Concentrix Co. (NASDAQ:CNXC) Sees Significant Growth in Short Interest

Concentrix Co. (NASDAQ:CNXC) was the recipient of a large increase in short interest during the month of October. As of October 31st, there was short interest totalling 6,310,000 shares, an increase of 9.7% from the October 15th total of 5,750,000 shares. Approximately 13.7% of the shares of the stock are short sold. Based on an average daily volume of 702,900 shares, the days-to-cover ratio is presently 9.0 days.

Concentrix Trading Down 1.4 %

Shares of NASDAQ:CNXC opened at $37.77 on Tuesday. The business’s 50 day simple moving average is $50.66 and its 200 day simple moving average is $60.12. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.57 and a quick ratio of 1.57. Concentrix has a 1 year low of $37.60 and a 1 year high of $106.10. The company has a market capitalization of $2.45 billion, a P/E ratio of 12.26, a P/E/G ratio of 0.53 and a beta of 0.61.

Concentrix (NASDAQ:CNXC) last announced its quarterly earnings results on Wednesday, September 25th. The company reported $2.87 EPS for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.06). Concentrix had a net margin of 2.18% and a return on equity of 16.57%. The firm had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.38 billion. During the same quarter in the previous year, the company posted $2.54 earnings per share. The firm’s revenue was up 46.2% on a year-over-year basis. On average, research analysts anticipate that Concentrix will post 10.18 EPS for the current fiscal year.

Concentrix Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 5th. Investors of record on Friday, October 25th were issued a $0.333 dividend. This represents a $1.33 dividend on an annualized basis and a yield of 3.53%. This is an increase from Concentrix’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Friday, October 25th. Concentrix’s dividend payout ratio is presently 43.18%.

Insider Buying and Selling at Concentrix

In related news, EVP Cormac J. Twomey sold 400 shares of Concentrix stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $74.63, for a total transaction of $29,852.00. Following the completion of the sale, the executive vice president now directly owns 29,327 shares of the company’s stock, valued at $2,188,674.01. The trade was a 1.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Christopher A. Caldwell sold 9,823 shares of Concentrix stock in a transaction on Friday, October 4th. The stock was sold at an average price of $52.70, for a total value of $517,672.10. Following the sale, the chief executive officer now directly owns 241,841 shares of the company’s stock, valued at approximately $12,745,020.70. This trade represents a 3.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 12,267 shares of company stock worth $648,945. 3.10% of the stock is currently owned by insiders.

Institutional Trading of Concentrix

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. SG Americas Securities LLC acquired a new stake in shares of Concentrix in the 2nd quarter valued at about $1,445,000. GSA Capital Partners LLP acquired a new stake in shares of Concentrix in the 3rd quarter valued at about $1,243,000. Raymond James & Associates grew its stake in shares of Concentrix by 73.3% in the 3rd quarter. Raymond James & Associates now owns 55,313 shares of the company’s stock valued at $2,835,000 after buying an additional 23,387 shares during the period. State of Alaska Department of Revenue grew its stake in shares of Concentrix by 24.8% in the 3rd quarter. State of Alaska Department of Revenue now owns 64,783 shares of the company’s stock valued at $3,319,000 after buying an additional 12,870 shares during the period. Finally, Natixis acquired a new stake in shares of Concentrix in the 1st quarter valued at about $542,000. 90.34% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Bank of America reduced their target price on Concentrix from $85.00 to $70.00 and set a “neutral” rating on the stock in a report on Thursday, September 26th. Robert W. Baird initiated coverage on Concentrix in a report on Thursday, October 3rd. They set an “outperform” rating and a $70.00 target price on the stock. Canaccord Genuity Group lowered their price target on Concentrix from $125.00 to $100.00 and set a “buy” rating on the stock in a research report on Thursday, September 26th. Baird R W raised Concentrix to a “strong-buy” rating in a research report on Thursday, October 3rd. Finally, Barrington Research lowered their price target on Concentrix from $84.00 to $70.00 and set an “outperform” rating on the stock in a research report on Thursday, September 26th. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $79.00.

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.