Concentrix Co. (NASDAQ:CNXC) to Issue Quarterly Dividend of $0.30

Concentrix Co. (NASDAQ:CNXC) announced 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 is Thursday, April 25th. This is an increase from Concentrix’s previous quarterly dividend of $0.30.

Concentrix has a dividend payout ratio of 9.1% indicating that its dividend is sufficiently covered by earnings. Equities 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

NASDAQ CNXC opened at $65.20 on Thursday. The stock 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 stock has a 50-day moving average of $78.34 and a 200 day moving average of $83.61. 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 has a twelve month low of $59.23 and a twelve month high of $125.80.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Utah Retirement Systems increased its stake in shares of Concentrix by 4.5% in the 2nd quarter. Utah Retirement Systems now owns 2,300 shares of the company’s stock worth $312,000 after acquiring an additional 100 shares during the last quarter. Public Employees Retirement Association of Colorado raised its stake in Concentrix by 2.8% during the fourth 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 during the period. Cambridge Investment Research Advisors Inc. raised its stake in Concentrix by 7.7% during the first 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 boosted its holdings in Concentrix by 8.7% in the 2nd quarter. LPL Financial LLC now owns 2,302 shares of the company’s stock valued at $312,000 after purchasing an additional 184 shares during the last quarter. Finally, Wells Fargo & Company MN increased its holdings in shares of Concentrix by 4.3% during the 4th quarter. Wells Fargo & Company MN now owns 4,427 shares of the company’s stock worth $589,000 after buying an additional 184 shares during the last quarter. 90.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CNXC. Barrington Research lowered their price objective on Concentrix from $121.00 to $84.00 and set an “outperform” rating on the stock in a report on Wednesday. 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. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $95.80.

Concentrix Company Profile

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.