Concentrix Co. (NASDAQ:CNXC) Short Interest Update

Concentrix Co. (NASDAQ:CNXC - Get Free Report) was the recipient of a significant decline in short interest in 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. Approximately 16.2% of the company's stock are short sold. Based on an average daily volume of 982,400 shares, the short-interest ratio is currently 7.4 days.

Concentrix Stock Performance

CNXC traded up $2.68 during midday trading on Thursday, reaching $50.79. The company's stock had a trading volume of 473,026 shares, compared to its average volume of 929,757. Concentrix has a twelve month low of $36.28 and a twelve month high of $77.00. The stock has a market cap of $3.24 billion, a P/E ratio of 13.69, a PEG ratio of 0.63 and a beta of 0.51. The company has a fifty day simple moving average of $47.51 and a 200 day simple moving average of $46.27. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 1.17.

Concentrix (NASDAQ:CNXC - Get Free Report) last released its earnings results on Wednesday, March 26th. The company reported $2.79 EPS for the quarter, beating the consensus estimate of $2.58 by $0.21. Concentrix had a net margin of 2.61% and a return on equity of 16.67%. The firm had revenue of $2.37 billion during the quarter, compared to analysts' expectations of $2.37 billion. During the same period in the prior year, the company earned $2.57 EPS. The business's quarterly revenue was down 1.3% compared to the same quarter last year. Research analysts expect that Concentrix will post 10.11 earnings per share for the current year.

Concentrix Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 6th. Shareholders of record on Friday, April 25th will be given a $0.3328 dividend. The ex-dividend date of this dividend is Friday, April 25th. This represents a $1.33 dividend on an annualized basis and a dividend yield of 2.62%. Concentrix's dividend payout ratio is currently 33.33%.

Analysts Set New Price Targets

Several research firms have commented on CNXC. Canaccord Genuity Group lowered their target price on shares of Concentrix from $100.00 to $80.00 and set a "buy" rating on the stock in a research report on Thursday, January 16th. Barrington Research reduced their target price on Concentrix from $70.00 to $54.00 and set an "outperform" rating for the company in a report on Monday, March 24th. Finally, Bank of America lifted their price target on shares of Concentrix from $58.00 to $59.00 and gave the company a "neutral" rating in a research report on Thursday, March 27th. One equities research 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, the stock has an average rating of "Buy" and a consensus target price of $69.60.

Insider Activity at Concentrix

In related news, EVP Cormac J. Twomey sold 500 shares of the firm's stock in a transaction that occurred on 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 owns 41,111 shares of the company's stock, valued at approximately $2,285,771.60. This trade represents a 1.20 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Christopher A. Caldwell bought 1,000 shares of the firm's stock in a transaction on Monday, April 21st. The stock was acquired at an average cost of $46.00 per share, with a total value of $46,000.00. Following the completion of the transaction, the chief executive officer now directly owns 303,362 shares of the company's stock, valued at approximately $13,954,652. This represents a 0.33 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 30,444 shares of company stock valued at $1,484,078. Corporate insiders own 3.20% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CNXC. Fuller & Thaler Asset Management Inc. lifted its stake in Concentrix by 38.1% during the fourth 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 during the period. Pzena Investment Management LLC boosted its stake in Concentrix by 60.0% in the 4th quarter. Pzena Investment Management LLC now owns 2,349,599 shares of the company's stock valued at $101,667,000 after buying an additional 880,960 shares in the last quarter. Copeland Capital Management LLC grew its position in Concentrix by 3.0% in the first quarter. Copeland Capital Management LLC now owns 1,373,432 shares of the company's stock valued at $76,418,000 after acquiring an additional 40,226 shares during the period. Lyrical Asset Management LP raised its stake in Concentrix by 3.4% during the fourth quarter. Lyrical Asset Management LP now owns 1,258,398 shares of the company's stock worth $54,451,000 after acquiring an additional 41,540 shares in the last quarter. Finally, Deprince Race & Zollo Inc. lifted its holdings in shares of Concentrix by 55.3% during the fourth quarter. Deprince Race & Zollo Inc. now owns 1,009,133 shares of the company's stock valued at $43,665,000 after acquiring an additional 359,476 shares during the period. 90.34% of the stock is currently owned by institutional investors and hedge funds.

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.