Concentrix (NASDAQ:CNXC) Issues Quarterly Earnings Results, Misses Estimates By $0.06 EPS

Concentrix (NASDAQ:CNXC) issued its earnings results on Wednesday. The company reported $2.87 EPS for the quarter, missing the consensus estimate of $2.93 by ($0.06), Briefing.com reports. Concentrix had a net margin of 3.08% and a return on equity of 17.00%. The business had revenue of $2.39 billion for the quarter, compared to analysts’ expectations of $2.38 billion. During the same quarter in the prior year, the business posted $2.54 earnings per share. The business’s revenue for the quarter was up 46.2% on a year-over-year basis.

Concentrix Price Performance

Shares of NASDAQ:CNXC opened at $51.56 on Friday. The company has a quick ratio of 1.56, a current ratio of 1.54 and a debt-to-equity ratio of 1.21. The stock has a market capitalization of $3.35 billion, a PE ratio of 11.94, a price-to-earnings-growth ratio of 0.68 and a beta of 0.61. The firm’s 50 day moving average price is $67.29 and its 200-day moving average price is $63.58. Concentrix has a twelve month low of $50.23 and a twelve month high of $106.10.

Concentrix Increases Dividend

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

Insider Activity at Concentrix

In other Concentrix news, EVP Cormac J. Twomey sold 400 shares of the stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $67.23, for a total value of $26,892.00. Following the transaction, the executive vice president now directly owns 29,727 shares in the company, valued at $1,998,546.21. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.00% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

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

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.