Concentrix (NASDAQ:CNXC) Shares Gap Down After Analyst Downgrade

Concentrix Co. (NASDAQ:CNXC)’s stock price gapped down before the market opened on Wednesday after Barrington Research lowered their price target on the stock from $121.00 to $84.00. The stock had previously closed at $62.23, but opened at $59.96. Barrington Research currently has an outperform rating on the stock. Concentrix shares last traded at $64.24, with a volume of 275,411 shares trading hands.

Hedge Funds Weigh In On Concentrix

Several large investors have recently bought and sold shares of CNXC. Huntington National Bank lifted its stake in Concentrix by 98.1% during the 2nd quarter. Huntington National Bank now owns 315 shares of the company’s stock valued at $25,000 after acquiring an additional 156 shares in the last quarter. Quarry LP purchased a new stake in shares of Concentrix during the 1st quarter valued at $26,000. First Horizon Advisors Inc. increased its position in shares of Concentrix by 381.7% during the 4th quarter. First Horizon Advisors Inc. now owns 342 shares of the company’s stock valued at $34,000 after purchasing an additional 271 shares during the last quarter. Pineridge Advisors LLC purchased a new stake in shares of Concentrix during the 4th quarter valued at $35,000. Finally, Parkside Financial Bank & Trust increased its position in shares of Concentrix by 146.1% during the 4th quarter. Parkside Financial Bank & Trust now owns 630 shares of the company’s stock valued at $62,000 after purchasing an additional 374 shares during the last quarter. 90.34% of the stock is currently owned by institutional investors.

Concentrix Trading Up 1.6 %

The stock has a market capitalization of $4.39 billion, a PE ratio of 11.48, a price-to-earnings-growth ratio of 0.66 and a beta of 0.50. The firm has a 50-day moving average price of $77.73 and a 200-day moving average price of $83.49. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 1.19.

Concentrix (NASDAQ:CNXC) last announced its earnings results on Wednesday, January 24th. The company reported $3.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.92 by $0.15. Concentrix had a return on equity of 18.77% and a net margin of 3.53%. The firm had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.20 billion. As a group, equities analysts forecast that Concentrix Co. will post 11.26 EPS for the current fiscal year.

Concentrix Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 7th. Investors of record on Friday, April 26th will be issued a $0.303 dividend. The ex-dividend date of this dividend is Thursday, April 25th. This represents a $1.21 annualized dividend and a yield of 1.83%. This is a positive change from Concentrix’s previous quarterly dividend of $0.30. Concentrix’s dividend payout ratio (DPR) is 20.97%.

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.