Concentrix Co. (NASDAQ:CNXC – Get Rating) was the recipient of a significant increase in short interest during the month of August. As of August 31st, there was short interest totalling 618,900 shares, an increase of 10.1% from the August 15th total of 562,200 shares. Based on an average daily trading volume, of 243,600 shares, the days-to-cover ratio is currently 2.5 days. Currently, 1.4% of the company’s stock are short sold.
Wall Street Analysts Forecast Growth
Separately, Barrington Research decreased their price objective on shares of Concentrix from $202.00 to $183.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 5th.
Concentrix Price Performance
Shares of CNXC stock traded up $2.65 on Monday, hitting $121.12. 191,476 shares of the stock traded hands, compared to its average volume of 269,019. The firm has a market cap of $6.30 billion, a price-to-earnings ratio of 13.99, a PEG ratio of 0.76 and a beta of 0.51. Concentrix has a 52 week low of $117.59 and a 52 week high of $208.48. The firm has a 50 day simple moving average of $129.76 and a two-hundred day simple moving average of $148.88. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.59 and a quick ratio of 1.59.
Concentrix (NASDAQ:CNXC – Get Rating) last announced its quarterly earnings data on Monday, June 27th. The company reported $2.74 EPS for the quarter, beating the consensus estimate of $2.62 by $0.12. The firm had revenue of $1.57 billion for the quarter, compared to the consensus estimate of $1.57 billion. Concentrix had a net margin of 7.66% and a return on equity of 20.87%. The company’s revenue was up 14.5% on a year-over-year basis. During the same period last year, the firm earned $2.37 EPS. As a group, equities research analysts predict that Concentrix will post 11.31 earnings per share for the current fiscal year.
Concentrix Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Tuesday, August 9th. Investors of record on Friday, July 29th were paid a dividend of $0.25 per share. The ex-dividend date was Thursday, July 28th. This represents a $1.00 annualized dividend and a yield of 0.83%. Concentrix’s payout ratio is 11.55%.
Insider Activity
In related news, major shareholder Star Developments Ltd Silver sold 524,691 shares of the stock in a transaction that occurred on Tuesday, July 19th. The shares were sold at an average price of $125.00, for a total transaction of $65,586,375.00. Following the transaction, the insider now owns 4,415,535 shares in the company, valued at $551,941,875. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Concentrix news, Director Dennis Polk sold 10,000 shares of the stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $134.82, for a total value of $1,348,200.00. Following the transaction, the director now directly owns 18,282 shares in the company, valued at $2,464,779.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Star Developments Ltd Silver sold 524,691 shares of the stock in a transaction that occurred on Tuesday, July 19th. The stock was sold at an average price of $125.00, for a total transaction of $65,586,375.00. Following the completion of the transaction, the insider now owns 4,415,535 shares in the company, valued at $551,941,875. The disclosure for this sale can be found here. Insiders have sold a total of 549,596 shares of company stock worth $68,915,729 over the last 90 days. 0.98% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Concentrix
Several institutional investors have recently bought and sold shares of the stock. Citigroup Inc. grew its stake in shares of Concentrix by 168.9% in the 4th quarter. Citigroup Inc. now owns 19,906 shares of the company’s stock worth $3,555,000 after buying an additional 12,504 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Concentrix by 4.9% during the 4th quarter. JPMorgan Chase & Co. now owns 85,894 shares of the company’s stock worth $15,343,000 after purchasing an additional 3,980 shares during the period. Renaissance Technologies LLC boosted its stake in shares of Concentrix by 3,373.8% during the 4th quarter. Renaissance Technologies LLC now owns 45,160 shares of the company’s stock worth $8,066,000 after purchasing an additional 43,860 shares during the period. PEAK6 Investments LLC purchased a new position in shares of Concentrix during the 4th quarter worth about $288,000. Finally, Geode Capital Management LLC boosted its stake in shares of Concentrix by 3.2% during the 4th quarter. Geode Capital Management LLC now owns 574,756 shares of the company’s stock worth $102,662,000 after purchasing an additional 17,974 shares during the period. 93.24% of the stock is owned by hedge funds and other institutional investors.
Concentrix Company Profile
Concentrix Corporation provides 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. It also offers customer lifecycle management; customer experience/user experience strategy and design; digital transformation; and voice of the customer and analytics solutions.
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Read More: Concentrix Co. (NASDAQ:CNXC) Short Interest Up 10.1% in August