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

Concentrix Co. (NASDAQ:CNXC) declared a quarterly dividend on Thursday, January 16th,Wall Street Journal reports. Investors of record on Friday, January 31st will be given a dividend of 0.3328 per share on Tuesday, February 11th. This represents a $1.33 annualized dividend and a yield of 2.73%. The ex-dividend date is Friday, January 31st.

Concentrix has raised its dividend by an average of 70.6% per year over the last three years. Concentrix has a dividend payout ratio of 10.6% indicating that its dividend is sufficiently covered by earnings. Analysts expect Concentrix to earn $10.57 per share next year, which means the company should continue to be able to cover its $1.33 annual dividend with an expected future payout ratio of 12.6%.

Concentrix Stock Performance

CNXC stock traded up $1.31 during mid-day trading on Thursday, hitting $48.78. The company had a trading volume of 2,013,574 shares, compared to its average volume of 837,848. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.57 and a current ratio of 1.57. The firm has a market cap of $3.16 billion, a PE ratio of 15.84, a price-to-earnings-growth ratio of 0.60 and a beta of 0.63. Concentrix has a 12 month low of $36.28 and a 12 month high of $106.10. The stock’s fifty day moving average price is $43.34 and its two-hundred day moving average price is $54.98.

Concentrix (NASDAQ:CNXC) last released its quarterly earnings data on Wednesday, January 15th. The company reported $3.26 EPS for the quarter, beating the consensus estimate of $3.01 by $0.25. The business had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.44 billion. Concentrix had a net margin of 2.18% and a return on equity of 16.57%. The company’s revenue was up 9.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.36 earnings per share. On average, analysts forecast that Concentrix will post 10.11 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CNXC has been the subject of several recent analyst reports. Canaccord Genuity Group reduced their price objective on shares of Concentrix from $100.00 to $80.00 and set a “buy” rating for the company in a research note on Thursday. Barrington Research lowered their price objective on Concentrix from $84.00 to $70.00 and set an “outperform” rating on the stock in a research report on Thursday, September 26th. Baird R W upgraded Concentrix to a “strong-buy” rating in a research report on Thursday, October 3rd. Robert W. Baird assumed coverage on Concentrix in a report on Thursday, October 3rd. They set an “outperform” rating and a $70.00 price objective for the company. Finally, Bank of America lowered their target price on shares of Concentrix from $85.00 to $70.00 and set a “neutral” rating on the stock in a research note on Thursday, September 26th. One analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $75.00.

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.