Concentrix Co. (NASDAQ:CNXC) Declares Dividend Increase - $0.30 Per Share

Concentrix Co. (NASDAQ:CNXC - Get Free Report) declared a quarterly dividend on Tuesday, March 26th, Zacks reports. Stockholders 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 dividend yield of 1.83%. The ex-dividend date is Thursday, April 25th. This is a positive change from Concentrix's previous quarterly dividend of $0.30.

Concentrix has a dividend payout ratio of 9.1% indicating that its dividend is sufficiently covered by earnings. 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 Stock Up 1.6 %

Shares of CNXC traded up $1.02 during trading hours on Thursday, hitting $66.22. The stock had a trading volume of 547,421 shares, compared to its average volume of 520,472. The firm has a 50 day simple moving average of $77.73 and a 200-day simple moving average of $83.49. Concentrix has a 1-year low of $59.23 and a 1-year high of $125.80. 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 $4.39 billion, a P/E ratio of 11.48, a price-to-earnings-growth ratio of 0.66 and a beta of 0.50.

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

Hedge Funds Weigh In On Concentrix

Hedge funds have recently bought and sold shares of the company. Quarry LP purchased a new position in Concentrix in the first quarter worth $26,000. KBC Group NV bought a new position in Concentrix in the 4th quarter valued at $83,000. State of Wyoming lifted its stake in Concentrix by 388.1% in the second quarter. State of Wyoming now owns 1,064 shares of the company's stock worth $86,000 after purchasing an additional 846 shares during the last quarter. Royal Bank of Canada boosted its position in shares of Concentrix by 80.4% during the third quarter. Royal Bank of Canada now owns 1,097 shares of the company's stock valued at $122,000 after purchasing an additional 489 shares in the last quarter. Finally, Advisors Asset Management Inc. lifted its stake in Concentrix by 36.1% during the 4th quarter. Advisors Asset Management Inc. now owns 1,214 shares of the company's stock valued at $162,000 after acquiring an additional 322 shares during the period. 90.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Bank of America restated an "underperform" rating and set a $60.00 price objective (down previously from $85.00) on shares of Concentrix in a report on Wednesday. Barrington Research lowered their target price on shares of Concentrix from $121.00 to $84.00 and set an "outperform" rating on the stock in a report on Wednesday. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $95.80.

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.