Swiss National Bank Continues to Hold Holdings in Convergys Corporation (CVG)
Swiss National Bank continued to hold its stake in shares of Convergys Corporation (NYSE:CVG) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 156,600 shares of the business services provider’s stock at the end of the second quarter. Swiss National Bank owned 0.17% of Convergys Corporation worth $3,724,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Principal Financial Group Inc. raised its position in Convergys Corporation by 10.2% during the second quarter. Principal Financial Group Inc. now owns 455,313 shares of the business services provider’s stock valued at $10,828,000 after purchasing an additional 42,082 shares in the last quarter. IndexIQ Advisors LLC acquired a new position in Convergys Corporation during the second quarter valued at approximately $532,000. Royce & Associates LP raised its position in Convergys Corporation by 320.7% during the second quarter. Royce & Associates LP now owns 866,557 shares of the business services provider’s stock valued at $20,607,000 after purchasing an additional 660,557 shares in the last quarter. Sirios Capital Management L P acquired a new position in Convergys Corporation during the second quarter valued at approximately $11,677,000. Finally, Victory Capital Management Inc. raised its position in Convergys Corporation by 17.7% during the second quarter. Victory Capital Management Inc. now owns 7,498 shares of the business services provider’s stock valued at $178,000 after purchasing an additional 1,125 shares in the last quarter. Institutional investors and hedge funds own 98.72% of the company’s stock.
Convergys Corporation (NYSE CVG) opened at 25.53 on Tuesday. Convergys Corporation has a one year low of $20.15 and a one year high of $30.57. The stock’s 50 day moving average is $23.70 and its 200 day moving average is $23.15. The firm has a market capitalization of $2.38 billion, a P/E ratio of 18.03 and a beta of 1.03.
Convergys Corporation (NYSE:CVG) last announced its quarterly earnings results on Tuesday, August 8th. The business services provider reported $0.46 EPS for the quarter, beating the Thomson Reuters’ 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 firm had revenue of $686.80 million during the quarter, compared to the consensus estimate of $687.91 million. During the same period last year, the firm earned $0.41 EPS. The business’s quarterly revenue was down .8% compared to the same quarter last year. On average, equities research analysts predict that Convergys Corporation will post $1.88 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 6th. Stockholders of record on Friday, September 22nd will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.57%. The ex-dividend date is Thursday, September 21st. Convergys Corporation’s dividend payout ratio (DPR) is currently 28.37%.
In other news, Director Jeffrey H. Fox sold 43,609 shares of the firm’s stock in a transaction 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 sale, the director now owns 338,804 shares in the company, valued at approximately $7,972,058.12. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Andre S. Valentine sold 10,000 shares of the firm’s stock in a transaction on Tuesday, August 15th. The shares were 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. Company insiders own 1.70% of the company’s stock.
Several brokerages have commented on CVG. BidaskClub upgraded shares of Convergys Corporation from a “sell” rating to a “hold” rating in a research report on Saturday, August 12th. Robert W. Baird restated a “hold” rating on shares of Convergys Corporation in a research report on Sunday, September 17th. Finally, ValuEngine downgraded shares of Convergys Corporation from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company’s stock. Convergys Corporation has an average rating of “Hold” and a consensus price target of $33.00.
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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