Short Interest in Concentrix Co. (NASDAQ:CNXC) Rises By 15.2%

Concentrix Co. (NASDAQ:CNXC) saw a significant increase in short interest in the month of October. As of October 15th, there was short interest totalling 5,750,000 shares, an increase of 15.2% from the September 30th total of 4,990,000 shares. Approximately 12.5% of the company’s stock are short sold. Based on an average daily trading volume, of 670,600 shares, the days-to-cover ratio is presently 8.6 days.

Concentrix Price Performance

CNXC traded up $0.01 during trading on Tuesday, reaching $44.50. The company’s stock had a trading volume of 58,233 shares, compared to its average volume of 555,808. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 1.18. The firm has a fifty day simple moving average of $59.92 and a two-hundred day simple moving average of $61.66. The company has a market cap of $2.88 billion, a price-to-earnings ratio of 14.44, a PEG ratio of 0.61 and a beta of 0.58. Concentrix has a 1 year low of $43.91 and a 1 year high of $106.10.

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

Concentrix Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 5th. Stockholders of record on Friday, October 25th will be issued a dividend of $0.333 per share. The ex-dividend date is Friday, October 25th. This is a boost from Concentrix’s previous quarterly dividend of $0.30. This represents a $1.33 dividend on an annualized basis and a dividend yield of 2.99%. Concentrix’s dividend payout ratio is currently 43.18%.

Insider Activity at Concentrix

In other Concentrix news, CEO Christopher A. Caldwell sold 9,823 shares of the company’s stock in a transaction on Friday, October 4th. The stock was sold at an average price of $52.70, for a total transaction of $517,672.10. Following the completion of the sale, the chief executive officer now owns 241,841 shares in the company, valued at $12,745,020.70. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Cormac J. Twomey sold 400 shares of the stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $74.63, for a total value of $29,852.00. Following the transaction, the executive vice president now directly owns 29,327 shares of the company’s stock, valued at approximately $2,188,674.01. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Christopher A. Caldwell sold 9,823 shares of Concentrix stock in a transaction dated 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 $12,745,020.70. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 11,767 shares of company stock valued at $626,855 over the last ninety days. 3.10% of the stock is owned by company insiders.

Institutional Trading of Concentrix

Institutional investors and hedge funds have recently bought and sold shares of the stock. State of Alaska Department of Revenue raised its position in Concentrix by 24.8% in the third 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 during the period. Wealth Enhancement Advisory Services LLC lifted its position 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 worth $540,000 after purchasing an additional 1,475 shares in the last quarter. Copeland Capital Management LLC boosted its stake in shares of Concentrix by 1.8% in the third quarter. Copeland Capital Management LLC now owns 1,003,375 shares of the company’s stock valued at $51,423,000 after purchasing an additional 17,653 shares during the period. Raymond James & Associates increased its stake 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 buying an additional 23,387 shares during the period. Finally, Blue Trust Inc. lifted its holdings in Concentrix by 62.4% during the 3rd quarter. Blue Trust Inc. now owns 3,132 shares of the company’s stock worth $161,000 after buying an additional 1,204 shares in the last quarter. 90.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Bank of America reduced their price target on shares of Concentrix from $85.00 to $70.00 and set a “neutral” rating for the company in a research report on Thursday, September 26th. Baird R W upgraded shares of Concentrix to a “strong-buy” rating in a research report on Thursday, October 3rd. Canaccord Genuity Group cut 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. Barrington Research reduced their price objective on Concentrix from $84.00 to $70.00 and set an “outperform” rating for the company in a research note on Thursday, September 26th. Finally, Robert W. Baird started coverage on Concentrix in a research note on Thursday, October 3rd. They issued an “outperform” rating and a $70.00 target price on the stock. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $79.00.

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.