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

Concentrix (NASDAQ:CNXC) posted its quarterly earnings results on Wednesday. The company reported $2.87 earnings per share 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 company had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.38 billion. During the same period last year, the firm posted $2.54 earnings per share. The company’s revenue for the quarter was up 46.2% on a year-over-year basis.

Concentrix Stock Up 0.0 %

CNXC traded up $0.02 during mid-day trading on Friday, reaching $51.56. 2,132,828 shares of the stock were exchanged, compared to its average volume of 519,856. Concentrix has a 1 year low of $50.23 and a 1 year 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 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 company has a 50 day moving average price of $67.59 and a two-hundred day moving average price of $63.67.

Concentrix Increases Dividend

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

Insider Activity

In other Concentrix news, EVP Cormac J. Twomey sold 400 shares of the company’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $67.23, for a total value 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 3.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

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