Concentrix (NASDAQ:CNXC) Posts Earnings Results, Beats Expectations By $0.21 EPS

Concentrix (NASDAQ:CNXC) posted its quarterly earnings results on Wednesday. The company reported $2.79 EPS for the quarter, topping the consensus estimate of $2.58 by $0.21, Briefing.com reports. The company had revenue of $2.37 billion for the quarter, compared to the consensus estimate of $2.37 billion. Concentrix had a net margin of 2.61% and a return on equity of 16.67%. The firm’s revenue was down 1.3% compared to the same quarter last year. During the same quarter last year, the firm posted $2.57 EPS.

Concentrix Stock Up 37.0 %

Shares of CNXC traded up $16.90 during trading hours on Thursday, hitting $62.58. The company had a trading volume of 2,719,660 shares, compared to its average volume of 810,365. Concentrix has a one year low of $36.28 and a one year high of $77.00. The company’s fifty day moving average price is $47.58 and its two-hundred day moving average price is $47.73. The company has a market capitalization of $4.03 billion, a PE ratio of 16.88, a price-to-earnings-growth ratio of 0.63 and a beta of 0.69. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 1.17.

Concentrix Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, February 11th. Stockholders of record on Friday, January 31st were issued a $0.3328 dividend. The ex-dividend date of this dividend was Friday, January 31st. This represents a $1.33 dividend on an annualized basis and a dividend yield of 2.13%. Concentrix’s dividend payout ratio is presently 35.85%.

Insider Activity at Concentrix

In related news, EVP Cormac J. Twomey sold 500 shares of the stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $55.60, for a total transaction of $27,800.00. Following the completion of the sale, the executive vice president now owns 41,111 shares of the company’s stock, valued at $2,285,771.60. This represents a 1.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 3.20% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

CNXC has been the topic of a number of research reports. Barrington Research reduced their target price on shares of Concentrix from $70.00 to $54.00 and set an “outperform” rating on the stock in a research report on Monday. Bank of America lifted their target price on Concentrix from $58.00 to $59.00 and gave the company a “neutral” rating in a research report on Thursday. Finally, Canaccord Genuity Group dropped their price target on Concentrix from $100.00 to $80.00 and set a “buy” rating on the stock in a research report on Thursday, January 16th. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $69.60.

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.