Concentrix (NASDAQ:CNXC) Releases Q2 Earnings Guidance

Concentrix (NASDAQ:CNXC) updated its second quarter earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $2.55-2.70 for the period, compared to the consensus 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 FY24 guidance to $11.69-12.50 EPS.

Wall Street Analysts Forecast Growth

Separately, Barrington Research restated an outperform rating and issued a $121.00 price target on shares of Concentrix in a research note on Wednesday, March 20th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of $124.20.

Concentrix Stock Down 0.6 %

Shares of Concentrix stock traded down $0.38 during trading on Tuesday, hitting $62.23. 560,379 shares of the stock were exchanged, compared to its average volume of 500,561. The firm’s 50-day moving average price is $79.59 and its 200 day moving average price is $83.81. Concentrix has a 12-month low of $59.23 and a 12-month high of $125.80. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.38 and a quick ratio of 1.38. The stock has a market cap of $4.13 billion, a price-to-earnings ratio of 10.85, a price-to-earnings-growth ratio of 0.65 and a beta of 0.50.

Concentrix (NASDAQ:CNXC) last announced 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 net margin of 4.41% and a return on equity of 18.31%. The business had revenue of $2.23 billion during the quarter, compared to analysts’ expectations of $2.20 billion. As a group, analysts forecast that Concentrix will post 11.26 earnings per share for the current fiscal year.

Concentrix Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, February 15th. Stockholders of record on Monday, February 5th were paid a dividend of $0.3025 per share. The ex-dividend date of this dividend was Friday, February 2nd. This represents a $1.21 dividend on an annualized basis and a dividend yield of 1.94%. Concentrix’s dividend payout ratio (DPR) is 20.97%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in Concentrix by 23.9% during the fourth quarter. Vanguard Group Inc. now owns 5,363,893 shares of the company’s stock worth $526,788,000 after buying an additional 1,034,546 shares during the period. Norges Bank acquired a new position in Concentrix during the fourth quarter worth about $56,061,000. Price T Rowe Associates Inc. MD grew its position in Concentrix by 1,657.6% during the second quarter. Price T Rowe Associates Inc. MD now owns 376,551 shares of the company’s stock worth $51,075,000 after buying an additional 355,127 shares during the period. Penn Capital Management Company LLC acquired a new position in Concentrix during the first quarter worth about $42,962,000. Finally, Goldman Sachs Group Inc. grew its position in Concentrix by 164.9% during the second quarter. Goldman Sachs Group Inc. now owns 319,739 shares of the company’s stock worth $25,819,000 after buying an additional 199,018 shares during the period. 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.