LMR Partners LLP bought a new stake in Convergys Corp. (NYSE:CVG) during the second quarter, Holdings Channel reports. The firm bought 8,066 shares of the company’s stock, valued at approximately $201,000.
A number of other hedge funds and other institutional investors also recently made changes to their positions in CVG. LS Investment Advisors LLC raised its position in shares of Convergys Corp. by 72.8% in the second quarter. LS Investment Advisors LLC now owns 5,827 shares of the company’s stock valued at $146,000 after buying an additional 2,455 shares during the period. C M Bidwell & Associates Ltd. bought a new position in shares of Convergys Corp. during the first quarter valued at $180,000. Pacad Investment Ltd. bought a new position in shares of Convergys Corp. during the first quarter valued at $267,000. Mount Lucas Management LP raised its position in shares of Convergys Corp. by 10.6% in the first quarter. Mount Lucas Management LP now owns 11,588 shares of the company’s stock valued at $322,000 after buying an additional 1,112 shares during the period. Finally, Barclays PLC raised its position in shares of Convergys Corp. by 106.9% in the first quarter. Barclays PLC now owns 11,983 shares of the company’s stock valued at $323,000 after buying an additional 6,191 shares during the period. 99.08% of the stock is owned by institutional investors.
Shares of Convergys Corp. (NYSE:CVG) traded down 0.34% during mid-day trading on Friday, hitting $29.59. 373,030 shares of the stock traded hands. The stock has a 50 day moving average price of $29.72 and a 200-day moving average price of $27.79. Convergys Corp. has a one year low of $22.53 and a one year high of $30.92. The company has a market cap of $2.84 billion, a P/E ratio of 17.32 and a beta of 0.99.
Convergys Corp. (NYSE:CVG) last released its quarterly earnings results on Monday, August 8th. The company reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.04. The business earned $692.30 million during the quarter, compared to the consensus estimate of $695.78 million. Convergys Corp. had a return on equity of 15.02% and a net margin of 6.14%. The business’s revenue was down 3.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.33 EPS. On average, analysts forecast that Convergys Corp. will post $1.91 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, October 7th. Stockholders of record on Friday, September 23rd were paid a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 1.22%. The ex-dividend date was Wednesday, September 21st. Convergys Corp.’s dividend payout ratio (DPR) is presently 20.93%.
Several brokerages have weighed in on CVG. Zacks Investment Research raised shares of Convergys Corp. from a “hold” rating to a “buy” rating and set a $33.00 target price for the company in a research note on Monday, September 26th. Citigroup Inc. increased their price target on shares of Convergys Corp. from $28.00 to $30.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 10th. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $31.00.
In related news, CFO Andre S. Valentine sold 9,000 shares of the business’s stock in a transaction dated Monday, September 12th. The shares were sold at an average price of $29.56, for a total value of $266,040.00. Following the completion of the transaction, the chief financial officer now owns 80,137 shares of the company’s stock, valued at approximately $2,368,849.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jeffrey H. Fox sold 10,000 shares of the business’s stock in a transaction dated Wednesday, August 24th. The shares were sold at an average price of $29.82, for a total transaction of $298,200.00. Following the completion of the transaction, the director now directly owns 318,610 shares of the company’s stock, valued at approximately $9,500,950.20. The disclosure for this sale can be found here. Insiders own 1.90% of the company’s stock.
About Convergys Corp.
Convergys Corporation is engaged in providing customer management services. The Company’s primary focus is on growth with multinational corporations and other companies in communications and media, financial services, technology, healthcare, retail and other vertical markets. Its segments include North America and Rest of World.
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