Rhumbline Advisers Acquires 12,209 Shares of Convergys Corp (CVG)
Rhumbline Advisers raised its holdings in Convergys Corp (NYSE:CVG) by 5.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 221,863 shares of the business services provider’s stock after acquiring an additional 12,209 shares during the period. Rhumbline Advisers owned approximately 0.24% of Convergys worth $5,744,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in CVG. LS Investment Advisors LLC raised its holdings in Convergys by 17.8% in the 2nd quarter. LS Investment Advisors LLC now owns 7,453 shares of the business services provider’s stock valued at $177,000 after acquiring an additional 1,125 shares during the last quarter. Victory Capital Management Inc. raised its holdings in Convergys by 17.7% in the 2nd quarter. Victory Capital Management Inc. now owns 7,498 shares of the business services provider’s stock valued at $178,000 after acquiring an additional 1,125 shares during the last quarter. Riverhead Capital Management LLC raised its holdings in Convergys by 71.0% in the 2nd 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 last quarter. Flinton Capital Management LLC raised its holdings in Convergys by 69.1% in the 2nd quarter. Flinton Capital Management LLC now owns 8,428 shares of the business services provider’s stock valued at $200,000 after acquiring an additional 3,444 shares during the last quarter. Finally, Wayne Hummer Investments L.L.C. acquired a new stake in Convergys in the 2nd quarter valued at about $206,000. Institutional investors own 98.72% of the company’s stock.
In other news, Director Jeffrey H. Fox sold 25,000 shares of the stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $23.77, for a total value of $594,250.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jeffrey H. Fox sold 43,609 shares of the stock in a transaction that occurred on Wednesday, September 6th. The shares were sold at an average price of $23.53, for a total transaction 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 approximately $7,972,058.12. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company’s stock.
Shares of Convergys Corp (NYSE CVG) opened at $24.19 on Friday. Convergys Corp has a one year low of $20.15 and a one year 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 firm has a market cap of $2,280.73, a P/E ratio of 13.20, a PEG ratio of 1.48 and a beta of 1.08.
Convergys (NYSE:CVG) last posted its quarterly earnings results on Tuesday, November 7th. The business services provider reported $0.42 earnings per share for the quarter, missing the 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 firm had revenue of $688.30 million during the quarter, compared to analysts’ expectations of $692.34 million. During the same period last year, the company earned $0.46 EPS. The business’s quarterly revenue was down 7.1% on a year-over-year basis. sell-side analysts forecast 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 5th. Stockholders of record on Friday, December 22nd will be paid a $0.10 dividend. The ex-dividend date is Thursday, December 21st. This represents a $0.40 annualized dividend and a dividend yield of 1.65%. Convergys’s dividend payout ratio (DPR) is 30.77%.
CVG has been the subject of a number of recent research reports. BidaskClub upgraded shares of Convergys from a “sell” rating to a “hold” rating in a report on Saturday, August 12th. Robert W. Baird reiterated a “hold” rating on shares of Convergys in a report on Sunday, September 17th. SunTrust Banks reiterated a “hold” rating and issued a $26.00 price objective on shares of Convergys in a report on Monday, October 9th. Barrington Research initiated coverage on shares of Convergys in a report on Tuesday, October 17th. They issued a “market perform” rating for the company. Finally, Citigroup cut their price objective on shares of 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 company. The stock has a consensus rating of “Hold” and an average target price of $26.00.
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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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