Principal Financial Group Inc. increased its position in shares of Convergys Corp. (NYSE:CVG) by 12.9% during the second quarter, Holdings Channel reports. The fund owned 368,686 shares of the company’s stock after buying an additional 42,131 shares during the period. Principal Financial Group Inc. owned about 0.38% of Convergys Corp. worth $9,217,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. 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 worth $146,000 after buying an additional 2,455 shares during the last quarter. LMR Partners LLP bought a new position in shares of Convergys Corp. during the second quarter worth $201,000. Pacad Investment Ltd. bought a new position in shares of Convergys Corp. during the first quarter worth $267,000. Argent Capital Management LLC bought a new position in shares of Convergys Corp. during the second quarter worth $269,000. Finally, Wright Investors Service Inc. raised its position in shares of Convergys Corp. by 6.1% in the second quarter. Wright Investors Service Inc. now owns 11,780 shares of the company’s stock worth $294,000 after buying an additional 675 shares during the last quarter. 99.04% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Convergys Corp. (NYSE:CVG) opened at 29.58 on Tuesday. Convergys Corp. has a 12-month low of $22.53 and a 12-month high of $30.92. The stock has a 50 day moving average of $29.72 and a 200-day moving average of $27.80. The firm has a market capitalization 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 data on Monday, August 8th. The company reported $0.41 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.04. Convergys Corp. had a return on equity of 15.02% and a net margin of 6.14%. The company earned $692.30 million during the quarter, compared to the consensus estimate of $695.78 million. During the same quarter in the prior year, the firm posted $0.33 earnings per share. The firm’s revenue was down 3.4% compared to the same quarter last year. On average, equities research analysts predict that Convergys Corp. will post $1.91 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, October 7th. Stockholders of record on Friday, September 23rd were paid a $0.09 dividend. 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 is currently 20.93%.
A number of research analysts have weighed in on the stock. Zacks Investment Research raised shares of Convergys Corp. from a “hold” rating to a “buy” rating and set a $33.00 price target on the stock in a research note on Wednesday, August 10th. Citigroup Inc. lifted their price target on shares of Convergys Corp. from $28.00 to $30.00 and gave the company a “neutral” rating in a research note on Wednesday, August 10th. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Convergys Corp. currently has an average rating of “Hold” and a consensus target price of $31.00.
In other news, Director Jeffrey H. Fox sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 24th. The stock was sold at an average price of $29.82, for a total value of $298,200.00. Following the completion of the transaction, the director now owns 318,610 shares of the company’s stock, valued at $9,500,950.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Andre S. Valentine sold 9,000 shares of the stock in a transaction that occurred on Monday, September 12th. The shares were sold at an average price of $29.56, for a total transaction of $266,040.00. Following the sale, the chief financial officer now directly owns 80,137 shares of the company’s stock, valued at approximately $2,368,849.72. The disclosure for this sale can be found here. 1.90% of the stock is owned by insiders.
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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