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

Concentrix Co. (NASDAQ:CNXC) saw a large growth in short interest during the month of 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. Currently, 17.4% of the company’s shares are sold short. Based on an average daily trading volume, of 753,200 shares, the days-to-cover ratio is presently 10.5 days.

Concentrix Stock Up 1.8 %

Shares of NASDAQ:CNXC traded up $0.87 during midday trading on Tuesday, reaching $48.99. The company’s stock had a trading volume of 851,646 shares, compared to its average volume of 805,143. Concentrix has a 12-month low of $36.28 and a 12-month high of $84.11. The firm has a 50 day moving average of $46.88 and a 200-day moving average of $51.96. The firm has a market capitalization of $3.15 billion, a P/E ratio of 13.20, a PEG ratio of 0.66 and a beta of 0.67. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.17.

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

Concentrix Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, February 11th. Investors of record on Friday, January 31st were given a dividend of $0.3328 per share. This represents a $1.33 annualized dividend and a yield of 2.72%. The ex-dividend date of this dividend was Friday, January 31st. Concentrix’s dividend payout ratio (DPR) is 35.85%.

Insider Activity at Concentrix

In related news, Director Kathryn Hayley acquired 500 shares of the firm’s stock in a transaction on Wednesday, January 22nd. The stock was acquired at an average cost of $50.22 per share, for a total transaction of $25,110.00. Following the acquisition, the director now owns 3,034 shares of the company’s stock, valued at $152,367.48. This trade represents a 19.73 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Insiders sold 1,500 shares of company stock worth $72,400 in the last three months. 3.10% of the stock is owned by insiders.

Institutional Trading of Concentrix

Several institutional investors have recently bought and sold shares of CNXC. Steward Partners Investment Advisory LLC boosted its holdings in shares of Concentrix by 81.3% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 638 shares of the company’s stock valued at $28,000 after acquiring an additional 286 shares during the last quarter. Venturi Wealth Management LLC boosted its holdings in shares of Concentrix by 159.6% during the 4th quarter. Venturi Wealth Management LLC now owns 797 shares of the company’s stock valued at $34,000 after acquiring an additional 490 shares during the last quarter. Parkside Financial Bank & Trust boosted its holdings in shares of Concentrix by 58.7% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,201 shares of the company’s stock valued at $52,000 after acquiring an additional 444 shares during the last quarter. KBC Group NV boosted its holdings in shares of Concentrix by 68.3% during the 4th quarter. KBC Group NV now owns 2,008 shares of the company’s stock valued at $87,000 after acquiring an additional 815 shares during the last quarter. Finally, Quarry LP boosted its holdings in shares of Concentrix by 843.9% during the 4th quarter. Quarry LP now owns 2,539 shares of the company’s stock valued at $110,000 after acquiring an additional 2,270 shares during the last quarter. 90.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Canaccord Genuity Group decreased their price objective on shares of Concentrix from $100.00 to $80.00 and set a “buy” rating for the company in a report on Thursday, January 16th. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $75.00.

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.