Concentrix Co. (NASDAQ: CNXC) Short interest rate down 30.9% in October
Concentrix Co. (NASDAQ: CNXC) was the target of a significant drop in short-term interest during the month of October. As of October 15, there was short interest totaling 327,800 shares, a decrease of 30.9% from the total of 474,400 shares as of September 30. Based on an average daily trade volume of 144,500 shares, the short-term interest rate is currently 2.3 days. Currently, 0.8% of the company’s shares are sold short.
CNXC opened at $ 177.68 on Friday. The company has a quick ratio of 1.64, a current ratio of 1.64, and a debt ratio of 0.34. Concentrix has a twelve month low of $ 80.00 and a twelve month high of $ 187.22. The stock has a market cap of $ 9.30 billion and a price-to-earnings ratio of 26.96. The company has a 50-day simple moving average of $ 175.00 and a 200-day simple moving average of $ 163.48.
Concentrix (NASDAQ: CNXC) last released its results on Sunday, September 26. The company reported earnings per share (EPS) of $ 2.49 for the quarter, beating the Thomson Reuters consensus estimate of $ 2.24 per $ 0.25. Concentrix had a return on equity of 18.96% and a net margin of 6.38%. Sell-side analysts predict Concentrix will post 9.34 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 2. Investors of record on Friday, October 22 will receive a dividend of $ 0.25. The ex-dividend date of this dividend is Thursday, October 21. This represents an annualized dividend of $ 1.00 and a return of 0.56%. Concentrix’s payout ratio is 16.98%.
A number of equity research analysts have recently published reports on the stock. Barrington Research increased its target price on Concentrix shares from $ 182.00 to $ 202.00 and gave the company an “outperformance” rating in a research report released on Wednesday, September 29. Zacks Investment Research downgraded Concentrix shares from a “hold” rating to a “buy” rating and set a target price of $ 205.00 for the company in a research report released on Monday, October 4. Five equity research analysts rated the stock with a buy rating. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $ 163.00.
In other Concentrix news, executive vice president Richard Rosso sold 3,000 shares of the company in a trade on Thursday, October 7. The shares were sold for an average price of $ 182.69, for a total value of $ 548,070.00. The transaction was disclosed in a file with the SEC, accessible through this link. In addition, director Dennis Polk sold 5,000 shares of the company in a transaction dated Monday, August 2. The shares were sold at an average price of $ 162.83, for a total trade of $ 814,150.00. Disclosure of this sale can be found here. In the past 90 days, insiders have sold 18,000 shares of the company valued at $ 3,133,220. 0.93% of the shares are held by insiders of the company.
A number of hedge funds have recently changed their holdings of stocks. FMR LLC purchased a new stake in Concentrix in the second quarter valued at $ 874,067,000. Vanguard Group Inc. purchased a new stake in Concentrix in the second quarter valued at $ 634,575,000. BlackRock Inc. purchased a new interest in Concentrix in the second quarter valued at $ 567,447,000. Capital International Investors purchased a new stake in Concentrix in the second quarter valued at $ 455,853,000. Finally, Ninety One UK Ltd purchased a new stake in Concentrix in the second quarter valued at $ 355,625,000. 75.70% of the shares are currently held by institutional investors.
Concentrix Corporation provides technology-infused customer experience solutions around the world. It provides CX process optimization, technology innovation, front and back office automation, business analysis and transformation services. The company also offers customer lifecycle management; customer experience / user experience strategy and design; digital transformation; and voice of the customer and analytical solutions.
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