Convergence Investment Partners LLC Has $1.70 Million Holdings in Convergys Corp (CVG)
Convergence Investment Partners LLC lowered its stake in Convergys Corp (NYSE:CVG) by 54.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 65,750 shares of the business services provider’s stock after selling 77,162 shares during the period. Convergence Investment Partners LLC owned about 0.07% of Convergys worth $1,702,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently bought and sold shares of CVG. Teachers Advisors LLC raised its position in shares of Convergys by 3.8% during the 1st quarter. Teachers Advisors LLC now owns 163,757 shares of the business services provider’s stock worth $3,463,000 after acquiring an additional 6,008 shares in the last quarter. LS Investment Advisors LLC raised its position in shares of Convergys by 17.8% during the 2nd quarter. LS Investment Advisors LLC now owns 7,453 shares of the business services provider’s stock worth $177,000 after acquiring an additional 1,125 shares in the last quarter. Louisiana State Employees Retirement System raised its position in shares of Convergys by 2.9% during the 2nd quarter. Louisiana State Employees Retirement System now owns 24,600 shares of the business services provider’s stock worth $585,000 after acquiring an additional 700 shares in the last quarter. Aperio Group LLC raised its position in shares of Convergys by 13.0% during the 2nd quarter. Aperio Group LLC now owns 45,147 shares of the business services provider’s stock worth $1,074,000 after acquiring an additional 5,190 shares in the last quarter. Finally, State Treasurer State of Michigan raised its position in shares of Convergys by 1.0% during the 2nd quarter. State Treasurer State of Michigan now owns 38,800 shares of the business services provider’s stock worth $923,000 after acquiring an additional 400 shares in the last quarter. 98.72% of the stock is currently owned by institutional investors.
In other Convergys news, Director Jeffrey H. Fox sold 25,000 shares of Convergys stock in a transaction that occurred on Thursday, November 16th. The stock was sold at an average price of $23.77, for a total value of $594,250.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 1.70% of the company’s stock.
CVG has been the topic of several research analyst reports. SunTrust Banks reissued a “hold” rating and set a $26.00 target price on shares of Convergys in a research report on Monday, October 9th. Robert W. Baird reaffirmed a “hold” rating on shares of Convergys in a research report on Sunday, September 17th. BidaskClub raised Convergys from a “sell” rating to a “hold” rating in a research report on Saturday, August 12th. Barrington Research assumed coverage on Convergys in a research report on Tuesday, October 17th. They set a “market perform” rating on the stock. Finally, Citigroup cut their price target on Convergys from $25.00 to $24.00 and set a “neutral” rating on the stock in a research report on Friday, November 10th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $26.00.
Convergys Corp (CVG) traded down $0.17 on Wednesday, reaching $24.12. The company’s stock had a trading volume of 631,300 shares, compared to its average volume of 744,784. The firm has a market capitalization of $2,250.00, a price-to-earnings ratio of 12.99, a price-to-earnings-growth ratio of 1.46 and a beta of 1.07. Convergys Corp has a 52 week low of $20.15 and a 52 week high of $26.66. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.60 and a current ratio of 2.60.
Convergys (NYSE:CVG) last released its quarterly earnings results on Tuesday, November 7th. The business services provider reported $0.42 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.02). The firm had revenue of $688.30 million for the quarter, compared to analyst estimates of $692.34 million. Convergys had a return on equity of 13.92% and a net margin of 4.54%. The company’s quarterly revenue was down 7.1% on a year-over-year basis. During the same period last year, the firm earned $0.46 EPS. sell-side analysts predict that Convergys Corp will post 1.85 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, January 5th. Shareholders of record on Friday, December 22nd will be paid a $0.10 dividend. The ex-dividend date of this dividend is Thursday, December 21st. This represents a $0.40 annualized dividend and a dividend yield of 1.66%. Convergys’s dividend payout ratio (DPR) is currently 30.77%.
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Convergys Company Profile
Convergys Corporation is engaged in customer experience outsourcing. The Company’s geographical segments include North America and Rest of World. The Company offers services across industries, including communications and media, technology, financial services, retail, government and healthcare. The Company helps businesses to create customer experiences across multiple interaction channels, such as voice, chat, e-mail and interactive voice response.
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