Convergys Corporation (CVG) Position Trimmed by Systematic Financial Management LP
Systematic Financial Management LP trimmed its holdings in shares of Convergys Corporation (NYSE:CVG) by 11.9% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 64,045 shares of the business services provider’s stock after selling 8,665 shares during the period. Systematic Financial Management LP owned approximately 0.07% of Convergys worth $1,658,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors have also bought and sold shares of the stock. LS Investment Advisors LLC boosted its stake in Convergys by 17.8% during the 2nd quarter. LS Investment Advisors LLC now owns 7,453 shares of the business services provider’s stock valued at $177,000 after purchasing an additional 1,125 shares during the period. Victory Capital Management Inc. lifted its position in shares of Convergys by 17.7% in the 2nd quarter. Victory Capital Management Inc. now owns 7,498 shares of the business services provider’s stock worth $178,000 after acquiring an additional 1,125 shares during the period. Riverhead Capital Management LLC lifted its position in shares of Convergys by 71.0% in the 2nd quarter. Riverhead Capital Management LLC now owns 7,525 shares of the business services provider’s stock worth $179,000 after acquiring an additional 3,125 shares during the period. Teacher Retirement System of Texas bought a new stake in shares of Convergys in the 3rd quarter worth approximately $201,000. Finally, Flinton Capital Management LLC lifted its position in shares of Convergys by 69.1% in the 2nd quarter. Flinton Capital Management LLC now owns 8,428 shares of the business services provider’s stock worth $200,000 after acquiring an additional 3,444 shares during the period. 99.79% of the stock is currently owned by hedge funds and other institutional investors.
CVG has been the subject of a number of research reports. BidaskClub downgraded Convergys from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Robert W. Baird reissued a “hold” rating on shares of Convergys in a report on Sunday, September 17th. SunTrust Banks, Inc. reissued a “hold” rating and issued a $26.00 target price on shares of Convergys in a report on Monday, October 9th. Barrington Research started coverage on Convergys in a report on Tuesday, October 17th. They issued a “market perform” rating for the company. Finally, Citigroup Inc. dropped their target price on Convergys from $25.00 to $24.00 and set a “neutral” rating for the company in a report on Friday, November 10th. One analyst has rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $26.00.
In related news, Director Jeffrey H. Fox sold 25,000 shares of the firm’s stock in a transaction on Thursday, November 16th. The stock was sold at an average price of $23.77, for a total transaction of $594,250.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Jeffrey H. Fox sold 43,609 shares of Convergys 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 disclosure for this sale can be found here. Company insiders own 1.70% of the company’s stock.
Convergys Corporation (NYSE:CVG) opened at $23.71 on Monday. Convergys Corporation has a twelve month low of $20.15 and a twelve month high of $26.66. The company has a quick ratio of 2.60, a current ratio of 2.60 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $2,191.09, a P/E ratio of 12.68, a PEG ratio of 1.42 and a beta of 1.11.
Convergys (NYSE:CVG) last released its quarterly earnings results on Tuesday, November 7th. The business services provider reported $0.42 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.44 by ($0.02). Convergys had a net margin of 4.54% and a return on equity of 13.92%. The business had revenue of $688.30 million for the quarter, compared to analyst estimates of $692.34 million. During the same period in the prior year, the business earned $0.46 earnings per share. The company’s revenue for the quarter was down 7.1% on a year-over-year basis. research analysts predict that Convergys Corporation 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 5th. Investors of record on Friday, December 22nd will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, December 21st. This represents a $0.40 dividend on an annualized basis and a yield of 1.69%. Convergys’s dividend payout ratio is 30.77%.
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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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