Short Interest in Concentrix Co. (NASDAQ:CNXC) Declines By 21.5%

Concentrix Co. (NASDAQ:CNXCGet Rating) was the recipient of a large decrease in short interest during the month of July. As of July 15th, there was short interest totalling 548,600 shares, a decrease of 21.5% from the June 30th total of 699,000 shares. Based on an average daily volume of 258,700 shares, the days-to-cover ratio is currently 2.1 days. Approximately 1.3% of the shares of the stock are sold short.

Concentrix Trading Up 0.6 %

CNXC opened at $136.43 on Thursday. The stock has a market cap of $7.10 billion, a PE ratio of 15.75, a PEG ratio of 0.88 and a beta of 0.45. The company has a quick ratio of 1.59, a current ratio of 1.59 and a debt-to-equity ratio of 0.81. The business has a 50 day moving average of $140.35 and a 200-day moving average of $163.53. Concentrix has a 52 week low of $121.60 and a 52 week high of $208.48.

Concentrix (NASDAQ:CNXCGet Rating) last released its earnings results on Monday, June 27th. The company reported $2.74 EPS for the quarter, beating analysts’ consensus estimates of $2.62 by $0.12. The company had revenue of $1.57 billion during the quarter, compared to analysts’ expectations of $1.57 billion. Concentrix had a return on equity of 20.87% and a net margin of 7.66%. The firm’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same quarter last year, the business posted $2.37 EPS. Equities research analysts predict that Concentrix will post 11.31 earnings per share for the current fiscal year.

Concentrix Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 9th. Shareholders of record on Friday, July 29th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.73%. The ex-dividend date of this dividend is Thursday, July 28th. Concentrix’s payout ratio is 11.55%.

Analyst Ratings Changes

Separately, Barrington Research dropped their price objective on Concentrix from $202.00 to $183.00 and set an “outperform” rating for the company in a report on Tuesday, July 5th.

Insider Activity

In other news, CFO Andre S. Valentine acquired 2,500 shares of Concentrix stock in a transaction dated Tuesday, July 12th. The shares were purchased at an average cost of $126.99 per share, for a total transaction of $317,475.00. Following the transaction, the chief financial officer now owns 39,470 shares of the company’s stock, valued at $5,012,295.30. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Director Dennis Polk sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 1st. The stock was sold at an average price of $153.83, for a total transaction of $1,538,300.00. Following the transaction, the director now directly owns 18,282 shares in the company, valued at approximately $2,812,320.06. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Andre S. Valentine purchased 2,500 shares of Concentrix stock in a transaction that occurred on Tuesday, July 12th. The shares were bought at an average price of $126.99 per share, for a total transaction of $317,475.00. Following the completion of the transaction, the chief financial officer now owns 39,470 shares in the company, valued at $5,012,295.30. The disclosure for this purchase can be found here. In the last three months, insiders have sold 559,596 shares of company stock worth $70,454,029. 0.98% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Citigroup Inc. increased its holdings 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 purchasing an additional 12,504 shares in the last quarter. Virginia Retirement Systems ET AL increased its holdings in shares of Concentrix by 35.7% in the 1st quarter. Virginia Retirement Systems ET AL now owns 15,200 shares of the company’s stock worth $2,532,000 after purchasing an additional 4,000 shares in the last quarter. Alliancebernstein L.P. grew its holdings in shares of Concentrix by 0.3% in the fourth quarter. Alliancebernstein L.P. now owns 83,478 shares of the company’s stock worth $14,911,000 after acquiring an additional 248 shares during the period. Symmetry Partners LLC bought a new stake in shares of Concentrix in the first quarter worth $501,000. Finally, Quent Capital LLC bought a new stake in shares of Concentrix in the fourth quarter worth $114,000. Hedge funds and other institutional investors own 75.73% of the company’s stock.

Concentrix Company Profile

(Get Rating)

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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