Concentrix Co. (CNXC) to Issue Quarterly Dividend of $0.33 on May 6th

Concentrix Co. (NASDAQ:CNXC) declared a quarterly dividend on Thursday, March 27th, Wall Street Journal reports. Investors 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 dividend yield of 2.34%. The ex-dividend date 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 10.6% meaning its dividend is sufficiently covered by earnings.

Concentrix Stock Down 12.4 %

Shares of NASDAQ CNXC opened at $56.95 on Friday. Concentrix has a 1 year low of $36.28 and a 1 year high of $77.00. The firm has a 50-day simple moving average of $48.06 and a two-hundred day simple moving average of $47.75. The company has a market cap of $3.66 billion, a P/E ratio of 15.35, a PEG ratio of 0.63 and a beta of 0.69. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.42 and a quick ratio of 1.42.

Concentrix (NASDAQ:CNXC) last posted its quarterly earnings data on Wednesday, March 26th. The company reported $2.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.58 by $0.21. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. The company had revenue of $2.37 billion during the quarter, compared to analysts’ expectations of $2.37 billion. During the same quarter in the previous year, the business earned $2.57 EPS. Concentrix’s revenue was down 1.3% compared to the same quarter last year. Research analysts anticipate that Concentrix will post 10.11 earnings per share for the current year.

Insider Activity

In other Concentrix news, EVP Cormac J. Twomey sold 500 shares of the company’s stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $55.60, for a total transaction of $27,800.00. Following the completion of the sale, the executive vice president now owns 41,111 shares in the company, valued at $2,285,771.60. This represents a 1.20 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 3.20% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Barrington Research decreased their price objective on shares of Concentrix from $70.00 to $54.00 and set an “outperform” rating for the company in a report on Monday, March 24th. 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 note on Thursday. Finally, Canaccord Genuity Group dropped their price objective on Concentrix from $100.00 to $80.00 and set a “buy” rating on the stock in a research note on Thursday, January 16th. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $69.60.

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.