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

Concentrix Co. (NASDAQ:CNXC) – Stock analysts at Barrington Research cut their FY2024 earnings per share (EPS) estimates for shares of Concentrix in a research report issued to clients and investors on Thursday, September 26th. Barrington Research analyst V. Colicchio now forecasts that the company will post earnings of $10.18 per share for the year, down from their previous forecast of $10.80. Barrington Research 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.

CNXC has been the subject of several other reports. Bank of America dropped their price objective on Concentrix from $85.00 to $70.00 and set a “neutral” rating for the company in a report on Thursday. 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 report on Thursday. One investment analyst has rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, Concentrix has a consensus rating of “Moderate Buy” and a consensus price target of $81.25.

Concentrix Price Performance

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

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

Institutional Investors Weigh In On Concentrix

A number of institutional investors have recently made changes to their positions in CNXC. Quarry LP boosted its holdings in shares of Concentrix by 769.9% during the 2nd quarter. Quarry LP now owns 1,244 shares of the company’s stock worth $79,000 after buying an additional 1,101 shares in the last quarter. Algert Global LLC acquired a new position in shares of Concentrix during the 2nd quarter valued at $273,000. Scientech Research LLC bought a new position in Concentrix during the second quarter worth $1,603,000. Millennium Management LLC grew its holdings in Concentrix by 212.0% in the second quarter. Millennium Management LLC now owns 138,532 shares of the company’s stock worth $8,766,000 after purchasing an additional 94,130 shares during the period. Finally, Dark Forest Capital Management LP bought a new stake in Concentrix in the second quarter valued at $539,000. Institutional investors own 90.34% of the company’s stock.

Insider Buying and Selling

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

Concentrix Increases Dividend

The firm also recently declared 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 represents a $1.33 dividend on an annualized basis and a dividend yield of 2.58%. This is a boost from Concentrix’s previous quarterly dividend of $0.30. 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.