Concentrix Co. (NASDAQ:CNXC) Short Interest Update

Concentrix Co. (NASDAQ:CNXC) was the recipient of a large growth in short interest in January. As of January 31st, there was short interest totalling 7,900,000 shares, a growth of 5.1% from the January 15th total of 7,520,000 shares. Approximately 17.4% of the shares of the company are sold short. Based on an average trading volume of 753,200 shares, the short-interest ratio is currently 10.5 days.

Wall Street Analysts Forecast Growth

Separately, Canaccord Genuity Group dropped their price objective on Concentrix from $100.00 to $80.00 and set a “buy” rating on the stock in a research note on Thursday, January 16th. One equities research 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’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $75.00.

Concentrix Price Performance

Shares of NASDAQ CNXC traded down $0.39 during mid-day trading on Monday, reaching $48.12. The company had a trading volume of 529,847 shares, compared to its average volume of 849,456. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 1.17. The stock has a market cap of $3.10 billion, a PE ratio of 12.97, a P/E/G ratio of 0.66 and a beta of 0.67. The company has a 50-day moving average price of $46.77 and a two-hundred day moving average price of $52.22. Concentrix has a 1-year low of $36.28 and a 1-year high of $85.35.

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

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. This represents a $1.33 dividend on an annualized basis and a dividend yield of 2.77%. The ex-dividend date of this dividend was Friday, January 31st. Concentrix’s payout ratio is 35.85%.

Insider Buying and Selling at Concentrix

In other news, Director Kathryn Hayley acquired 500 shares of the company’s stock in a transaction dated Wednesday, January 22nd. The shares were bought at an average price of $50.22 per share, with a total value of $25,110.00. Following the purchase, the director now owns 3,034 shares of the company’s stock, valued at approximately $152,367.48. This represents a 19.73 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have sold 1,500 shares of company stock valued at $72,400 in the last quarter. Corporate insiders own 3.10% of the company’s stock.

Hedge Funds Weigh In On Concentrix

A number of hedge funds have recently modified their holdings of CNXC. CWM LLC grew its holdings in shares of Concentrix by 34.4% in the 3rd quarter. CWM LLC now owns 8,682 shares of the company’s stock worth $445,000 after acquiring an additional 2,224 shares during the last quarter. Blue Trust Inc. grew its holdings in shares of Concentrix by 62.4% during the third quarter. Blue Trust Inc. now owns 3,132 shares of the company’s stock valued at $161,000 after buying an additional 1,204 shares in the last quarter. Raymond James & Associates grew its holdings in shares of Concentrix by 73.3% during the third 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 in the last quarter. Copeland Capital Management LLC grew its holdings in shares of Concentrix by 1.8% during the third quarter. Copeland Capital Management LLC now owns 1,003,375 shares of the company’s stock valued at $51,423,000 after buying an additional 17,653 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in shares of Concentrix by 16.3% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 10,543 shares of the company’s stock valued at $540,000 after buying an additional 1,475 shares in the last quarter. 90.34% of the stock is currently owned by institutional investors and hedge funds.

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.