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

Concentrix Corporation (NASDAQ:CNXC - Get Free Report) declared a quarterly dividend on Friday, June 27th, Wall Street Journal reports. Investors of record on Friday, July 25th will be paid a dividend of 0.3328 per share on Tuesday, August 5th. This represents a $1.33 dividend on an annualized basis and a yield of 2.57%. The ex-dividend date is Friday, July 25th.

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

Concentrix Stock Performance

NASDAQ CNXC traded down $3.42 during trading hours on Friday, hitting $51.71. 2,340,460 shares of the stock were exchanged, compared to its average volume of 738,405. The company has a quick ratio of 1.65, a current ratio of 1.65 and a debt-to-equity ratio of 1.22. The company has a market cap of $3.30 billion, a price-to-earnings ratio of 12.96, a price-to-earnings-growth ratio of 0.70 and a beta of 0.56. Concentrix has a 12-month low of $36.28 and a 12-month high of $77.00. The stock has a 50-day moving average of $53.78 and a 200 day moving average of $49.42.

Concentrix (NASDAQ:CNXC - Get Free Report) last posted 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 2.81% and a return on equity of 16.73%. The business had revenue of $2.42 billion during the quarter, compared to analysts' expectations of $2.38 billion. During the same quarter last year, the firm earned $2.69 earnings per share. The firm's quarterly revenue was up 1.5% compared to the same quarter last year. As a group, equities research analysts forecast that Concentrix will post 10.11 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on CNXC. Bank of America reduced 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. Barrington Research reaffirmed an "outperform" rating and set a $54.00 price target on shares of Concentrix in a report on Tuesday. Robert W. Baird boosted their price objective on shares of Concentrix from $62.00 to $72.00 and gave the stock an "outperform" rating in a report on Thursday. Finally, Wall Street Zen downgraded Concentrix from a "buy" rating to a "hold" rating in a research note on Saturday, June 21st. Two equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $66.75.

Insider Activity

In other news, CEO Christopher A. Caldwell bought 1,000 shares of the company's stock in a transaction on Monday, April 21st. The shares were bought at an average cost of $46.00 per share, with a total value of $46,000.00. Following the transaction, the chief executive officer now directly owns 303,362 shares in the company, valued at approximately $13,954,652. This trade represents a 0.33% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Olivier Duha sold 29,444 shares of the firm's stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $48.52, for a total value of $1,428,622.88. Following the sale, the director now directly owns 1,155,862 shares of the company's stock, valued at $56,082,424.24. This trade represents a 2.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 30,944 shares of company stock worth $1,510,158 in the last 90 days. Company insiders own 3.20% of the company's stock.

Institutional Trading of Concentrix

Hedge funds and other institutional investors have recently made changes to their positions in the business. Geneos Wealth Management Inc. raised its position in shares of Concentrix by 532.7% during the first quarter. Geneos Wealth Management Inc. now owns 620 shares of the company's stock worth $34,000 after acquiring an additional 522 shares during the last quarter. Focus Partners Wealth bought a new stake in shares of Concentrix during the first quarter worth approximately $781,000. Royal Bank of Canada lifted its holdings in Concentrix by 9.5% in the first quarter. Royal Bank of Canada now owns 47,501 shares of the company's stock valued at $2,643,000 after buying an additional 4,133 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Concentrix by 17.4% during the 1st 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 acquiring an additional 21,746 shares during the period. Finally, Goldman Sachs Group Inc. raised its position in shares of Concentrix by 75.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 423,287 shares of the company's stock valued at $23,552,000 after acquiring an additional 181,546 shares during the last quarter. 90.34% of the stock is currently owned by institutional investors and hedge funds.

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.

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