Concentrix (NASDAQ:CNXC) Releases Q2 Earnings Guidance

Concentrix (NASDAQ:CNXC) updated its second quarter earnings guidance on Tuesday. The company provided earnings per share guidance of $2.55-2.70 for the period, compared to the consensus earnings per share estimate of $2.83. The company issued revenue guidance of $2.325-2.372 billion, compared to the consensus revenue estimate of $2.38 billion. Concentrix also updated its FY 2024 guidance to 11.690-12.500 EPS.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on CNXC shares. Barrington Research decreased their target price on shares of Concentrix from $121.00 to $84.00 and set an outperform rating for the company in a research note on Wednesday. Bank of America restated an underperform rating and issued a $60.00 price objective (down previously from $85.00) on shares of Concentrix in a report on Wednesday. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Concentrix has a consensus rating of Hold and an average price target of $95.80.

Concentrix Trading Up 4.8 %

NASDAQ:CNXC opened at $65.20 on Thursday. The company’s 50 day moving average is $78.34 and its 200-day moving average is $83.61. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 1.19. Concentrix has a 12 month low of $59.23 and a 12 month high of $125.80. The firm has a market cap of $4.32 billion, a price-to-earnings ratio of 11.30, a P/E/G ratio of 0.66 and a beta of 0.50.

Concentrix (NASDAQ:CNXC) last released its quarterly earnings results on Wednesday, January 24th. The company reported $3.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.92 by $0.15. Concentrix had a net margin of 3.53% and a return on equity of 18.77%. The company had revenue of $2.23 billion during the quarter, compared to analysts’ expectations of $2.20 billion. Equities analysts anticipate that Concentrix will post 11.26 EPS for the current year.

Concentrix Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 7th. Stockholders of record on Friday, April 26th will be given a $0.303 dividend. This represents a $1.21 annualized dividend and a dividend yield of 1.86%. This is a boost from Concentrix’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Thursday, April 25th. Concentrix’s dividend payout ratio is currently 20.97%.

Institutional Investors Weigh In On Concentrix

A number of institutional investors have recently added to or reduced their stakes in the company. Quarry LP acquired a new position in shares of Concentrix in the 1st quarter worth approximately $26,000. KBC Group NV bought a new position in shares of Concentrix during the fourth quarter valued at $83,000. State of Wyoming boosted its stake in shares of Concentrix by 388.1% in the 2nd quarter. State of Wyoming now owns 1,064 shares of the company’s stock valued at $86,000 after purchasing an additional 846 shares in the last quarter. Royal Bank of Canada boosted its position in Concentrix by 80.4% in the third quarter. Royal Bank of Canada now owns 1,097 shares of the company’s stock valued at $122,000 after buying an additional 489 shares in the last quarter. Finally, Advisors Asset Management Inc. raised its stake in shares of Concentrix by 36.1% in the fourth quarter. Advisors Asset Management Inc. now owns 1,214 shares of the company’s stock valued at $162,000 after acquiring an additional 322 shares during the last quarter. 90.34% of the stock is owned by institutional investors and hedge funds.

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.