Concentrix (NASDAQ:CNXC) Shares Gap Up After Better-Than-Expected Earnings

Concentrix Co. (NASDAQ:CNXC)’s share price gapped up prior to trading on Thursday following a stronger than expected earnings report. The stock had previously closed at $45.68, but opened at $51.49. Concentrix shares last traded at $59.86, with a volume of 747,478 shares traded.

The company reported $2.79 EPS for the quarter, beating analysts’ consensus estimates of $2.58 by $0.21. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. The company had revenue of $2.37 billion during the quarter, compared to analysts’ expectations of $2.37 billion. During the same period last year, the business posted $2.57 EPS. Concentrix’s revenue for the quarter was down 1.3% on a year-over-year basis.

Concentrix Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, February 11th. Investors of record on Friday, January 31st were issued a $0.3328 dividend. The ex-dividend date was Friday, January 31st. This represents a $1.33 dividend on an annualized basis and a yield of 2.23%. Concentrix’s dividend payout ratio (DPR) is presently 35.85%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Canaccord Genuity Group lowered their price objective on Concentrix from $100.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday, January 16th. Barrington Research lowered their price target on shares of Concentrix from $70.00 to $54.00 and set an “outperform” rating for the company in a report on Monday. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $71.80.

Insider Transactions at Concentrix

In other news, Director Kathryn Hayley purchased 500 shares of the company’s stock in a transaction that occurred on Wednesday, January 22nd. The shares were purchased at an average price of $50.22 per share, for a total transaction of $25,110.00. Following the purchase, the director now directly owns 3,034 shares of the company’s stock, valued at $152,367.48. This represents a 19.73 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Concentrix

A number of hedge funds have recently modified their holdings of CNXC. CSS LLC IL acquired a new stake in shares of Concentrix during the fourth quarter worth $355,000. PharVision Advisers LLC purchased a new position in Concentrix in the 4th quarter valued at approximately $465,000. Paradigm Capital Management Inc. NY increased its stake in Concentrix by 2.7% in the 4th quarter. Paradigm Capital Management Inc. NY now owns 750,142 shares of the company’s stock valued at $32,459,000 after purchasing an additional 19,418 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Concentrix by 15.8% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 124,769 shares of the company’s stock worth $5,399,000 after purchasing an additional 17,019 shares during the last quarter. Finally, Voloridge Investment Management LLC purchased a new stake in Concentrix during the fourth quarter worth $1,202,000. 90.34% of the stock is currently owned by hedge funds and other institutional investors.

Concentrix Price Performance

The company has a market cap of $3.85 billion, a price-to-earnings ratio of 15.92, a price-to-earnings-growth ratio of 0.63 and a beta of 0.69. The company has a fifty day simple moving average of $47.58 and a two-hundred day simple moving average of $47.73. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.17.

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.