Concentrix Co. (NASDAQ:CNXC) to Issue $0.33 Quarterly Dividend

Concentrix Co. (NASDAQ:CNXC) announced a quarterly dividend on Wednesday, January 15th,Wall Street Journal reports. Stockholders of record on Friday, January 31st will be paid a dividend of 0.3328 per share on Tuesday, February 11th. This represents a $1.33 dividend on an annualized basis and a dividend yield of 2.39%. The ex-dividend date of this dividend is Friday, January 31st.

Concentrix has increased its dividend payment by an average of 70.6% per year over the last three years. Concentrix has a dividend payout ratio of 10.6% indicating that its dividend is sufficiently covered by earnings.

Concentrix Trading Up 4.0 %

Shares of NASDAQ:CNXC opened at $55.64 on Wednesday. The company has a market cap of $3.61 billion, a PE ratio of 15.00, a P/E/G ratio of 0.70 and a beta of 0.63. Concentrix has a 52 week low of $36.28 and a 52 week high of $93.32. The company has a current ratio of 1.42, a quick ratio of 1.57 and a debt-to-equity ratio of 1.17. The company’s 50 day moving average is $45.34 and its two-hundred day moving average is $53.96.

Concentrix (NASDAQ:CNXC) last issued its quarterly earnings data on Wednesday, January 15th. The company reported $3.26 earnings per share for the quarter, beating analysts’ consensus estimates of $3.01 by $0.25. The company had revenue of $2.45 billion during the quarter, compared to analysts’ expectations of $2.44 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 up 9.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.36 earnings per share. Equities analysts predict that Concentrix will post 10.11 earnings per share for the current fiscal year.

Insider Buying and Selling at Concentrix

In other Concentrix news, Director Kathryn Hayley purchased 500 shares of the business’s stock in a transaction on Wednesday, January 22nd. The stock was bought at an average cost of $50.22 per share, for a total transaction of $25,110.00. Following the acquisition, the director now owns 3,034 shares of the company’s stock, valued at approximately $152,367.48. The trade was a 19.73 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. 3.10% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CNXC. Robert W. Baird started coverage on Concentrix in a research note on Thursday, October 3rd. They set an “outperform” rating and a $70.00 target price for the company. Canaccord Genuity Group reduced their target price on Concentrix from $100.00 to $80.00 and set a “buy” rating for the company in a report on Thursday, January 16th. Finally, Baird R W raised shares of Concentrix to a “strong-buy” rating in a research note on Thursday, October 3rd. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $75.00.

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.