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

Concentrix Co. (NASDAQ:CNXC) was the target of 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. Based on an average trading volume of 753,200 shares, the days-to-cover ratio is presently 10.5 days. Currently, 17.4% of the shares of the company are short sold.

Insider Transactions at Concentrix

In other news, Director Kathryn Hayley bought 500 shares of the stock in a transaction that occurred on Wednesday, January 22nd. The shares were bought at an average price of $50.22 per share, for a total transaction of $25,110.00. Following the purchase, the director now owns 3,034 shares in the company, valued at $152,367.48. This represents a 19.73 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Insiders have sold 1,500 shares of company stock worth $72,400 in the last 90 days. 3.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Concentrix

A number of large investors have recently made changes to their positions in CNXC. Steward Partners Investment Advisory LLC boosted its stake 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 worth $28,000 after purchasing an additional 286 shares during the period. Venturi Wealth Management LLC boosted its stake in shares of Concentrix by 159.6% during the 4th quarter. Venturi Wealth Management LLC now owns 797 shares of the company’s stock worth $34,000 after purchasing an additional 490 shares during the period. Parkside Financial Bank & Trust boosted its stake 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 worth $52,000 after purchasing an additional 444 shares during the period. KBC Group NV boosted its position in Concentrix by 68.3% in the 4th quarter. KBC Group NV now owns 2,008 shares of the company’s stock valued at $87,000 after buying an additional 815 shares during the period. Finally, Quarry LP boosted its position in Concentrix by 843.9% in the 4th quarter. Quarry LP now owns 2,539 shares of the company’s stock valued at $110,000 after buying an additional 2,270 shares during the period. 90.34% of the stock is owned by hedge funds and other institutional investors.

Concentrix Price Performance

Shares of Concentrix stock traded up $0.87 during trading hours 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. The firm has a 50 day moving average price of $46.88 and a 200-day moving average price of $51.96. Concentrix has a one year low of $36.28 and a one year high of $84.11. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.42 and a quick ratio of 1.42. The stock has a market cap of $3.15 billion, a P/E ratio of 13.20, a P/E/G ratio of 0.66 and a beta of 0.67.

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

Concentrix Cuts Dividend

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

Analysts Set New Price Targets

Separately, 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 note on Thursday, January 16th. One investment 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. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average 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.