Concentrix Co. (NASDAQ:CNXC) Short Interest Update

Concentrix Co. (NASDAQ:CNXC - Get Free Report) saw a large growth in short interest in 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 shares of the company are short sold. Based on an average trading volume of 753,200 shares, the days-to-cover ratio is currently 10.5 days.

Concentrix Price Performance

NASDAQ CNXC traded down $0.73 during mid-day trading on Friday, hitting $45.17. The stock had a trading volume of 686,369 shares, compared to its average volume of 802,276. The company has a 50 day simple moving average of $47.01 and a 200 day simple moving average of $51.75. 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 $2.91 billion, a price-to-earnings ratio of 12.18, a P/E/G ratio of 0.66 and a beta of 0.67. Concentrix has a 52-week low of $36.28 and a 52-week high of $84.11.

Concentrix (NASDAQ:CNXC - Get Free Report) last released its quarterly earnings data on Wednesday, January 15th. The company reported $3.26 EPS for the quarter, topping 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 business had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.44 billion. During the same period in the previous year, the firm earned $3.36 EPS. The business's revenue for the quarter was up 9.7% compared to the same quarter last year. Equities analysts forecast that Concentrix will post 10.11 EPS for the current fiscal year.

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Concentrix Cuts Dividend

The business 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. The ex-dividend date of this dividend was Friday, January 31st. This represents a $1.33 annualized dividend and a dividend yield of 2.95%. Concentrix's dividend payout ratio is currently 35.85%.

Insiders Place Their Bets

In other news, EVP Cormac J. Twomey sold 500 shares of the business's stock in a transaction dated Wednesday, January 29th. The shares were 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 sale was disclosed in a legal filing with the SEC, which is available through this link. In the last ninety days, insiders sold 1,500 shares of company stock valued at $72,400. 3.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Concentrix

A number of large investors have recently bought and sold shares of CNXC. CSS LLC IL acquired a new stake in shares of Concentrix during the fourth quarter valued at $355,000. PharVision Advisers LLC purchased a new position in Concentrix in the 4th quarter valued at about $465,000. Paradigm Capital Management Inc. NY boosted its stake in shares of Concentrix by 2.7% during the 4th quarter. Paradigm Capital Management Inc. NY now owns 750,142 shares of the company's stock worth $32,459,000 after purchasing an additional 19,418 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Concentrix by 15.8% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 124,769 shares of the company's stock valued at $5,399,000 after buying an additional 17,019 shares during the last quarter. Finally, Voloridge Investment Management LLC acquired a new position in shares of Concentrix in the fourth quarter valued at approximately $1,202,000. Institutional investors and hedge funds own 90.34% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Canaccord Genuity Group dropped their target price on Concentrix from $100.00 to $80.00 and set a "buy" rating on the stock in a research report on Thursday, January 16th. 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. According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target 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.