Concentrix Co. (NASDAQ:CNXC) Increases Dividend to $0.30 Per Share

Concentrix Co. (NASDAQ:CNXC) declared a quarterly dividend on Tuesday, March 26th, Zacks reports. Stockholders of record on Friday, April 26th will be given a dividend of 0.303 per share on Tuesday, May 7th. This represents a $1.21 dividend on an annualized basis and a dividend yield of 1.86%. The ex-dividend date of this dividend is Thursday, April 25th. This is an increase from Concentrix’s previous quarterly dividend of $0.30.

Concentrix has a payout ratio of 9.1% meaning its dividend is sufficiently covered by earnings. Analysts expect Concentrix to earn $12.56 per share next year, which means the company should continue to be able to cover its $1.21 annual dividend with an expected future payout ratio of 9.6%.

Concentrix Stock Performance

Shares of Concentrix stock opened at $65.20 on Thursday. The business has a 50-day simple moving average of $78.34 and a 200 day simple moving average of $83.61. The firm has a market capitalization of $4.32 billion, a price-to-earnings ratio of 11.30, a PEG ratio of 0.66 and a beta of 0.50. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.38 and a quick ratio of 1.38. Concentrix has a one year low of $59.23 and a one year high of $125.80.

Concentrix (NASDAQ:CNXC) last released its quarterly earnings data on Wednesday, January 24th. The company reported $3.07 EPS for the quarter, beating the consensus estimate of $2.92 by $0.15. Concentrix had a return on equity of 18.77% and a net margin of 3.53%. The firm had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.20 billion. On average, research analysts anticipate that Concentrix will post 11.26 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CNXC has been the topic of a number of analyst reports. Bank of America reaffirmed an “underperform” rating and set a $60.00 price objective (down from $85.00) on shares of Concentrix in a report on Wednesday. Barrington Research decreased their price objective on shares of Concentrix from $121.00 to $84.00 and set an “outperform” rating for the company in a research note on Wednesday. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $95.80.

Institutional Trading of Concentrix

A number of large investors have recently added to or reduced their stakes in CNXC. Utah Retirement Systems lifted its stake in shares of Concentrix by 4.5% during the 2nd quarter. Utah Retirement Systems now owns 2,300 shares of the company’s stock valued at $312,000 after buying an additional 100 shares in the last quarter. Public Employees Retirement Association of Colorado lifted its holdings in Concentrix by 2.8% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 4,767 shares of the company’s stock worth $468,000 after purchasing an additional 128 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its stake in Concentrix by 7.7% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 1,859 shares of the company’s stock worth $310,000 after purchasing an additional 133 shares during the period. LPL Financial LLC grew its holdings in Concentrix by 8.7% during the 2nd quarter. LPL Financial LLC now owns 2,302 shares of the company’s stock valued at $312,000 after buying an additional 184 shares in the last quarter. Finally, Wells Fargo & Company MN increased its position in shares of Concentrix by 4.3% during the fourth quarter. Wells Fargo & Company MN now owns 4,427 shares of the company’s stock valued at $589,000 after buying an additional 184 shares during the period. Hedge funds and other institutional investors 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.