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

Concentrix Co. (NASDAQ:CNXC) announced a quarterly dividend on Thursday, March 27th, Wall Street Journal reports. Shareholders of record on Friday, April 25th will be given a dividend of 0.3328 per share on Tuesday, May 6th. This represents a $1.33 dividend on an annualized basis and a yield of 2.05%. The ex-dividend date of this dividend is Friday, April 25th.

Concentrix has increased its dividend payment by an average of 35.4% annually over the last three years. Concentrix has a payout ratio of 10.5% indicating that its dividend is sufficiently covered by earnings.

Concentrix Stock Up 42.4 %

Shares of CNXC traded up $19.36 during mid-day trading on Thursday, hitting $65.04. 5,752,484 shares of the company’s stock were exchanged, compared to its average volume of 654,010. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.17. Concentrix has a twelve month low of $36.28 and a twelve month high of $77.00. The firm has a fifty day moving average of $47.58 and a two-hundred day moving average of $47.73. The stock has a market cap of $4.18 billion, a price-to-earnings ratio of 17.53, a P/E/G ratio of 0.63 and a beta of 0.69.

Concentrix (NASDAQ:CNXC) last posted its earnings results on Wednesday, March 26th. The company reported $2.79 earnings per share for the quarter, beating the consensus estimate of $2.58 by $0.21. The company had revenue of $2.37 billion for the quarter, compared to analyst estimates of $2.37 billion. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. The business’s revenue was down 1.3% compared to the same quarter last year. During the same period last year, the company earned $2.57 earnings per share. On average, sell-side analysts forecast that Concentrix will post 10.11 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CNXC. Bank of America lifted their price target on shares of Concentrix from $58.00 to $59.00 and gave the company a “neutral” rating in a research report on Thursday. Barrington Research cut their target price on shares of Concentrix from $70.00 to $54.00 and set an “outperform” rating for the company in a research report on Monday. Finally, Canaccord Genuity Group decreased their price target on shares of Concentrix from $100.00 to $80.00 and set a “buy” rating for the company in a report on Thursday, January 16th. One analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $69.60.

Insiders Place Their Bets

In other news, Director Kathryn Hayley acquired 500 shares of the firm’s stock in a transaction dated Wednesday, January 22nd. The shares were bought at an average price of $50.22 per share, with a total value of $25,110.00. Following the acquisition, the director now owns 3,034 shares of the company’s stock, valued at $152,367.48. This trade represents a 19.73 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 3.20% 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.