Concentrix Co. (NASDAQ:CNXC – Free Report) – Analysts at Barrington Research dropped their FY2024 earnings estimates for Concentrix in a research report issued on Thursday, September 26th. Barrington Research analyst V. Colicchio now anticipates that the company will post earnings per share of $10.18 for the year, down from their previous estimate of $10.80. Barrington Research currently has a “Outperform” rating and a $70.00 target price on the stock. The consensus estimate for Concentrix’s current full-year earnings is $10.18 per share.
Several other research analysts have also commented on the company. Canaccord Genuity Group reduced their price target on Concentrix from $125.00 to $100.00 and set a “buy” rating on the stock in a report on Thursday, September 26th. Bank of America reduced their target price on shares of Concentrix from $85.00 to $70.00 and set a “neutral” rating on the stock in a research note on Thursday, September 26th. One investment analyst has rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $81.25.
Concentrix Stock Performance
Shares of Concentrix stock opened at $50.94 on Monday. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.56 and a current ratio of 1.57. The business’s 50 day moving average price is $66.66 and its 200 day moving average price is $63.44. The company has a market cap of $3.33 billion, a price-to-earnings ratio of 11.79, a PEG ratio of 0.55 and a beta of 0.61. Concentrix has a one year low of $50.23 and a one year high of $106.10.
Concentrix (NASDAQ:CNXC – Get Free Report) last released its earnings results on Wednesday, September 25th. The company reported $2.87 earnings per share for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.06). The business had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.38 billion. Concentrix had a return on equity of 16.57% and a net margin of 2.18%. The company’s revenue for the quarter was up 46.2% compared to the same quarter last year. During the same period last year, the business earned $2.54 earnings per share.
Concentrix Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 5th. Investors of record on Friday, October 25th will be given a dividend of $0.333 per share. This represents a $1.33 dividend on an annualized basis and a dividend yield of 2.61%. This is an increase from Concentrix’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Friday, October 25th. Concentrix’s dividend payout ratio (DPR) is presently 30.79%.
Insider Activity at Concentrix
In other Concentrix news, EVP Cormac J. Twomey sold 400 shares of the stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $74.63, for a total transaction of $29,852.00. Following the completion of the transaction, the executive vice president now owns 29,327 shares of the company’s stock, valued at $2,188,674.01. The sale was disclosed in a legal filing with the SEC, which is available at this link. 3.00% of the stock is owned by insiders.
Institutional Inflows and Outflows
Large investors have recently added to or reduced their stakes in the company. Hexagon Capital Partners LLC raised its holdings in shares of Concentrix by 2,992.3% in the 2nd quarter. Hexagon Capital Partners LLC now owns 402 shares of the company’s stock valued at $25,000 after buying an additional 389 shares during the period. GAMMA Investing LLC grew its position in Concentrix by 1,005.0% in the 2nd quarter. GAMMA Investing LLC now owns 442 shares of the company’s stock valued at $28,000 after acquiring an additional 402 shares in the last quarter. Pineridge Advisors LLC purchased a new stake in Concentrix during the fourth quarter worth about $35,000. First Horizon Advisors Inc. lifted its position in shares of Concentrix by 54.0% during the second quarter. First Horizon Advisors Inc. now owns 813 shares of the company’s stock worth $51,000 after purchasing an additional 285 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. acquired a new stake in shares of Concentrix during the second quarter worth about $68,000. 90.34% of the stock is currently 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.
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