Convergys Corporation (CVG) Shares Sold by BlackRock Inc.
BlackRock Inc. reduced its position in Convergys Corporation (NYSE:CVG) by 1.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 10,477,295 shares of the business services provider’s stock after selling 186,008 shares during the quarter. BlackRock Inc. owned about 11.13% of Convergys Corporation worth $249,149,000 at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of the company. TIAA CREF Investment Management LLC boosted its holdings in shares of Convergys Corporation by 7.8% in the second quarter. TIAA CREF Investment Management LLC now owns 448,912 shares of the business services provider’s stock valued at $10,675,000 after acquiring an additional 32,614 shares during the period. Teachers Advisors LLC boosted its holdings in shares of Convergys Corporation by 12.4% in the second quarter. Teachers Advisors LLC now owns 184,131 shares of the business services provider’s stock valued at $4,379,000 after acquiring an additional 20,374 shares during the period. Riverhead Capital Management LLC boosted its holdings in shares of Convergys Corporation by 71.0% in the second quarter. Riverhead Capital Management LLC now owns 7,525 shares of the business services provider’s stock valued at $179,000 after acquiring an additional 3,125 shares during the period. Alliancebernstein L.P. boosted its holdings in shares of Convergys Corporation by 1,096.4% in the second quarter. Alliancebernstein L.P. now owns 2,869,183 shares of the business services provider’s stock valued at $68,229,000 after acquiring an additional 2,629,363 shares during the period. Finally, Wells Fargo & Company MN boosted its holdings in shares of Convergys Corporation by 32.8% in the second quarter. Wells Fargo & Company MN now owns 325,661 shares of the business services provider’s stock valued at $7,745,000 after acquiring an additional 80,436 shares during the period. 98.72% of the stock is owned by institutional investors and hedge funds.
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Shares of Convergys Corporation (CVG) opened at 25.90 on Thursday. The firm has a market capitalization of $2.42 billion, a P/E ratio of 18.29 and a beta of 1.06. Convergys Corporation has a one year low of $20.15 and a one year high of $30.34. The company’s 50 day moving average price is $24.36 and its 200 day moving average price is $23.49.
Convergys Corporation (NYSE:CVG) last issued its quarterly earnings results on Tuesday, August 8th. The business services provider reported $0.46 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.39 by $0.07. Convergys Corporation had a return on equity of 14.46% and a net margin of 4.90%. The business had revenue of $686.80 million during the quarter, compared to the consensus estimate of $687.91 million. During the same period in the previous year, the business earned $0.41 EPS. The business’s quarterly revenue was down .8% on a year-over-year basis. On average, analysts expect that Convergys Corporation will post $1.88 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 6th. Investors of record on Friday, September 22nd will be paid a dividend of $0.10 per share. The ex-dividend date is Thursday, September 21st. This represents a $0.40 dividend on an annualized basis and a yield of 1.54%. Convergys Corporation’s payout ratio is currently 28.37%.
In related news, CFO Andre S. Valentine sold 10,000 shares of the company’s 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jeffrey H. Fox sold 43,609 shares of the company’s stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $23.53, for a total value of $1,026,119.77. Following the transaction, the director now owns 338,804 shares of the company’s stock, valued at $7,972,058.12. The disclosure for this sale can be found here. 1.70% of the stock is owned by corporate insiders.
CVG has been the subject of several research analyst reports. BidaskClub downgraded Convergys Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Robert W. Baird reissued a “hold” rating on shares of Convergys Corporation in a report on Sunday, September 17th. Four analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The company presently 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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