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

Concentrix Co. (NASDAQ:CNXC) announced a quarterly dividend on Tuesday, March 26th, Zacks reports. Shareholders 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 dividend on an annualized basis and a yield of 1.86%. The ex-dividend date of this dividend 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% meaning its dividend is sufficiently covered by earnings. Equities research 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 Trading Up 4.8 %

NASDAQ:CNXC opened at $65.20 on Thursday. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.38 and a quick ratio of 1.38. The firm has a market capitalization of $4.32 billion, a price-to-earnings ratio of 11.30, a price-to-earnings-growth ratio of 0.66 and a beta of 0.50. Concentrix has a one year low of $59.23 and a one year high of $125.80. The business has a fifty day moving average price of $78.34 and a 200-day moving average price of $83.61.

Concentrix (NASDAQ:CNXC) last posted its quarterly earnings data on Wednesday, January 24th. The company reported $3.07 EPS for the quarter, topping the consensus estimate of $2.92 by $0.15. The firm had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.20 billion. Concentrix had a return on equity of 18.77% and a net margin of 3.53%. Sell-side analysts forecast that Concentrix will post 11.26 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in Concentrix by 23.9% in the 4th quarter. Vanguard Group Inc. now owns 5,363,893 shares of the company’s stock worth $526,788,000 after purchasing an additional 1,034,546 shares during the period. BlackRock Inc. raised its position in Concentrix by 1.0% in the 1st quarter. BlackRock Inc. now owns 3,668,975 shares of the company’s stock worth $611,103,000 after purchasing an additional 35,619 shares during the period. Wellington Management Group LLP raised its position in Concentrix by 0.4% in the 1st quarter. Wellington Management Group LLP now owns 1,207,876 shares of the company’s stock worth $201,184,000 after purchasing an additional 4,920 shares during the period. State Street Corp raised its position in Concentrix by 0.7% in the 2nd quarter. State Street Corp now owns 1,194,806 shares of the company’s stock worth $96,481,000 after purchasing an additional 8,405 shares during the period. Finally, Geode Capital Management LLC raised its position in Concentrix by 8.0% in the 1st quarter. Geode Capital Management LLC now owns 681,836 shares of the company’s stock worth $82,877,000 after purchasing an additional 50,527 shares during the period. Institutional investors own 90.34% of the company’s stock.

Wall Street Analysts Forecast Growth

CNXC has been the subject of several recent analyst reports. 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. Bank of America reissued an “underperform” rating and set a $60.00 price objective (down previously from $85.00) on shares of Concentrix in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat, Concentrix currently has an average rating of “Hold” and a consensus price target of $95.80.

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.