Concentrix (NASDAQ:CNXC) Issues FY 2024 Earnings Guidance

Concentrix (NASDAQ:CNXC) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 11.690-12.500 for the period, compared to the consensus earnings per share estimate of 11.960. The company issued revenue guidance of $9.5 billion-$9.7 billion, compared to the consensus revenue estimate of $9.6 billion. Concentrix also updated its FY24 guidance to $11.69-12.50 EPS.

Concentrix Trading Up 4.8 %

Shares of Concentrix stock opened at $65.20 on Thursday. 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. The company has a 50-day moving average of $78.34 and a two-hundred day moving average of $83.61. Concentrix has a 12-month low of $59.23 and a 12-month high of $125.80. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 1.19.

Concentrix (NASDAQ:CNXC) last announced its quarterly earnings data on Wednesday, January 24th. The company reported $3.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.92 by $0.15. The business had revenue of $2.23 billion for 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%. On average, research analysts anticipate that Concentrix will post 11.26 EPS for the current fiscal year.

Concentrix Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 7th. Investors 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 annualized dividend and a dividend yield of 1.86%. This is a positive change from Concentrix’s previous quarterly dividend of $0.30. Concentrix’s payout ratio is presently 20.97%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on CNXC shares. Bank of America reaffirmed an underperform rating and issued a $60.00 price target (down from $85.00) on shares of Concentrix in a research note on Wednesday. Barrington Research dropped their target price on shares of Concentrix from $121.00 to $84.00 and set an outperform rating for the company in a research report on Wednesday. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of Hold and a consensus price target of $95.80.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Quarry LP bought a new stake in Concentrix during the 1st quarter worth approximately $26,000. KBC Group NV acquired a new position in shares of Concentrix in the fourth quarter valued at approximately $83,000. State of Wyoming increased its position in Concentrix by 388.1% during the 2nd 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 period. Royal Bank of Canada boosted its holdings in shares of Concentrix by 80.4% during the 3rd 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. lifted its holdings in shares of Concentrix by 36.1% in the 4th quarter. Advisors Asset Management Inc. now owns 1,214 shares of the company’s stock worth $162,000 after purchasing an additional 322 shares in the last quarter. Institutional investors and hedge funds 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.