Concentrix Corporation (NASDAQ:CNXC) Plans $0.33 Quarterly Dividend

Concentrix Corporation (NASDAQ:CNXC - Get Free Report) declared a quarterly dividend on Thursday, June 26th, Wall Street Journal reports. Stockholders of record on Friday, July 25th will be given a dividend of 0.3328 per share on Tuesday, August 5th. This represents a $1.33 annualized dividend and a dividend yield of 2.52%. The ex-dividend date of this dividend is Friday, July 25th.

Concentrix has a payout ratio of 10.4% indicating that its dividend is sufficiently covered by earnings.

Concentrix Price Performance

Shares of Concentrix stock traded up $1.14 on Monday, hitting $52.85. The company had a trading volume of 892,875 shares, compared to its average volume of 734,872. The company has a debt-to-equity ratio of 1.14, a current ratio of 1.61 and a quick ratio of 1.65. The company has a market cap of $3.38 billion, a PE ratio of 14.52, a PEG ratio of 0.67 and a beta of 0.56. The business has a 50-day simple moving average of $53.98 and a 200-day simple moving average of $49.61. Concentrix has a 52 week low of $36.28 and a 52 week high of $77.00.

Concentrix (NASDAQ:CNXC - Get Free Report) last issued its quarterly earnings results on Thursday, June 26th. The company reported $2.70 earnings per share for the quarter, missing analysts' consensus estimates of $2.76 by ($0.06). Concentrix had a net margin of 2.54% and a return on equity of 16.31%. The business had revenue of $2.42 billion for the quarter, compared to analysts' expectations of $2.38 billion. During the same quarter in the prior year, the firm posted $2.69 EPS. The business's quarterly revenue was up 1.5% compared to the same quarter last year. Research analysts expect that Concentrix will post 10.11 EPS for the current fiscal year.

Insiders Place Their Bets

In other Concentrix news, Director Olivier Duha sold 29,444 shares of the company's stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $48.52, for a total transaction of $1,428,622.88. Following the transaction, the director owned 1,155,862 shares in the company, valued at approximately $56,082,424.24. This represents a 2.48% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Christopher A. Caldwell purchased 1,000 shares of the company's stock in a transaction dated Monday, April 21st. The stock was bought at an average cost of $46.00 per share, for a total transaction of $46,000.00. Following the completion of the transaction, the chief executive officer owned 303,362 shares in the company, valued at approximately $13,954,652. This represents a 0.33% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 30,444 shares of company stock worth $1,482,503 over the last quarter. 3.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Concentrix

Hedge funds have recently bought and sold shares of the company. Goldman Sachs Group Inc. raised its position in Concentrix by 75.1% in the first quarter. Goldman Sachs Group Inc. now owns 423,287 shares of the company's stock worth $23,552,000 after acquiring an additional 181,546 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Concentrix by 17.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 146,515 shares of the company's stock worth $8,152,000 after purchasing an additional 21,746 shares in the last quarter. Royal Bank of Canada raised its position in shares of Concentrix by 9.5% during the 1st quarter. Royal Bank of Canada now owns 47,501 shares of the company's stock valued at $2,643,000 after purchasing an additional 4,133 shares during the period. Focus Partners Wealth purchased a new position in shares of Concentrix during the 1st quarter valued at $781,000. Finally, Geneos Wealth Management Inc. lifted its position in shares of Concentrix by 532.7% in the first quarter. Geneos Wealth Management Inc. now owns 620 shares of the company's stock valued at $34,000 after acquiring an additional 522 shares in the last quarter. Institutional investors own 90.34% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CNXC. Robert W. Baird lifted their price objective on Concentrix from $62.00 to $72.00 and gave the stock an "outperform" rating in a report on Thursday. Bank of America decreased their price target on Concentrix from $65.00 to $61.00 and set a "neutral" rating on the stock in a research report on Friday. Wall Street Zen lowered shares of Concentrix from a "buy" rating to a "hold" rating in a research report on Saturday, June 21st. Canaccord Genuity Group reiterated a "buy" rating and set a $80.00 price target on shares of Concentrix in a research report on Monday. Finally, Barrington Research restated an "outperform" rating and set a $54.00 price objective on shares of Concentrix in a report on Tuesday, June 24th. Two equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Concentrix presently has a consensus rating of "Moderate Buy" and a consensus price target of $66.75.

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.