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

Concentrix Co. (NASDAQ:CNXC – Get Rating) was the target of a significant drop in short interest during the month of February. As of February 28th, there was short interest totalling 553,900 shares, a drop of 5.3% from the February 13th total of 584,800 shares. Based on an average daily volume of 228,000 shares, the days-to-cover ratio is presently 2.4 days. Currently, 1.3% of the shares of the stock are sold short.

Insider Buying and Selling at Concentrix

In other Concentrix news, EVP Cormac J. Twomey sold 328 shares of the stock in a transaction on Monday, January 30th. The shares were sold at an average price of $137.91, for a total transaction of $45,234.48. Following the completion of the transaction, the executive vice president now owns 28,908 shares in the company, valued at $3,986,702.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Concentrix news, EVP Cormac J. Twomey sold 328 shares of the stock in a transaction on Monday, January 30th. The shares were sold at an average price of $137.91, for a total transaction of $45,234.48. Following the completion of the transaction, the executive vice president now owns 28,908 shares in the company, valued at $3,986,702.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Dennis Polk sold 10,000 shares of the stock in a transaction on Wednesday, February 1st. The shares were sold at an average price of $140.97, for a total transaction of $1,409,700.00. Following the transaction, the director now owns 15,507 shares of the company’s stock, valued at approximately $2,186,021.79. The disclosure for this sale can be found here. 0.88% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CNXC. Ronald Blue Trust Inc. purchased a new position in Concentrix in the 2nd quarter worth about $32,000. First PREMIER Bank increased its stake in Concentrix by 57.5% in the 3rd quarter. First PREMIER Bank now owns 315 shares of the company’s stock worth $35,000 after buying an additional 115 shares during the period. CWM LLC increased its stake in Concentrix by 69.5% in the 3rd quarter. CWM LLC now owns 317 shares of the company’s stock worth $35,000 after buying an additional 130 shares during the period. Ellevest Inc. increased its stake in Concentrix by 6,180.0% in the 3rd quarter. Ellevest Inc. now owns 314 shares of the company’s stock worth $35,000 after buying an additional 309 shares during the period. Finally, Wipfli Financial Advisors LLC purchased a new position in Concentrix in the 3rd quarter worth about $37,000. Hedge funds and other institutional investors own 92.31% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, TheStreet raised shares of Concentrix from a “c” rating to a “b-” rating in a research note on Thursday, January 12th.

Concentrix Trading Down 5.1 %

Shares of CNXC opened at $118.32 on Thursday. Concentrix has a twelve month low of $108.57 and a twelve month high of $204.43. The company has a market cap of $6.16 billion, a P/E ratio of 14.29, a P/E/G ratio of 1.23 and a beta of 0.57. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.83. The company’s fifty day simple moving average is $139.97 and its 200-day simple moving average is $128.16.

Concentrix (NASDAQ:CNXC – Get Rating) last announced its earnings results on Thursday, January 19th. The company reported $2.88 earnings per share for the quarter, missing the consensus estimate of $3.11 by ($0.23). Concentrix had a net margin of 6.88% and a return on equity of 21.40%. The firm had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.67 billion. As a group, analysts expect that Concentrix will post 11.26 EPS for the current year.

Concentrix Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 10th. Investors of record on Monday, January 30th were paid a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 0.93%. The ex-dividend date was Friday, January 27th. Concentrix’s dividend payout ratio is presently 13.29%.

About Concentrix

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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.