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 research note released on Monday morning, Benzinga reports. The firm currently has a sector outperform rating on the stock.

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

Concentrix Stock Up 1.2 %

Shares of CNXC opened at $55.30 on Monday. The company’s 50-day moving average price is $63.73 and its 200 day moving average price is $80.61. Concentrix has a 12-month low of $53.89 and a 12-month high of $106.10. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 1.23. The firm has a market cap of $3.65 billion, a P/E ratio of 11.40, a price-to-earnings-growth ratio of 0.64 and a beta of 0.48.

Concentrix (NASDAQ:CNXC) last released its quarterly 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 company 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, sell-side analysts forecast that Concentrix will post 11.03 earnings per share for the current year.

Concentrix Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 7th. Stockholders of record on Friday, April 26th will be paid a $0.303 dividend. This is a boost from Concentrix’s previous quarterly dividend of $0.30. This represents a $1.21 annualized dividend and a dividend yield of 2.19%. The ex-dividend date of this dividend is Thursday, April 25th. Concentrix’s dividend payout ratio (DPR) is presently 24.95%.

Insider Buying and Selling

In related news, CEO Christopher A. Caldwell acquired 900 shares of the firm’s stock in a transaction dated Friday, April 19th. The stock was acquired at an average price of $54.59 per share, for a total transaction of $49,131.00. Following the purchase, the chief executive officer now owns 239,128 shares of the company’s stock, valued at approximately $13,053,997.52. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders purchased 1,679 shares of company stock valued at $98,546 in the last three months. 3.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Concentrix

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Groupe Bruxelles Lambert purchased a new position in Concentrix in the fourth quarter valued at $861,662,000. Vanguard Group Inc. raised its position in shares of Concentrix by 23.9% during the 4th quarter. Vanguard Group Inc. now owns 5,363,893 shares of the company’s stock worth $526,788,000 after acquiring an additional 1,034,546 shares in the last quarter. Fuller & Thaler Asset Management Inc. lifted its stake in Concentrix by 470.1% during 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 holdings in Concentrix by 30.2% in the third quarter. Impactive Capital LP now owns 3,255,172 shares of the company’s stock valued at $260,772,000 after purchasing an additional 754,566 shares in the last quarter. Finally, AQR Capital Management LLC increased its stake in Concentrix by 161.3% in the third quarter. AQR Capital Management LLC now owns 794,300 shares of the company’s stock valued at $63,488,000 after purchasing an additional 490,361 shares during the last quarter. 90.34% of the stock is currently owned by institutional investors and hedge funds.

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.