Concentrix Co. (NASDAQ:CNXC) to Issue Dividend Increase – $0.30 Per Share

Concentrix Co. (NASDAQ:CNXC) declared a quarterly dividend on Tuesday, March 26th, Zacks reports. Investors of record on Friday, April 26th will be paid a dividend of 0.303 per share on Tuesday, May 7th. This represents a $1.21 annualized dividend and a yield of 2.14%. The ex-dividend date is Thursday, April 25th. This is a boost from Concentrix’s previous quarterly dividend of $0.30.

Concentrix has a dividend payout ratio of 9.4% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Concentrix to earn $12.31 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 9.8%.

Concentrix Stock Performance

NASDAQ CNXC opened at $56.64 on Wednesday. The company has a 50-day simple moving average of $66.48 and a two-hundred day simple moving average of $81.49. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 1.23. Concentrix has a 12-month low of $54.16 and a 12-month high of $106.44. The firm has a market cap of $3.74 billion, a price-to-earnings ratio of 11.68, a PEG ratio of 0.63 and a beta of 0.48.

Concentrix (NASDAQ:CNXC) last posted its quarterly earnings results on Tuesday, March 26th. The company reported $2.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.36 by ($0.03). Concentrix had a net margin of 3.53% and a return on equity of 17.70%. The business had revenue of $2.40 billion for the quarter, compared to analysts’ expectations of $2.38 billion. On average, equities analysts forecast that Concentrix will post 11.03 EPS for the current year.

Analyst Ratings Changes

CNXC has been the subject of a number of analyst reports. Bank of America reiterated an “underperform” rating and set a $60.00 target price (down from $85.00) on shares of Concentrix in a report on Wednesday, March 27th. Barrington Research dropped their target price on shares of Concentrix from $121.00 to $84.00 and set an “outperform” rating for the company in a report on Wednesday, March 27th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $82.25.

Insider Buying and Selling

In related news, CEO Christopher A. Caldwell bought 900 shares of the company’s stock in a transaction that occurred on Friday, April 19th. The shares were bought at an average price of $54.59 per share, for a total transaction of $49,131.00. Following the completion of the acquisition, the chief executive officer now owns 239,128 shares of the company’s stock, valued at approximately $13,053,997.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last quarter, insiders have purchased 1,879 shares of company stock worth $116,400. 3.00% of the stock is owned by insiders.

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.