Concentrix (NASDAQ:CNXC) Issues Quarterly Earnings Results

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

Concentrix Stock Performance

Shares of NASDAQ CNXC opened at $51.56 on Friday. The business’s 50-day simple moving average is $67.29 and its 200-day simple moving average is $63.58. Concentrix has a 52 week low of $50.23 and a 52 week high of $106.10. The company has a debt-to-equity ratio of 1.21, a quick ratio of 1.56 and a current ratio of 1.54. The firm has a market cap of $3.35 billion, a price-to-earnings ratio of 11.94, a P/E/G ratio of 0.68 and a beta of 0.61.

Concentrix Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 5th. Stockholders of record on Friday, October 25th will be paid a dividend of $0.333 per share. This represents a $1.33 annualized dividend and a dividend yield of 2.58%. The ex-dividend date of this dividend is Friday, October 25th. This is an increase from Concentrix’s previous quarterly dividend of $0.30. Concentrix’s dividend payout ratio is 28.01%.

Insiders Place Their Bets

In related news, EVP Cormac J. Twomey sold 400 shares of the company’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $67.23, for a total transaction of $26,892.00. Following the completion of the sale, the executive vice president now directly owns 29,727 shares of the company’s stock, valued at approximately $1,998,546.21. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 3.00% of the company’s stock.

Analyst Ratings Changes

CNXC has been the subject of several recent research reports. Canaccord Genuity Group cut their price objective on Concentrix from $125.00 to $100.00 and set a “buy” rating for the company in a report on Thursday. Barrington Research cut their price target on Concentrix from $84.00 to $70.00 and set an “outperform” rating for the company in a research note on Thursday. Finally, Bank of America lowered their price target on Concentrix from $85.00 to $70.00 and set a “neutral” rating for the company in a research note on Thursday. One research analyst has rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, Concentrix presently has a consensus rating of “Moderate Buy” and a consensus price target of $81.25.

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.