Concentrix Co. (NASDAQ:CNXC) Declares Quarterly Dividend of $0.33

Concentrix Co. (NASDAQ:CNXC) announced a quarterly dividend on Wednesday, September 25th, Zacks reports. Investors of record on Friday, October 25th will be given a dividend of 0.333 per share on Tuesday, November 5th. This represents a $1.33 annualized dividend and a dividend yield of 2.58%. The ex-dividend date of this dividend is Friday, October 25th. This is an increase from Concentrix’s previous quarterly dividend of $0.30.

Concentrix has a dividend payout ratio of 9.3% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Concentrix to earn $12.22 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 9.9%.

Concentrix Stock Down 19.0 %

NASDAQ CNXC opened at $51.54 on Friday. The company has a debt-to-equity ratio of 1.21, a quick ratio of 1.56 and a current ratio of 1.54. The firm has a 50-day simple moving average of $67.59 and a 200 day simple moving average of $63.67. Concentrix has a twelve month low of $51.02 and a twelve month high of $106.10. The stock has a market cap of $3.35 billion, a PE ratio of 11.93, a PEG ratio of 0.67 and a beta of 0.61.

Concentrix (NASDAQ:CNXC) last released its earnings results on Wednesday, September 25th. The company reported $2.87 earnings per share for the quarter, missing the consensus estimate of $2.93 by ($0.06). Concentrix had a net margin of 3.08% and a return on equity of 17.00%. The company had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.38 billion. During the same quarter in the previous year, the business posted $2.54 EPS. The firm’s quarterly revenue was up 46.2% on a year-over-year basis. On average, research analysts forecast that Concentrix will post 10.8 EPS for the current year.

Insider Transactions at Concentrix

In other news, EVP Cormac J. Twomey sold 400 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $74.63, for a total transaction of $29,852.00. Following the completion of the sale, the executive vice president now owns 29,327 shares of the company’s stock, valued at $2,188,674.01. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 3.00% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on CNXC shares. Canaccord Genuity Group dropped their price target on shares of Concentrix from $125.00 to $100.00 and set a “buy” rating for the company in a research report on Thursday. Barrington Research dropped their price target on shares of Concentrix from $84.00 to $70.00 and set an “outperform” rating for the company in a research report on Thursday. Finally, Bank of America dropped their price target on shares of Concentrix from $85.00 to $70.00 and set a “neutral” rating for the company in a research report on Thursday. One research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $81.25.

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.