Concentrix Co. (NASDAQ:CNXC) Sees Large Increase in Short Interest

Concentrix Co. (NASDAQ:CNXCGet Free Report) saw a large growth in short interest in the month of May. As of May 31st, there was short interest totalling 2,920,000 shares, a growth of 14.1% from the May 15th total of 2,560,000 shares. Based on an average daily volume of 527,300 shares, the days-to-cover ratio is currently 5.5 days. Approximately 6.2% of the company’s shares are sold short.

Concentrix Stock Performance

Shares of NASDAQ:CNXC traded down $0.53 during trading on Tuesday, hitting $58.05. 60,527 shares of the stock traded hands, compared to its average volume of 501,099. The company has a fifty day moving average price of $59.99 and a two-hundred day moving average price of $75.26. Concentrix has a 52-week low of $53.89 and a 52-week high of $106.10. The company has a market cap of $3.83 billion, a price-to-earnings ratio of 12.08, a P/E/G ratio of 0.68 and a beta of 0.60. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 1.23.

Concentrix (NASDAQ:CNXCGet Free Report) last posted its earnings results on Tuesday, March 26th. The company reported $2.33 EPS for the quarter, missing analysts’ consensus estimates of $2.36 by ($0.03). The business had revenue of $2.40 billion for the quarter, compared to analyst estimates of $2.38 billion. Concentrix had a net margin of 3.53% and a return on equity of 17.70%. As a group, equities analysts predict that Concentrix will post 11.03 EPS for the current year.

Concentrix Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 7th. Stockholders of record on Friday, April 26th were paid a dividend of $0.303 per share. The ex-dividend date of this dividend was Thursday, April 25th. This represents a $1.21 dividend on an annualized basis and a dividend yield of 2.09%. This is a boost from Concentrix’s previous quarterly dividend of $0.30. Concentrix’s payout ratio is currently 24.95%.

Insider Buying and Selling

In other Concentrix news, CEO Christopher A. Caldwell acquired 900 shares of the company’s stock in a transaction that occurred on Friday, April 19th. The stock was bought at an average price of $54.59 per share, for a total transaction of $49,131.00. Following the acquisition, the chief executive officer now directly owns 239,128 shares in the company, valued at $13,053,997.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have bought 1,679 shares of company stock valued at $98,546 in the last ninety days. 3.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Concentrix

Institutional investors have recently bought and sold shares of the company. Groupe Bruxelles Lambert purchased a new stake in shares of Concentrix during the fourth quarter worth $861,662,000. Vanguard Group Inc. grew its stake in Concentrix by 23.9% during the 4th quarter. Vanguard Group Inc. now owns 5,363,893 shares of the company’s stock valued at $526,788,000 after acquiring an additional 1,034,546 shares in the last quarter. Fuller & Thaler Asset Management Inc. raised its holdings in Concentrix by 470.1% in the 3rd quarter. Fuller & Thaler Asset Management Inc. now owns 969,707 shares of the company’s stock valued at $77,683,000 after acquiring an additional 799,625 shares during the last quarter. Impactive Capital LP lifted its stake in Concentrix by 30.2% in the 3rd quarter. Impactive Capital LP now owns 3,255,172 shares of the company’s stock worth $260,772,000 after purchasing an additional 754,566 shares in the last quarter. Finally, Pzena Investment Management LLC boosted its holdings in shares of Concentrix by 246.3% during the 1st quarter. Pzena Investment Management LLC now owns 1,013,208 shares of the company’s stock worth $67,095,000 after purchasing an additional 720,616 shares during the last quarter. 90.34% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently commented on CNXC shares. Barrington Research reduced their price objective on shares of Concentrix from $121.00 to $84.00 and set an “outperform” rating for the company in a research note on Wednesday, March 27th. Bank of America reaffirmed an “underperform” rating and set a $60.00 price objective (down previously from $85.00) on shares of Concentrix in a research report on Wednesday, March 27th. Finally, Scotiabank reduced their target price on shares of Concentrix from $120.00 to $85.00 and set a “sector outperform” rating for the company in a report on Monday, April 29th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $74.75.

Check Out Our Latest Stock Report on CNXC

Concentrix Company Profile

(Get Free Report)

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.

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