Concentrix (NASDAQ:CNXC) Releases FY24 Earnings Guidance

Concentrix (NASDAQ:CNXC) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $11.69-12.50 for the period, compared to the consensus estimate of $11.96. The company issued revenue guidance of $9.51-9.70 billion, compared to the consensus revenue estimate of $9.63 billion. Concentrix also updated its FY 2024 guidance to 11.690-12.500 EPS.

Analyst Ratings Changes

A number of brokerages have commented on CNXC. Bank of America restated an underperform rating and set a $60.00 price objective (down from $85.00) on shares of Concentrix in a research report on Wednesday. Barrington Research dropped their price target on shares of Concentrix from $121.00 to $84.00 and set an outperform rating on the stock in a research note on Wednesday. One research 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. According to data from MarketBeat, the stock currently has a consensus rating of Hold and a consensus price target of $95.80.

Concentrix Stock Up 4.8 %

CNXC stock opened at $65.20 on Thursday. Concentrix has a 52-week low of $59.23 and a 52-week 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 capitalization of $4.32 billion, a price-to-earnings ratio of 11.30, a price-to-earnings-growth ratio of 0.66 and a beta of 0.50. The company has a 50-day moving average of $78.34 and a two-hundred day moving average of $83.61.

Concentrix (NASDAQ:CNXC) last issued its quarterly earnings results on Wednesday, January 24th. The company reported $3.07 EPS for the quarter, topping 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 company had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.20 billion. As a group, equities research analysts anticipate that Concentrix will post 11.26 EPS for the current year.

Concentrix Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 7th. Stockholders of record on Friday, April 26th will be issued a dividend of $0.303 per share. This represents a $1.21 annualized dividend and a dividend yield of 1.86%. The ex-dividend date of this dividend is Thursday, April 25th. This is a positive change from Concentrix’s previous quarterly dividend of $0.30. Concentrix’s dividend payout ratio (DPR) is presently 20.97%.

Institutional Investors Weigh In On Concentrix

Several institutional investors and hedge funds have recently bought and sold shares of CNXC. Price T Rowe Associates Inc. MD lifted its position in shares of Concentrix by 4.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 27,443 shares of the company’s stock worth $2,696,000 after buying an additional 1,064 shares during the period. Public Employees Retirement System of Ohio grew its holdings in shares of Concentrix by 2.8% in the 4th quarter. Public Employees Retirement System of Ohio now owns 18,385 shares of the company’s stock worth $1,806,000 after purchasing an additional 502 shares during the last quarter. Legal & General Group Plc increased its position in shares of Concentrix by 4.1% during the 4th quarter. Legal & General Group Plc now owns 175,205 shares of the company’s stock worth $17,207,000 after purchasing an additional 6,951 shares in the last quarter. Barclays PLC lifted its holdings in Concentrix by 98.6% during the 4th quarter. Barclays PLC now owns 41,915 shares of the company’s stock valued at $4,117,000 after purchasing an additional 20,810 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in Concentrix by 23.9% in the fourth quarter. Vanguard Group Inc. now owns 5,363,893 shares of the company’s stock valued at $526,788,000 after buying an additional 1,034,546 shares in the last quarter. Institutional investors own 90.34% of the company’s stock.

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.