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

Concentrix Co. (NASDAQ:CNXC) – Equities researchers at Barrington Research lowered their FY2024 EPS estimates for Concentrix in a report issued on Thursday, September 26th. Barrington Research analyst V. Colicchio now anticipates that the company will post earnings per share of $10.18 for the year, down from their prior estimate 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 topic of a number of other research reports. Bank of America cut their target price on shares of Concentrix from $85.00 to $70.00 and set a “neutral” rating on the stock in a research note on Thursday, September 26th. Canaccord Genuity Group lowered their price target on shares of Concentrix from $125.00 to $100.00 and set a “buy” rating for the company in a report on Thursday, September 26th. 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.com, Concentrix currently has an average rating of “Moderate Buy” and a consensus target price of $81.25.

Concentrix Stock Performance

Shares of CNXC stock opened at $51.25 on Monday. The company’s fifty day simple moving average is $66.96 and its 200-day simple moving average is $63.51. Concentrix has a 52 week low of $50.23 and a 52 week high of $106.10. 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 company has a market cap of $3.35 billion, a PE ratio of 11.86, a P/E/G ratio of 0.68 and a beta of 0.61.

Concentrix (NASDAQ:CNXC) last posted its quarterly 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). The company had revenue of $2.39 billion for the quarter, compared to analysts’ expectations of $2.38 billion. Concentrix had a return on equity of 17.00% and a net margin of 3.08%. The business’s revenue for the quarter was up 46.2% on a year-over-year basis. During the same period in the prior year, the business earned $2.54 EPS.

Institutional Trading of Concentrix

Hedge funds and other institutional investors have recently made changes to their positions in the stock. SG Americas Securities LLC bought a new stake in shares of Concentrix in the 2nd quarter worth approximately $1,445,000. Vanguard Group Inc. raised its holdings in shares of Concentrix by 23.9% in the 4th quarter. Vanguard Group Inc. now owns 5,363,893 shares of the company’s stock worth $526,788,000 after purchasing an additional 1,034,546 shares in the last quarter. Natixis bought a new stake in shares of Concentrix in the 1st quarter worth approximately $542,000. Tweedy Browne Co LLC raised its holdings in shares of Concentrix by 21.6% in the 1st quarter. Tweedy Browne Co LLC now owns 173,338 shares of the company’s stock worth $11,478,000 after purchasing an additional 30,798 shares in the last quarter. Finally, Groupe Bruxelles Lambert bought a new stake in shares of Concentrix in the 4th quarter worth approximately $861,662,000. 90.34% of the stock is currently owned by institutional investors.

Insider Activity at Concentrix

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

Concentrix Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 5th. Investors of record on Friday, October 25th will be given a $0.333 dividend. The ex-dividend date is Friday, October 25th. This is an increase from Concentrix’s previous quarterly dividend of $0.30. This represents a $1.33 annualized dividend and a yield of 2.60%. Concentrix’s dividend payout ratio (DPR) is currently 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.