Concentrix (NASDAQ:CNXC) Updates Q2 2024 Earnings Guidance

Concentrix (NASDAQ:CNXC) updated its second quarter 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 2.550-2.700 for the period, compared to the consensus earnings per share estimate of 2.830. The company issued revenue guidance of $2.3 billion-$2.4 billion, compared to the consensus revenue estimate of $2.4 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. The business has a 50 day moving average of $78.34 and a 200-day moving average of $83.61. Concentrix has a 52 week low of $59.23 and a 52 week high of $125.80. The stock has a market cap of $4.32 billion, a PE ratio of 11.30, a PEG ratio of 0.66 and a beta of 0.50. 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 (NASDAQ:CNXC) last posted its earnings results on Wednesday, January 24th. The company reported $3.07 EPS for the quarter, beating analysts’ consensus estimates of $2.92 by $0.15. Concentrix had a return on equity of 18.77% and a net margin of 3.53%. The firm had revenue of $2.23 billion for the quarter, compared to analysts’ expectations of $2.20 billion. Equities research analysts predict that Concentrix will post 11.26 earnings per share for the current fiscal year.

Concentrix Increases Dividend

The business also recently announced 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. The ex-dividend date is Thursday, April 25th. This represents a $1.21 annualized dividend and a dividend yield of 1.86%. This is an increase from Concentrix’s previous quarterly dividend of $0.30. Concentrix’s payout ratio is presently 20.97%.

Analyst Upgrades and Downgrades

CNXC has been the subject of a number of analyst reports. Barrington Research reduced 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 reaffirmed an underperform rating and set a $60.00 price target (down previously from $85.00) on shares of Concentrix in a report on Wednesday. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Concentrix currently has an average rating of Hold and an average price target of $95.80.

Institutional Investors Weigh In On Concentrix

Several institutional investors have recently modified their holdings of the company. Quarry LP purchased a new position in shares of Concentrix during the first quarter valued at $26,000. KBC Group NV acquired a new stake in shares of Concentrix in the 4th quarter valued at $83,000. State of Wyoming raised its holdings in Concentrix by 388.1% during the 2nd quarter. State of Wyoming now owns 1,064 shares of the company’s stock worth $86,000 after purchasing an additional 846 shares during the last quarter. Royal Bank of Canada grew its position in shares of Concentrix by 80.4% during the 3rd quarter. Royal Bank of Canada now owns 1,097 shares of the company’s stock worth $122,000 after buying an additional 489 shares during the period. Finally, Advisors Asset Management Inc. grew its position in shares of Concentrix by 36.1% in the 4th quarter. Advisors Asset Management Inc. now owns 1,214 shares of the company’s stock valued at $162,000 after purchasing an additional 322 shares during the period. Hedge funds and other institutional investors 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.