OppenheimerFunds Inc. raised its position in Convergys Corporation (NYSE:CVG) by 46.6% during the first quarter, Holdings Channel reports. The firm owned 36,037 shares of the business services provider’s stock after buying an additional 11,451 shares during the period. OppenheimerFunds Inc.’s holdings in Convergys Corporation were worth $762,000 as of its most recent filing with the SEC.
Several other institutional investors have also added to or reduced their stakes in the company. GSA Capital Partners LLP acquired a new position in Convergys Corporation during the fourth quarter worth $401,000. Norges Bank acquired a new position in Convergys Corporation during the fourth quarter worth $38,110,000. Bowling Portfolio Management LLC raised its position in Convergys Corporation by 18.4% in the first quarter. Bowling Portfolio Management LLC now owns 26,041 shares of the business services provider’s stock worth $551,000 after buying an additional 4,050 shares during the period. Boston Partners raised its position in Convergys Corporation by 2.0% in the first quarter. Boston Partners now owns 502,374 shares of the business services provider’s stock worth $10,625,000 after buying an additional 9,777 shares during the period. Finally, Seizert Capital Partners LLC raised its position in Convergys Corporation by 33.4% in the first quarter. Seizert Capital Partners LLC now owns 90,404 shares of the business services provider’s stock worth $1,912,000 after buying an additional 22,621 shares during the period. 99.18% of the stock is owned by hedge funds and other institutional investors.
Convergys Corporation (NYSE CVG) opened at 23.94 on Monday. The company’s 50-day moving average price is $24.17 and its 200-day moving average price is $23.52. The company has a market capitalization of $2.25 billion, a price-to-earnings ratio of 17.79 and a beta of 1.04. Convergys Corporation has a 52 week low of $20.15 and a 52 week high of $30.92.
Convergys Corporation (NYSE:CVG) last posted its quarterly earnings data on Monday, May 8th. The business services provider reported $0.52 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.45 by $0.07. Convergys Corporation had a return on equity of 14.24% and a net margin of 4.67%. The company had revenue of $727.60 million for the quarter, compared to analysts’ expectations of $719.96 million. During the same period in the previous year, the firm posted $0.50 EPS. Convergys Corporation’s revenue was up .7% compared to the same quarter last year. Equities analysts forecast that Convergys Corporation will post $1.85 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, July 7th. Stockholders of record on Friday, June 23rd were issued a dividend of $0.10 per share. This is a boost from Convergys Corporation’s previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a dividend yield of 1.67%. The ex-dividend date of this dividend was Wednesday, June 21st. Convergys Corporation’s payout ratio is currently 30.08%.
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A number of equities analysts have recently weighed in on CVG shares. TheStreet lowered Convergys Corporation from a “b-” rating to a “c” rating in a research note on Monday, April 3rd. Zacks Investment Research lowered Convergys Corporation from a “hold” rating to a “sell” rating in a research note on Friday, March 31st. ValuEngine lowered Convergys Corporation from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, Sidoti reaffirmed a “buy” rating on shares of Convergys Corporation in a research note on Monday, March 27th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company’s stock. Convergys Corporation presently has an average rating of “Hold” and an average price target of $31.50.
In other news, Director Jeffrey H. Fox sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, June 2nd. The stock was sold at an average price of $24.84, for a total transaction of $248,400.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Taylor C. Greenwald sold 6,412 shares of the business’s stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $24.24, for a total value of $155,426.88. The disclosure for this sale can be found here. Insiders own 1.70% of the company’s stock.
Convergys Corporation Company Profile
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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