Concentrix Co. (NASDAQ:CNXC) Short Interest Update

Concentrix Co. (NASDAQ:CNXC - Get Free Report) saw a large increase in short interest in 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 sold short. Based on an average daily volume of 702,900 shares, the days-to-cover ratio is presently 9.0 days.

Concentrix Price Performance

CNXC traded down $1.50 during trading on Friday, hitting $38.29. 652,854 shares of the stock traded hands, compared to its average volume of 602,695. The business has a 50 day moving average price of $51.33 and a 200 day moving average price of $60.22. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.57 and a quick ratio of 1.57. Concentrix has a twelve month low of $37.94 and a twelve month high of $106.10. The company has a market cap of $2.48 billion, a price-to-earnings ratio of 12.43, a PEG ratio of 0.53 and a beta of 0.61.

Concentrix (NASDAQ:CNXC - Get Free Report) last announced its quarterly earnings data 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). The business had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.38 billion. Concentrix had a return on equity of 16.57% and a net margin of 2.18%. Concentrix's quarterly revenue was up 46.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.54 earnings per share. Equities research analysts forecast that Concentrix will post 10.18 earnings per share for the current fiscal year.

Concentrix Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, November 5th. Shareholders of record on Friday, October 25th were paid a dividend of $0.333 per share. This represents a $1.33 dividend on an annualized basis and a dividend yield of 3.48%. The ex-dividend date of this dividend was Friday, October 25th. This is a boost from Concentrix's previous quarterly dividend of $0.30. Concentrix's payout ratio is presently 43.18%.

Insider Activity

In related news, CEO Christopher A. Caldwell sold 9,823 shares of Concentrix stock in a transaction dated Friday, October 4th. The shares were 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 of the company's stock, valued at approximately $12,745,020.70. The trade was a 3.90 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Cormac J. Twomey sold 400 shares of the stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $74.63, for a total transaction of $29,852.00. Following the completion of the transaction, the executive vice president now directly owns 29,327 shares in the company, valued at approximately $2,188,674.01. This represents a 1.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 12,267 shares of company stock valued at $648,945. 3.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. SummerHaven Investment Management LLC raised its stake in shares of Concentrix by 2.9% during the second quarter. SummerHaven Investment Management LLC now owns 8,662 shares of the company's stock valued at $548,000 after acquiring an additional 248 shares during the last quarter. First Horizon Advisors Inc. lifted its holdings in 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 buying an additional 285 shares during the period. GAMMA Investing LLC increased its stake in shares of Concentrix by 64.9% in the third quarter. GAMMA Investing LLC now owns 729 shares of the company's stock valued at $37,000 after buying an additional 287 shares during the period. nVerses Capital LLC increased its stake in shares of Concentrix by 10.7% in the second quarter. nVerses Capital LLC now owns 3,100 shares of the company's stock valued at $196,000 after buying an additional 300 shares during the period. Finally, Hexagon Capital Partners LLC raised its position in shares of 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 acquiring an additional 389 shares during the last quarter. 90.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Baird R W raised Concentrix to a "strong-buy" rating in a research report on Thursday, October 3rd. Canaccord Genuity Group decreased their target price on shares of Concentrix from $125.00 to $100.00 and set a "buy" rating on the stock in a research report on Thursday, September 26th. Robert W. Baird started 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. Bank of America reduced their price target on Concentrix from $85.00 to $70.00 and set a "neutral" rating on the stock in a research report on Thursday, September 26th. Finally, Barrington Research dropped their price objective on Concentrix from $84.00 to $70.00 and set an "outperform" rating for the company in a report on Thursday, September 26th. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target 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.