Short Interest in Concentrix Co. (NASDAQ:CNXC) Rises By 9.7%

Concentrix Co. (NASDAQ:CNXC) was the recipient of a significant 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 company are short sold. Based on an average daily volume of 702,900 shares, the days-to-cover ratio is presently 9.0 days.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Canaccord Genuity Group cut their price objective on shares of Concentrix from $125.00 to $100.00 and set a “buy” rating on the stock in a report on Thursday, September 26th. Robert W. Baird assumed coverage on shares of Concentrix in a research report on Thursday, October 3rd. They issued an “outperform” rating and a $70.00 price target for the company. Baird R W raised Concentrix to a “strong-buy” rating in a report on Thursday, October 3rd. Bank of America reduced their target price on Concentrix from $85.00 to $70.00 and set a “neutral” rating for the company in a report on Thursday, September 26th. Finally, Barrington Research dropped their price target on Concentrix from $84.00 to $70.00 and set an “outperform” rating on the stock in a research note on Thursday, September 26th. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $79.00.

Concentrix Stock Performance

CNXC traded down $0.41 on Monday, hitting $37.88. 669,323 shares of the company traded hands, compared to its average volume of 560,953. The company has a 50 day moving average of $51.33 and a 200-day moving average of $60.26. Concentrix has a 12-month low of $37.60 and a 12-month high of $106.10. The stock has a market capitalization of $2.46 billion, a PE ratio of 12.43, a PEG ratio of 0.53 and a beta of 0.61. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 1.18.

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

Concentrix Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 5th. Shareholders of record on Friday, October 25th were paid a $0.333 dividend. This represents a $1.33 dividend on an annualized basis and a yield of 3.52%. This is a positive change 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 (DPR) is presently 43.18%.

Insider Transactions at Concentrix

In other news, EVP Cormac J. Twomey sold 1,544 shares of the stock in a transaction on Monday, September 30th. The stock was sold at an average price of $51.38, for a total value of $79,330.72. Following the sale, the executive vice president now directly owns 27,783 shares in the company, valued at approximately $1,427,490.54. This trade represents a 5.26 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Christopher A. Caldwell sold 9,823 shares of the business’s 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 transaction, the chief executive officer now directly owns 241,841 shares of the company’s stock, valued at $12,745,020.70. The trade was a 3.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 12,267 shares of company stock worth $648,945 over the last three months. 3.10% of the stock is currently owned by insiders.

Institutional Trading of Concentrix

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Hexagon Capital Partners LLC grew its stake in Concentrix by 2,992.3% during the second quarter. Hexagon Capital Partners LLC now owns 402 shares of the company’s stock worth $25,000 after buying an additional 389 shares during the period. GAMMA Investing LLC increased its holdings in shares of Concentrix by 1,005.0% in the 2nd quarter. GAMMA Investing LLC now owns 442 shares of the company’s stock valued at $28,000 after acquiring an additional 402 shares during the last quarter. First Horizon Advisors Inc. boosted its stake in Concentrix by 54.0% in the second quarter. First Horizon Advisors Inc. now owns 813 shares of the company’s stock valued at $51,000 after acquiring an additional 285 shares during the period. Benjamin F. Edwards & Company Inc. bought a new stake in Concentrix in the 2nd quarter valued at about $68,000. Finally, Quarry LP boosted its stake in Concentrix by 769.9% during the 2nd quarter. Quarry LP now owns 1,244 shares of the company’s stock valued at $79,000 after purchasing an additional 1,101 shares during the period. Hedge funds and other institutional investors own 90.34% of the company’s stock.

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.