Concentrix Co. (NASDAQ:CNXC) Short Interest Down 5.1% in June

Concentrix Co. (NASDAQ:CNXC) was the recipient of a large 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. Approximately 5.9% of the company’s shares are sold short. Based on an average daily trading volume, of 515,200 shares, the days-to-cover ratio is presently 5.4 days.

Analyst Ratings Changes

Several research analysts have recently issued reports on CNXC shares. Barrington Research reaffirmed an “outperform” rating and set a $84.00 price objective on shares of Concentrix in a research report on Friday, June 21st. Bank of America reaffirmed an “underperform” rating and set a $60.00 price objective (down from $85.00) on shares of Concentrix in a research report on Wednesday, March 27th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $125.00 price objective on shares of Concentrix in a research report on Thursday, June 27th. Finally, Scotiabank lowered their price objective on Concentrix from $120.00 to $85.00 and set a “sector outperform” rating for the company in a research report on Monday, April 29th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $84.80.

Insider Activity at Concentrix

In related news, CEO Christopher A. Caldwell purchased 900 shares of the business’s stock in a transaction on Friday, April 19th. The shares were 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 acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Christopher A. Caldwell purchased 900 shares of the business’s stock in a transaction on Friday, April 19th. The shares were 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 acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Cormac J. Twomey sold 400 shares of the company’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $63.21, for a total value of $25,284.00. Following the sale, the executive vice president now owns 30,127 shares in the company, valued at approximately $1,904,327.67. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,200 shares of company stock worth $71,800. 3.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Concentrix

A number of large investors have recently modified their holdings of CNXC. GAMMA Investing LLC raised its stake in shares of Concentrix by 1,005.0% during the 2nd quarter. GAMMA Investing LLC now owns 442 shares of the company’s stock worth $28,000 after buying an additional 402 shares in the last quarter. First Horizon Advisors Inc. increased its stake in Concentrix by 381.7% in the 4th quarter. First Horizon Advisors Inc. now owns 342 shares of the company’s stock valued at $34,000 after purchasing an additional 271 shares in the last quarter. Pineridge Advisors LLC purchased a new position in Concentrix in the 4th quarter valued at approximately $35,000. Parkside Financial Bank & Trust increased its stake in Concentrix by 146.1% in the 4th quarter. Parkside Financial Bank & Trust now owns 630 shares of the company’s stock valued at $62,000 after purchasing an additional 374 shares in the last quarter. Finally, Blue Trust Inc. increased its stake in 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 purchasing an additional 264 shares in the last quarter. 90.34% of the stock is owned by hedge funds and other institutional investors.

Concentrix Stock Up 3.4 %

CNXC opened at $65.95 on Wednesday. The business has a 50 day moving average price of $60.75 and a two-hundred day moving average price of $72.60. The company has a quick ratio of 1.56, a current ratio of 1.54 and a debt-to-equity ratio of 1.21. The company has a market cap of $4.35 billion, a PE ratio of 15.27, a P/E/G ratio of 0.68 and a beta of 0.60. Concentrix has a 52 week low of $53.89 and a 52 week high of $106.10.

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

Concentrix Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 6th. Stockholders of record on Friday, July 26th will be paid a dividend of $0.303 per share. 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 (DPR) is 28.01%.

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.