Concentrix (NASDAQ:CNXC) Updates Q2 2024 Earnings Guidance

Concentrix (NASDAQ:CNXC) updated its second quarter 2024 earnings guidance on Tuesday. The company provided EPS guidance of 2.550-2.700 for the period, compared to the consensus EPS estimate of 2.830. The company issued revenue guidance of $2.3 billion-$2.4 billion, compared to the consensus revenue estimate of $2.4 billion. Concentrix also updated its FY 2024 guidance to 11.690-12.500 EPS.

Concentrix Stock Up 4.8 %

Concentrix stock opened at $65.20 on Thursday. Concentrix has a one year low of $59.23 and a one year high of $125.80. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.38 and a current ratio of 1.38. The stock has a fifty day moving average of $78.34 and a 200 day moving average of $83.61. The stock has a market cap of $4.32 billion, a PE ratio of 11.30, a price-to-earnings-growth ratio of 0.66 and a beta of 0.50.

Concentrix (NASDAQ:CNXC) last posted its quarterly earnings results on Wednesday, January 24th. The company reported $3.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.92 by $0.15. The company had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.20 billion. Concentrix had a net margin of 3.53% and a return on equity of 18.77%. As a group, sell-side analysts predict that Concentrix will post 11.26 EPS for the current year.

Concentrix Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, May 7th. Investors of record on Friday, April 26th will be paid a $0.303 dividend. This represents a $1.21 dividend on an annualized basis and a yield of 1.86%. The ex-dividend date of this dividend is Thursday, April 25th. This is an increase from Concentrix’s previous quarterly dividend of $0.30. Concentrix’s payout ratio is 20.97%.

Wall Street Analyst Weigh In

CNXC has been the subject of several recent analyst reports. Barrington Research decreased their price target on Concentrix from $121.00 to $84.00 and set an outperform rating for the company in a research note on Wednesday. Bank of America reissued an underperform rating and set a $60.00 target price (down from $85.00) on shares of Concentrix in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and a consensus price target of $95.80.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Cambridge Investment Research Advisors Inc. raised its position in Concentrix by 7.7% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 1,859 shares of the company’s stock valued at $310,000 after purchasing an additional 133 shares during the period. BlackRock Inc. boosted its stake in shares of Concentrix by 1.0% during the 1st quarter. BlackRock Inc. now owns 3,668,975 shares of the company’s stock worth $611,103,000 after purchasing an additional 35,619 shares during the last quarter. Great West Life Assurance Co. Can grew its position in shares of Concentrix by 8.0% during the first quarter. Great West Life Assurance Co. Can now owns 23,644 shares of the company’s stock worth $4,049,000 after buying an additional 1,761 shares in the last quarter. Sei Investments Co. raised its position in Concentrix by 168.7% in the first quarter. Sei Investments Co. now owns 22,904 shares of the company’s stock worth $3,823,000 after acquiring an additional 14,380 shares in the last quarter. Finally, Aviva PLC acquired a new stake in shares of Concentrix in the first quarter worth $593,000. Hedge funds and other 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.