Bayesian Capital Management LP Takes $441,000 Position in Convergys Corporation (CVG)
Bayesian Capital Management LP acquired a new stake in Convergys Corporation (NYSE:CVG) in the second quarter, according to its most recent filing with the SEC. The fund acquired 18,566 shares of the business services provider’s stock, valued at approximately $441,000.
A number of other institutional investors have also added to or reduced their stakes in the stock. BlackRock Inc. grew its stake in Convergys Corporation by 13,300.3% in the 1st quarter. BlackRock Inc. now owns 10,663,303 shares of the business services provider’s stock valued at $225,529,000 after buying an additional 10,583,728 shares in the last quarter. Vanguard Group Inc. grew its stake in Convergys Corporation by 6.8% in the 2nd quarter. Vanguard Group Inc. now owns 7,866,455 shares of the business services provider’s stock valued at $187,064,000 after buying an additional 503,693 shares in the last quarter. LSV Asset Management grew its stake in Convergys Corporation by 3.0% in the 2nd quarter. LSV Asset Management now owns 4,604,891 shares of the business services provider’s stock valued at $109,504,000 after buying an additional 132,200 shares in the last quarter. Northern Trust Corp grew its stake in Convergys Corporation by 1.6% in the 2nd quarter. Northern Trust Corp now owns 3,599,474 shares of the business services provider’s stock valued at $85,596,000 after buying an additional 57,522 shares in the last quarter. Finally, State Street Corp grew its stake in Convergys Corporation by 3.5% in the 1st quarter. State Street Corp now owns 3,181,333 shares of the business services provider’s stock valued at $67,284,000 after buying an additional 108,814 shares in the last quarter. Institutional investors and hedge funds own 98.72% of the company’s stock.
Convergys Corporation (NYSE CVG) opened at 25.89 on Friday. The company has a 50-day moving average of $23.70 and a 200-day moving average of $23.15. The stock has a market capitalization of $2.42 billion, a price-to-earnings ratio of 18.28 and a beta of 1.03. Convergys Corporation has a 1-year low of $20.15 and a 1-year high of $30.57.
Convergys Corporation (NYSE:CVG) last announced its earnings results on Tuesday, August 8th. The business services provider reported $0.46 EPS for the quarter, beating the Zacks’ consensus estimate of $0.39 by $0.07. Convergys Corporation had a net margin of 4.90% and a return on equity of 14.46%. The business had revenue of $686.80 million during the quarter, compared to analysts’ expectations of $687.91 million. During the same period in the prior year, the company earned $0.41 earnings per share. The firm’s revenue was down .8% on a year-over-year basis. Analysts anticipate that Convergys Corporation will post $1.88 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 6th. Shareholders of record on Friday, September 22nd will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, September 21st. This represents a $0.40 dividend on an annualized basis and a yield of 1.54%. Convergys Corporation’s dividend payout ratio is currently 28.37%.
In other news, Director Jeffrey H. Fox sold 43,609 shares of the stock in a transaction on Wednesday, September 6th. The shares were sold at an average price of $23.53, for a total value of $1,026,119.77. Following the completion of the sale, the director now directly owns 338,804 shares of the company’s stock, valued at $7,972,058.12. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Andre S. Valentine sold 10,000 shares of the stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $23.52, for a total transaction of $235,200.00. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by corporate insiders.
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A number of research analysts recently weighed in on CVG shares. Robert W. Baird reiterated a “hold” rating on shares of Convergys Corporation in a research note on Sunday, September 17th. BidaskClub upgraded shares of Convergys Corporation from a “sell” rating to a “hold” rating in a research note on Saturday, August 12th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. Convergys Corporation has a consensus rating of “Hold”.
About Convergys Corporation
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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