FY2024 EPS Estimates for Concentrix Co. Decreased by Barrington Research (NASDAQ:CNXC)

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

Other equities research analysts also recently issued research reports about the company. Canaccord Genuity Group dropped their price objective on Concentrix from $125.00 to $100.00 and set a “buy” rating on the stock in a research report on Thursday, September 26th. Bank of America decreased their target price on shares of Concentrix from $85.00 to $70.00 and set a “neutral” rating for the company in a research report on Thursday, September 26th. One investment analyst has rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $81.25.

Concentrix Trading Down 0.6 %

NASDAQ:CNXC opened at $50.94 on Monday. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.56 and a current ratio of 1.57. The firm has a 50-day simple moving average of $66.66 and a 200-day simple moving average of $63.44. Concentrix has a one year low of $50.23 and a one year high of $106.10. The firm has a market cap of $3.33 billion, a P/E ratio of 11.79, a P/E/G ratio of 0.55 and a beta of 0.61.

Concentrix (NASDAQ:CNXC) last issued its earnings results on Wednesday, September 25th. The company reported $2.87 earnings per share for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.06). Concentrix had a net margin of 2.18% and a return on equity of 16.57%. The firm had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.38 billion. During the same period last year, the firm earned $2.54 earnings per share. The company’s revenue for the quarter was up 46.2% on a year-over-year basis.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CNXC. Treasurer of the State of North Carolina grew its holdings in Concentrix by 1.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 19,466 shares of the company’s stock worth $1,912,000 after acquiring an additional 190 shares during the period. State of Michigan Retirement System lifted its stake in shares of Concentrix by 1.8% in the 1st quarter. State of Michigan Retirement System now owns 11,591 shares of the company’s stock valued at $768,000 after purchasing an additional 200 shares during the period. Capital International Ltd. CA grew its position in Concentrix by 1.4% during the fourth quarter. Capital International Ltd. CA now owns 15,368 shares of the company’s stock valued at $1,509,000 after buying an additional 218 shares during the period. SummerHaven Investment Management LLC increased its holdings in Concentrix by 2.9% in the second quarter. SummerHaven Investment Management LLC now owns 8,662 shares of the company’s stock valued at $548,000 after buying an additional 248 shares in the last quarter. Finally, First Horizon Advisors Inc. increased its holdings in Concentrix by 54.0% in the second quarter. First Horizon Advisors Inc. now owns 813 shares of the company’s stock valued at $51,000 after buying an additional 285 shares in the last quarter. 90.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Concentrix

In other Concentrix news, EVP Cormac J. Twomey sold 400 shares of Concentrix stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $74.63, for a total transaction of $29,852.00. Following the completion of the sale, the executive vice president now owns 29,327 shares of the company’s stock, valued at approximately $2,188,674.01. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 3.00% of the stock is owned by insiders.

Concentrix Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 5th. Stockholders of record on Friday, October 25th will be issued a dividend of $0.333 per share. The ex-dividend date of this dividend is Friday, October 25th. This is a positive change from Concentrix’s previous quarterly dividend of $0.30. This represents a $1.33 dividend on an annualized basis and a dividend yield of 2.61%. Concentrix’s payout ratio is 30.79%.

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.