Barrington Research Equities Analysts Lower Earnings Estimates for Concentrix Co. (NASDAQ:CNXC)

Concentrix Co. (NASDAQ:CNXC) – Analysts at Barrington Research dropped their FY2024 earnings per share estimates for shares of Concentrix in a research note issued to investors on Thursday, September 26th. Barrington Research analyst V. Colicchio now expects that the company will post earnings per share of $10.18 for the year, down from their prior forecast of $10.80. Barrington Research currently has a “Outperform” rating and a $70.00 price target on the stock. The consensus estimate for Concentrix’s current full-year earnings is $10.80 per share.

Concentrix (NASDAQ:CNXC) last announced its quarterly earnings data on Wednesday, September 25th. The company reported $2.87 EPS for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.06). Concentrix had a return on equity of 17.00% and a net margin of 3.08%. The business had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.38 billion. During the same quarter in the previous year, the business posted $2.54 earnings per share. The company’s revenue was up 46.2% compared to the same quarter last year.

Several other equities research analysts have also recently commented on the company. Canaccord Genuity Group lowered their price target on Concentrix from $125.00 to $100.00 and set a “buy” rating for the company in a research note on Thursday. Bank of America lowered their price target on Concentrix from $85.00 to $70.00 and set a “neutral” rating for the company in a research note on Thursday. One research analyst has rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $81.25.

Concentrix Trading Up 0.0 %

Shares of NASDAQ CNXC opened at $51.56 on Monday. Concentrix has a one year low of $50.23 and a one year high of $106.10. The firm has a market capitalization of $3.37 billion, a PE ratio of 11.94, a PEG ratio of 0.68 and a beta of 0.61. The company has a current ratio of 1.54, a quick ratio of 1.56 and a debt-to-equity ratio of 1.21. The business has a 50-day moving average price of $67.29 and a two-hundred day moving average price of $63.58.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Quarry LP grew its holdings in shares of Concentrix by 769.9% during the second quarter. Quarry LP now owns 1,244 shares of the company’s stock worth $79,000 after purchasing an additional 1,101 shares during the last quarter. Algert Global LLC acquired a new stake in shares of Concentrix during the second quarter worth about $273,000. Scientech Research LLC acquired a new stake in shares of Concentrix during the second quarter worth about $1,603,000. Millennium Management LLC raised its position in Concentrix by 212.0% in the 2nd quarter. Millennium Management LLC now owns 138,532 shares of the company’s stock valued at $8,766,000 after buying an additional 94,130 shares during the last quarter. Finally, Dark Forest Capital Management LP acquired a new stake in Concentrix in the 2nd quarter valued at approximately $539,000. 90.34% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Cormac J. Twomey sold 400 shares of the company’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $67.23, for a total transaction of $26,892.00. Following the completion of the transaction, the executive vice president now directly owns 29,727 shares in the company, valued at $1,998,546.21. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 3.00% of the company’s stock.

Concentrix Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 5th. Shareholders of record on Friday, October 25th will be given a dividend of $0.333 per share. The ex-dividend date of this dividend is Friday, October 25th. This represents a $1.33 dividend on an annualized basis and a yield of 2.58%. This is a boost from Concentrix’s previous quarterly dividend of $0.30. Concentrix’s dividend payout ratio is presently 30.79%.

Concentrix Company Profile

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.