Concentrix Co. (NASDAQ:CNXC) Plans Dividend Increase – $0.30 Per Share

Concentrix Co. (NASDAQ:CNXC) announced 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 dividend on an annualized basis and a dividend yield of 1.86%. The ex-dividend date 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% 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 Performance

CNXC opened at $65.20 on Thursday. The firm has a market capitalization of $4.32 billion, a PE ratio of 11.30, a PEG ratio of 0.66 and a beta of 0.50. Concentrix has a 52-week low of $59.23 and a 52-week high of $125.80. The business’s 50-day simple moving average is $78.34 and its 200 day simple moving average is $83.61. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.38 and a current ratio of 1.38.

Concentrix (NASDAQ:CNXC) 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. The company had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.20 billion. Concentrix had a net margin of 3.53% and a return on equity of 18.77%. As a group, sell-side analysts expect that Concentrix will post 11.26 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CNXC. Barrington Research lowered their price target on shares of Concentrix from $121.00 to $84.00 and set an “outperform” rating on the stock in a report on Wednesday. Bank of America reissued an “underperform” rating and set a $60.00 target price (down previously from $85.00) on shares of Concentrix in a report on Wednesday. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $95.80.

Hedge Funds Weigh In On Concentrix

A number of institutional investors have recently added to or reduced their stakes in CNXC. Quarry LP acquired a new position in shares of Concentrix during the first quarter worth $26,000. KBC Group NV acquired a new stake in Concentrix in the fourth quarter valued at approximately $83,000. State of Wyoming increased its stake in Concentrix by 388.1% during the 2nd quarter. State of Wyoming now owns 1,064 shares of the company’s stock valued at $86,000 after purchasing an additional 846 shares in the last quarter. Royal Bank of Canada increased 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 worth $122,000 after acquiring 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 in 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.