Concentrix (NASDAQ:CNXC) Issues Earnings Results, Beats Estimates By $0.21 EPS

Concentrix (NASDAQ:CNXC) posted its quarterly earnings results on Wednesday. The company reported $2.79 earnings per share for the quarter, topping the consensus estimate of $2.58 by $0.21, Briefing.com reports. The business had revenue of $2.37 billion during the quarter, compared to the consensus estimate of $2.37 billion. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. The firm’s revenue for the quarter was down 1.3% compared to the same quarter last year. During the same period in the prior year, the company posted $2.57 EPS.

Concentrix Price Performance

CNXC stock traded up $15.29 during trading on Thursday, hitting $60.97. 1,248,164 shares of the company’s stock traded hands, compared to its average volume of 636,956. Concentrix has a 52 week low of $36.28 and a 52 week high of $77.00. The stock has a market capitalization of $3.92 billion, a price-to-earnings ratio of 16.39, a P/E/G ratio of 0.63 and a beta of 0.69. The business has a fifty day simple moving average of $47.58 and a 200 day simple moving average of $47.73. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.42 and a current ratio of 1.42.

Concentrix Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, February 11th. Investors of record on Friday, January 31st were paid a dividend of $0.3328 per share. This represents a $1.33 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date of this dividend was Friday, January 31st. Concentrix’s payout ratio is 35.85%.

Analyst Ratings Changes

A number of equities analysts recently weighed in on CNXC shares. Barrington Research dropped their target price on shares of Concentrix from $70.00 to $54.00 and set an “outperform” rating for the company in a research report on Monday. Bank of America increased their price objective on shares of Concentrix from $58.00 to $59.00 and gave the company a “neutral” rating in a report on Thursday. Finally, Canaccord Genuity Group cut their price objective on Concentrix from $100.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday, January 16th. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $69.60.

Insider Transactions at Concentrix

In related news, EVP Cormac J. Twomey sold 500 shares of Concentrix stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $55.60, for a total value of $27,800.00. Following the completion of the transaction, the executive vice president now owns 41,111 shares in the company, valued at approximately $2,285,771.60. This trade represents a 1.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 3.20% 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.