Nordea Investment Management AB raised its position in Convergys Corp. (NYSE:CVG) by 67.5% during the third quarter, Holdings Channel reports. The fund owned 38,475 shares of the company’s stock after buying an additional 15,498 shares during the period. Nordea Investment Management AB’s holdings in Convergys Corp. were worth $1,170,000 at the end of the most recent quarter.
Other institutional investors have also made changes to their positions in the company. Metropolitan Life Insurance Co. NY boosted its position in shares of Convergys Corp. by 0.8% in the first quarter. Metropolitan Life Insurance Co. NY now owns 154,564 shares of the company’s stock worth $4,292,000 after buying an additional 1,283 shares during the last quarter. LPL Financial LLC boosted its position in shares of Convergys Corp. by 10.3% in the first quarter. LPL Financial LLC now owns 37,984 shares of the company’s stock worth $1,008,000 after buying an additional 3,550 shares during the last quarter. Barclays PLC boosted its position in shares of Convergys Corp. by 106.9% in the first quarter. Barclays PLC now owns 11,983 shares of the company’s stock worth $323,000 after buying an additional 6,191 shares during the last quarter. Panagora Asset Management Inc. boosted its position in shares of Convergys Corp. by 14.0% in the first quarter. Panagora Asset Management Inc. now owns 229,759 shares of the company’s stock worth $6,380,000 after buying an additional 28,154 shares during the last quarter. Finally, Ladenburg Thalmann Financial Services Inc. boosted its position in shares of Convergys Corp. by 198.2% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 23,043 shares of the company’s stock worth $640,000 after buying an additional 15,315 shares during the last quarter. Institutional investors own 99.56% of the company’s stock.
Shares of Convergys Corp. (NYSE:CVG) traded down 0.77% during midday trading on Friday, hitting $25.85. 234,571 shares of the stock were exchanged. The stock’s 50-day moving average price is $27.82 and its 200 day moving average price is $27.91. Convergys Corp. has a one year low of $22.53 and a one year high of $30.92. The stock has a market cap of $2.47 billion, a P/E ratio of 16.09 and a beta of 0.96.
Convergys Corp. (NYSE:CVG) last released its quarterly earnings results on Tuesday, November 8th. The company reported $0.46 EPS for the quarter, hitting the consensus estimate of $0.46. The business earned $741 million during the quarter, compared to analyst estimates of $760.53 million. Convergys Corp. had a net margin of 5.78% and a return on equity of 14.87%. The company’s quarterly revenue was down .1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.45 earnings per share. On average, analysts anticipate that Convergys Corp. will post $1.85 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, January 6th. Stockholders of record on Friday, December 23rd will be given a dividend of $0.09 per share. The ex-dividend date is Wednesday, December 21st. This represents a $0.36 annualized dividend and a dividend yield of 1.39%. Convergys Corp.’s dividend payout ratio is currently 22.22%.
A number of equities analysts have issued reports on CVG shares. Citigroup Inc. lifted their target price on shares of Convergys Corp. from $28.00 to $30.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 10th. Zacks Investment Research upgraded shares of Convergys Corp. from a “hold” rating to a “buy” rating and set a $33.00 target price for the company in a research report on Wednesday, August 10th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $31.00.
In other news, General Counsel Jarrod B. Pontius sold 1,111 shares of the company’s stock in a transaction dated Thursday, November 17th. The shares were sold at an average price of $24.50, for a total transaction of $27,219.50. Following the completion of the transaction, the general counsel now owns 23,742 shares in the company, valued at $581,679. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jeffrey H. Fox sold 20,000 shares of the company’s stock in a transaction dated Friday, September 2nd. The stock was sold at an average price of $30.21, for a total transaction of $604,200.00. Following the transaction, the director now owns 308,610 shares of the company’s stock, valued at approximately $9,323,108.10. The disclosure for this sale can be found here. Insiders own 1.90% of the company’s stock.
About Convergys Corp.
Convergys Corporation is engaged in providing customer management services. The Company’s primary focus is on growth with multinational corporations and other companies in communications and media, financial services, technology, healthcare, retail and other vertical markets. Its segments include North America and Rest of World.