Concentrix Co. (NASDAQ:CNXC) Short Interest Update

Concentrix Co. (NASDAQ:CNXC) was the target of a large decline in short interest during the month of March. As of March 31st, there was short interest totalling 7,310,000 shares, a decline of 14.7% from the March 15th total of 8,570,000 shares. Currently, 16.2% of the company’s stock are sold short. Based on an average daily trading volume, of 982,400 shares, the days-to-cover ratio is currently 7.4 days.

Insider Activity

In related news, Director Olivier Duha sold 29,444 shares of the company’s stock in a transaction on Tuesday, April 15th. The shares were sold at an average price of $48.52, for a total value of $1,428,622.88. Following the completion of the sale, the director now directly owns 1,155,862 shares in the company, valued at approximately $56,082,424.24. This represents a 2.48 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Cormac J. Twomey sold 500 shares of the stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $55.60, for a total transaction of $27,800.00. Following the transaction, the executive vice president now directly owns 41,111 shares in the company, valued at $2,285,771.60. The trade was a 1.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 30,444 shares of company stock worth $1,484,078 in the last three months. 3.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Concentrix

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Fuller & Thaler Asset Management Inc. grew its holdings in shares of Concentrix by 38.1% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 2,981,227 shares of the company’s stock worth $128,998,000 after purchasing an additional 823,228 shares in the last quarter. Pzena Investment Management LLC lifted its position in Concentrix by 60.0% in the fourth quarter. Pzena Investment Management LLC now owns 2,349,599 shares of the company’s stock worth $101,667,000 after purchasing an additional 880,960 shares during the period. Copeland Capital Management LLC boosted its stake in Concentrix by 32.9% during the fourth quarter. Copeland Capital Management LLC now owns 1,333,206 shares of the company’s stock worth $57,688,000 after buying an additional 329,831 shares in the last quarter. Lyrical Asset Management LP increased its holdings in Concentrix by 3.4% in the 4th quarter. Lyrical Asset Management LP now owns 1,258,398 shares of the company’s stock valued at $54,451,000 after buying an additional 41,540 shares during the period. Finally, Deprince Race & Zollo Inc. raised its stake in shares of Concentrix by 55.3% in the 4th quarter. Deprince Race & Zollo Inc. now owns 1,009,133 shares of the company’s stock valued at $43,665,000 after buying an additional 359,476 shares in the last quarter. 90.34% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Canaccord Genuity Group cut 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. Barrington Research reduced their price objective on shares of Concentrix from $70.00 to $54.00 and set an “outperform” rating for the company in a research note on Monday, March 24th. Finally, Bank of America upped their price objective on shares of Concentrix from $58.00 to $59.00 and gave the stock a “neutral” rating in a report on Thursday, March 27th. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $69.60.

Concentrix Stock Performance

Shares of NASDAQ CNXC opened at $46.87 on Tuesday. Concentrix has a 12 month low of $36.28 and a 12 month high of $77.00. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.17. The company has a market cap of $2.99 billion, a P/E ratio of 12.63, a P/E/G ratio of 0.63 and a beta of 0.51. The business’s 50 day moving average is $47.53 and its two-hundred day moving average is $46.24.

Concentrix (NASDAQ:CNXC) last announced its earnings results on Wednesday, March 26th. The company reported $2.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.58 by $0.21. Concentrix had a net margin of 2.61% and a return on equity of 16.67%. The business had revenue of $2.37 billion for the quarter, compared to analyst estimates of $2.37 billion. During the same quarter in the previous year, the firm posted $2.57 earnings per share. Concentrix’s revenue was down 1.3% compared to the same quarter last year. On average, equities analysts expect that Concentrix will post 10.11 EPS for the current year.

Concentrix Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, May 6th. Investors of record on Friday, April 25th will be paid a $0.3328 dividend. This represents a $1.33 annualized dividend and a dividend yield of 2.84%. The ex-dividend date of this dividend is Friday, April 25th. Concentrix’s payout ratio is presently 33.33%.

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.