Eagle Asset Management Inc. cut its stake in shares of Convergys Corp. (NYSE:CVG) by 1.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 740,375 shares of the company’s stock after selling 10,792 shares during the period. Eagle Asset Management Inc.’s holdings in Convergys Corp. were worth $22,522,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CVG. Advisor Group Inc. purchased a new position in Convergys Corp. during the second quarter valued at about $109,000. LS Investment Advisors LLC increased its position in Convergys Corp. by 72.8% in the second quarter. LS Investment Advisors LLC now owns 5,827 shares of the company’s stock valued at $146,000 after buying an additional 2,455 shares in the last quarter. LMR Partners LLP purchased a new position in Convergys Corp. during the second quarter valued at about $201,000. Tower Research Capital LLC TRC increased its position in Convergys Corp. by 2,602.1% in the second quarter. Tower Research Capital LLC TRC now owns 9,025 shares of the company’s stock valued at $226,000 after buying an additional 8,691 shares in the last quarter. Finally, Argent Capital Management LLC purchased a new position in Convergys Corp. during the second quarter valued at about $269,000. 98.64% of the stock is owned by institutional investors.
Convergys Corp. (NYSE:CVG) traded up 0.58% during mid-day trading on Monday, reaching $26.00. 175,669 shares of the company’s stock were exchanged. The stock has a 50-day moving average of $27.82 and a 200-day moving average of $27.91. The stock has a market cap of $2.48 billion, a price-to-earnings ratio of 16.18 and a beta of 0.96. Convergys Corp. has a one year low of $22.53 and a one year high of $30.92.
Convergys Corp. (NYSE:CVG) last issued its quarterly earnings results on Tuesday, November 8th. The company reported $0.46 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.46. The firm earned $741 million during the quarter, compared to the consensus estimate of $760.53 million. Convergys Corp. had a return on equity of 14.87% and a net margin of 5.78%. The company’s revenue for the quarter was down .1% on a year-over-year basis. During the same quarter last year, the company posted $0.45 EPS. On average, equities research analysts anticipate that Convergys Corp. will post $1.85 earnings per share for the current year.
The firm 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 of this dividend is Wednesday, December 21st. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.39%. Convergys Corp.’s dividend payout ratio (DPR) is presently 22.22%.
A number of analysts have weighed in on CVG shares. Zacks Investment Research downgraded shares of Convergys Corp. from a “hold” rating to a “strong sell” rating in a research report on Friday, November 11th. Citigroup Inc. increased their target price on shares of Convergys Corp. from $28.00 to $30.00 and gave the company a “neutral” rating in a research report on Wednesday, August 10th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the stock. Convergys Corp. presently has an average rating of “Hold” and an average price target of $31.00.
In related news, CFO Andre S. Valentine sold 9,000 shares of the business’s stock in a transaction that occurred on Monday, September 12th. The stock was sold at an average price of $29.56, for a total value of $266,040.00. Following the completion of the sale, the chief financial officer now owns 80,137 shares in the company, valued at approximately $2,368,849.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Joseph E. Gibbs sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 7th. The stock was sold at an average price of $30.82, for a total value of $770,500.00. Following the completion of the sale, the director now owns 16,777 shares of the company’s stock, valued at approximately $517,067.14. 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.