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

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

Concentrix Stock Performance

Concentrix stock traded down $0.51 during mid-day trading on Friday, hitting $51.03. The company had a trading volume of 894,887 shares, compared to its average volume of 512,801. The company has a market capitalization of $3.31 billion, a price-to-earnings ratio of 11.92, a P/E/G ratio of 0.68 and a beta of 0.61. Concentrix has a 12-month low of $50.85 and a 12-month high of $106.10. The company’s fifty day moving average is $67.59 and its 200-day moving average is $63.67. The company has a current ratio of 1.54, a quick ratio of 1.56 and a debt-to-equity ratio of 1.21.

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 dividend of $0.333 per share. This is a boost from Concentrix’s previous quarterly dividend of $0.30. This represents a $1.33 annualized dividend and a yield of 2.61%. The ex-dividend date of this dividend is Friday, October 25th. Concentrix’s dividend payout ratio (DPR) is currently 28.01%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Bank of America lowered their price objective on shares of Concentrix from $85.00 to $70.00 and set a “neutral” rating for the company in a research note on Thursday. Canaccord Genuity Group cut their price objective on Concentrix from $125.00 to $100.00 and set a “buy” rating on the stock in a report on Thursday. Finally, Barrington Research decreased their target price on Concentrix from $84.00 to $70.00 and set an “outperform” rating for the company 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 company. According to data from MarketBeat.com, Concentrix has a consensus rating of “Moderate Buy” and an average target price of $81.25.

Insider Activity

In other Concentrix news, EVP Cormac J. Twomey sold 400 shares of the stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $74.63, for a total transaction of $29,852.00. Following the transaction, the executive vice president now owns 29,327 shares in the company, valued at $2,188,674.01. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 3.00% 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.