Concentrix (NASDAQ:CNXC) Issues FY24 Earnings Guidance

Concentrix (NASDAQ:CNXC) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $11.69-12.50 for the period, compared to the consensus EPS 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.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CNXC. Bank of America reaffirmed an underperform rating and issued a $60.00 price objective (down previously from $85.00) on shares of Concentrix in a report on Wednesday. Barrington Research cut 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. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, Concentrix presently has an average rating of Hold and a consensus price target of $95.80.

Concentrix Stock Up 1.6 %

CNXC stock opened at $66.22 on Friday. The stock has a market capitalization of $4.39 billion, a P/E ratio of 13.65, a P/E/G ratio of 0.69 and a beta of 0.50. Concentrix has a 52 week low of $59.23 and a 52 week high of $125.80. The firm has a 50-day simple moving average of $77.73 and a 200-day simple moving average of $83.49. The company has a quick ratio of 1.38, a current ratio of 1.56 and a debt-to-equity ratio of 1.23.

Concentrix (NASDAQ:CNXC) last posted its quarterly earnings data on Wednesday, January 24th. The company reported $3.07 EPS for the quarter, topping the consensus estimate of $2.92 by $0.15. The company had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.20 billion. Concentrix had a return on equity of 17.70% and a net margin of 3.53%. Equities analysts forecast that Concentrix will post 11.26 earnings per share for the current fiscal year.

Concentrix Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 7th. Shareholders of record on Friday, April 26th will be issued a $0.303 dividend. The ex-dividend date of this dividend is Thursday, April 25th. This represents a $1.21 dividend on an annualized basis and a yield of 1.83%. This is a positive change from Concentrix’s previous quarterly dividend of $0.30. Concentrix’s dividend payout ratio (DPR) is presently 24.95%.

Institutional Investors Weigh In On Concentrix

A number of large investors have recently modified their holdings of the business. Quarry LP purchased a new stake in Concentrix during the 1st quarter valued at about $26,000. KBC Group NV purchased a new stake in shares of Concentrix in the fourth quarter valued at approximately $83,000. State of Wyoming increased its holdings in shares of Concentrix by 388.1% in the second quarter. State of Wyoming now owns 1,064 shares of the company’s stock valued at $86,000 after purchasing an additional 846 shares during the last quarter. Royal Bank of Canada lifted its position in Concentrix by 80.4% during the third quarter. Royal Bank of Canada now owns 1,097 shares of the company’s stock worth $122,000 after buying an additional 489 shares in the last quarter. Finally, Advisors Asset Management Inc. boosted its stake in Concentrix by 36.1% during the fourth quarter. Advisors Asset Management Inc. now owns 1,214 shares of the company’s stock worth $162,000 after buying an additional 322 shares during the last quarter. Hedge funds and other institutional investors own 90.34% of the company’s stock.

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.