Concentrix Co. (NASDAQ:CNXC) Short Interest Up 5.1% in January

Concentrix Co. (NASDAQ:CNXC) was the recipient of a large growth in short interest in the month of January. As of January 15th, there was short interest totalling 7,150,000 shares, a growth of 5.1% from the December 31st total of 6,800,000 shares. Currently, 15.5% of the shares of the company are sold short. Based on an average trading volume of 704,700 shares, the days-to-cover ratio is currently 10.1 days.

Concentrix Price Performance

Shares of CNXC stock opened at $48.99 on Wednesday. Concentrix has a 12 month low of $36.28 and a 12 month high of $86.55. The company has a market capitalization of $3.15 billion, a P/E ratio of 13.20, a P/E/G ratio of 0.72 and a beta of 0.63. The stock has a 50 day moving average of $46.26 and a two-hundred day moving average of $53.33. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 1.17.

Concentrix (NASDAQ:CNXC) last posted its quarterly earnings results on Wednesday, January 15th. The company reported $3.26 earnings per share for the quarter, topping analysts’ consensus estimates of $3.01 by $0.25. Concentrix had a net margin of 2.61% and a return on equity of 16.67%. The firm had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.44 billion. During the same quarter in the previous year, the company earned $3.36 earnings per share. The business’s revenue was up 9.7% compared to the same quarter last year. As a group, equities analysts expect that Concentrix will post 10.11 EPS for the current year.

Concentrix Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, February 11th. Shareholders of record on Friday, January 31st will be paid a dividend of $0.3328 per share. This represents a $1.33 dividend on an annualized basis and a yield of 2.72%. The ex-dividend date is Friday, January 31st. Concentrix’s dividend payout ratio is 35.85%.

Analysts Set New Price Targets

Separately, Canaccord Genuity Group lowered their price objective on shares of Concentrix from $100.00 to $80.00 and set a “buy” rating on the stock in a research note on Thursday, January 16th. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $75.00.

Insider Buying and Selling

In other Concentrix news, Director Kathryn Hayley purchased 500 shares of the company’s stock in a transaction on Wednesday, January 22nd. The shares were bought at an average cost of $50.22 per share, with a total value of $25,110.00. Following the transaction, the director now directly owns 3,034 shares in the company, valued at approximately $152,367.48. This represents a 19.73 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders have sold 1,500 shares of company stock worth $72,400 in the last quarter. 3.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Concentrix

Several large investors have recently modified their holdings of CNXC. State Street Corp lifted its holdings in Concentrix by 1.3% during the 3rd quarter. State Street Corp now owns 1,401,953 shares of the company’s stock valued at $71,850,000 after purchasing an additional 18,304 shares during the last quarter. Nordea Investment Management AB raised its stake in shares of Concentrix by 43.9% in the fourth quarter. Nordea Investment Management AB now owns 70,654 shares of the company’s stock valued at $3,076,000 after acquiring an additional 21,568 shares during the last quarter. GSA Capital Partners LLP acquired a new position in shares of Concentrix in the 3rd quarter worth approximately $1,243,000. Raymond James & Associates grew its position in Concentrix by 73.3% during the 3rd quarter. Raymond James & Associates now owns 55,313 shares of the company’s stock worth $2,835,000 after acquiring an additional 23,387 shares during the last quarter. Finally, State of Alaska Department of Revenue increased its holdings in Concentrix by 24.8% during 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 purchasing an additional 12,870 shares in the last quarter. 90.34% of the stock is currently owned by institutional investors.

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.