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

Concentrix Co. (NASDAQ:CNXC) saw a significant decline in short interest in the month of June. As of June 15th, there was short interest totalling 2,770,000 shares, a decline of 5.1% from the May 31st total of 2,920,000 shares. Based on an average daily volume of 515,200 shares, the short-interest ratio is currently 5.4 days. Currently, 5.9% of the shares of the company are sold short.

Concentrix Stock Performance

Shares of CNXC stock opened at $65.95 on Wednesday. Concentrix has a one year low of $53.89 and a one year high of $106.10. The firm’s 50 day moving average price is $60.75 and its 200-day moving average price is $72.60. The firm has a market cap of $4.35 billion, a P/E ratio of 15.27, a P/E/G ratio of 0.68 and a beta of 0.60. The company has a debt-to-equity ratio of 1.21, a quick ratio of 1.56 and a current ratio of 1.54.

Concentrix (NASDAQ:CNXC) last announced its earnings results on Wednesday, June 26th. The company reported $2.69 earnings per share for the quarter, topping the consensus estimate of $2.63 by $0.06. Concentrix had a net margin of 3.08% and a return on equity of 17.00%. The firm had revenue of $2.38 billion for the quarter, compared to the consensus estimate of $2.35 billion. During the same period in the prior year, the firm earned $2.50 EPS. The firm’s revenue for the quarter was up 47.4% on a year-over-year basis. As a group, equities research analysts predict that Concentrix will post 10.8 EPS for the current year.

Concentrix Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 6th. Shareholders of record on Friday, July 26th will be given a $0.303 dividend. This represents a $1.21 dividend on an annualized basis and a dividend yield of 1.84%. The ex-dividend date of this dividend is Friday, July 26th. Concentrix’s dividend payout ratio is presently 28.01%.

Insider Activity at Concentrix

In related news, EVP Cormac J. Twomey sold 400 shares of the business’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $63.21, for a total transaction of $25,284.00. Following the completion of the transaction, the executive vice president now directly owns 30,127 shares in the company, valued at $1,904,327.67. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Christopher A. Caldwell acquired 900 shares of the business’s stock in a transaction on Friday, April 19th. The stock was bought at an average price of $54.59 per share, with a total value of $49,131.00. Following the completion of the acquisition, the chief executive officer now owns 239,128 shares of the company’s stock, valued at $13,053,997.52. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Cormac J. Twomey sold 400 shares of Concentrix stock in a transaction on Friday, June 28th. The shares were sold at an average price of $63.21, for a total transaction of $25,284.00. Following the completion of the transaction, the executive vice president now directly owns 30,127 shares of the company’s stock, valued at approximately $1,904,327.67. The disclosure for this sale can be found here. Insiders sold 1,200 shares of company stock worth $71,800 over the last three months. Company insiders own 3.00% of the company’s stock.

Institutional Investors Weigh In On Concentrix

Large investors have recently modified their holdings of the company. Russell Investments Group Ltd. increased its position in shares of Concentrix by 78.3% in the 4th quarter. Russell Investments Group Ltd. now owns 102,454 shares of the company’s stock valued at $10,062,000 after purchasing an additional 44,979 shares during the last quarter. Phocas Financial Corp. purchased a new position in shares of Concentrix in the 4th quarter valued at $3,604,000. Copeland Capital Management LLC purchased a new position in shares of Concentrix in the 4th quarter valued at $40,339,000. Blue Trust Inc. grew its position in shares of Concentrix by 29.8% in the 4th quarter. Blue Trust Inc. now owns 1,151 shares of the company’s stock valued at $113,000 after buying an additional 264 shares during the last quarter. Finally, Valley Wealth Managers Inc. grew its position in shares of Concentrix by 113.2% in the 4th quarter. Valley Wealth Managers Inc. now owns 205,530 shares of the company’s stock valued at $20,185,000 after buying an additional 109,129 shares during the last quarter. 90.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on CNXC. Scotiabank cut their price objective 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. Barrington Research reaffirmed an “outperform” rating and issued a $84.00 price objective on shares of Concentrix in a report on Friday, June 21st. Bank of America reissued an “underperform” rating and set a $60.00 target price (down previously from $85.00) on shares of Concentrix in a research note on Wednesday, March 27th. Finally, Canaccord Genuity Group reissued a “buy” rating and set a $125.00 target price on shares of Concentrix in a research note on Thursday, June 27th. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, Concentrix has an average rating of “Hold” and an average target price of $84.80.

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.