investors own 90.34% of the company’s stock.

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.