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

Concentrix Co. (NASDAQ:CNXC) was the recipient of a large increase in short interest in 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. Currently, 13.7% of the shares of the company are short sold. Based on an average daily trading volume, of 702,900 shares, the days-to-cover ratio is presently 9.0 days.

Concentrix Stock Down 1.4 %

Concentrix stock opened at $37.77 on Tuesday. The firm has a 50 day simple moving average of $50.66 and a 200 day simple moving average of $60.12. The firm has a market capitalization of $2.45 billion, a price-to-earnings ratio of 12.26, a P/E/G ratio of 0.53 and a beta of 0.61. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 1.18. Concentrix has a 1-year low of $37.60 and a 1-year high of $106.10.

Concentrix (NASDAQ:CNXC) last released 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). The firm had revenue of $2.39 billion for the quarter, compared to analysts’ expectations of $2.38 billion. Concentrix had a net margin of 2.18% and a return on equity of 16.57%. The firm’s revenue for the quarter was up 46.2% on a year-over-year basis. During the same quarter last year, the firm earned $2.54 earnings per share. On average, analysts predict that Concentrix will post 10.18 earnings per share for the current year.

Concentrix Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, November 5th. Stockholders of record on Friday, October 25th were given a dividend of $0.333 per share. This is a positive change from Concentrix’s previous quarterly dividend of $0.30. This represents a $1.33 dividend on an annualized basis and a dividend yield of 3.53%. The ex-dividend date of this dividend was Friday, October 25th. Concentrix’s payout ratio is 43.18%.

Insiders Place Their Bets

In other Concentrix news, CEO Christopher A. Caldwell sold 9,823 shares of Concentrix stock in a transaction that occurred on Friday, October 4th. The shares were sold at an average price of $52.70, for a total transaction of $517,672.10. Following the transaction, the chief executive officer now owns 241,841 shares of the company’s stock, valued at $12,745,020.70. This trade represents a 3.90 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Cormac J. Twomey sold 400 shares of Concentrix stock in a transaction that occurred 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 in the company, valued at $2,188,674.01. This trade represents a 1.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 12,267 shares of company stock valued at $648,945 in the last 90 days. 3.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Hexagon Capital Partners LLC lifted its holdings in shares of Concentrix by 2,992.3% during the 2nd quarter. Hexagon Capital Partners LLC now owns 402 shares of the company’s stock worth $25,000 after acquiring an additional 389 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Concentrix by 1,005.0% during the 2nd quarter. GAMMA Investing LLC now owns 442 shares of the company’s stock worth $28,000 after acquiring an additional 402 shares during the last quarter. First Horizon Advisors Inc. lifted its holdings in shares of Concentrix by 54.0% during the 2nd quarter. First Horizon Advisors Inc. now owns 813 shares of the company’s stock worth $51,000 after acquiring an additional 285 shares during the last quarter. Benjamin F. Edwards & Company Inc. bought a new stake in Concentrix in the second quarter worth $68,000. Finally, Quarry LP lifted its stake in Concentrix by 769.9% in the second quarter. Quarry LP now owns 1,244 shares of the company’s stock worth $79,000 after purchasing an additional 1,101 shares during the last quarter. 90.34% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Barrington Research lowered their price target on shares of Concentrix from $84.00 to $70.00 and set an “outperform” rating on the stock in a report on Thursday, September 26th. Bank of America lowered their price target on shares of Concentrix from $85.00 to $70.00 and set a “neutral” rating on the stock in a report on Thursday, September 26th. Baird R W raised shares of Concentrix to a “strong-buy” rating in a report on Thursday, October 3rd. Robert W. Baird started coverage on shares of Concentrix in a report on Thursday, October 3rd. They issued an “outperform” rating and a $70.00 price target on the stock. Finally, Canaccord Genuity Group reduced their price objective on shares of Concentrix from $125.00 to $100.00 and set a “buy” rating for the company 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 issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus 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.