Concentrix (NASDAQ:CNXC) Issues Q2 Earnings Guidance

Concentrix (NASDAQ:CNXC) issued an update on its second quarter earnings guidance on Tuesday morning. 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.

Concentrix Trading Up 4.8 %

CNXC opened at $65.20 on Thursday. Concentrix has a twelve month low of $59.23 and a twelve month high of $125.80. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.38 and a current ratio of 1.38. The firm has a market cap of $4.32 billion, a PE ratio of 11.30, a price-to-earnings-growth ratio of 0.66 and a beta of 0.50. The firm’s fifty day moving average is $78.34 and its two-hundred day moving average is $83.61.

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

Concentrix Increases Dividend

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

Analyst Ratings Changes

CNXC has been the topic of a number of research analyst reports. Barrington Research dropped their target price on shares of Concentrix from $121.00 to $84.00 and set an outperform rating on the stock in a report on Wednesday. Bank of America reaffirmed an underperform rating and issued a $60.00 target price (down previously from $85.00) on shares of Concentrix in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of Hold and an average price target of $95.80.

Hedge Funds Weigh In On Concentrix

Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in Concentrix by 23.9% in the 4th quarter. Vanguard Group Inc. now owns 5,363,893 shares of the company’s stock valued at $526,788,000 after buying an additional 1,034,546 shares during the last quarter. BlackRock Inc. raised its position in Concentrix by 1.0% during the first quarter. BlackRock Inc. now owns 3,668,975 shares of the company’s stock valued at $611,103,000 after purchasing an additional 35,619 shares in the last quarter. Wellington Management Group LLP raised its position in Concentrix by 0.4% during the first quarter. Wellington Management Group LLP now owns 1,207,876 shares of the company’s stock valued at $201,184,000 after purchasing an additional 4,920 shares in the last quarter. State Street Corp lifted its position in Concentrix by 0.7% in the 2nd quarter. State Street Corp now owns 1,194,806 shares of the company’s stock worth $96,481,000 after buying an additional 8,405 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in Concentrix by 8.0% during the first quarter. Geode Capital Management LLC now owns 681,836 shares of the company’s stock valued at $82,877,000 after acquiring an additional 50,527 shares during the last quarter. Institutional investors and hedge funds own 90.34% of the company’s stock.

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.