United Services Automobile Association increased its stake in shares of Convergys Corporation (NYSE:CVG) by 23.4% during the first quarter, according to its most recent disclosure with the SEC. The firm owned 31,800 shares of the business services provider’s stock after buying an additional 6,030 shares during the period. United Services Automobile Association’s holdings in Convergys Corporation were worth $673,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Teachers Advisors LLC boosted its position in shares of Convergys Corporation by 6.1% in the fourth quarter. Teachers Advisors LLC now owns 157,749 shares of the business services provider’s stock valued at $3,874,000 after buying an additional 9,015 shares during the last quarter. Norges Bank bought a new position in shares of Convergys Corporation during the fourth quarter valued at about $38,110,000. Putnam Investments LLC boosted its position in shares of Convergys Corporation by 20.9% in the fourth quarter. Putnam Investments LLC now owns 218,753 shares of the business services provider’s stock valued at $5,373,000 after buying an additional 37,777 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new position in shares of Convergys Corporation during the fourth quarter valued at about $516,000. Finally, Loomis Sayles & Co. L P boosted its position in shares of Convergys Corporation by 0.9% in the fourth quarter. Loomis Sayles & Co. L P now owns 25,187 shares of the business services provider’s stock valued at $619,000 after buying an additional 236 shares during the last quarter. Institutional investors and hedge funds own 99.74% of the company’s stock.
Shares of Convergys Corporation (NYSE CVG) traded up 1.17% during mid-day trading on Tuesday, reaching $24.29. 611,688 shares of the company were exchanged. Convergys Corporation has a 12 month low of $20.15 and a 12 month high of $30.92. The company’s 50-day moving average is $24.11 and its 200 day moving average is $23.43. The firm has a market capitalization of $2.29 billion, a price-to-earnings ratio of 18.05 and a beta of 1.04.
Convergys Corporation (NYSE:CVG) last released its quarterly earnings data on Monday, May 8th. The business services provider reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.07. The firm had revenue of $727.60 million during the quarter, compared to the consensus estimate of $719.96 million. Convergys Corporation had a net margin of 4.67% and a return on equity of 14.24%. The firm’s revenue was up .7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.50 earnings per share. Analysts predict that Convergys Corporation will post $1.85 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 7th. Shareholders of record on Friday, June 23rd were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date was Wednesday, June 21st. This is an increase from Convergys Corporation’s previous quarterly dividend of $0.09. Convergys Corporation’s payout ratio is currently 30.08%.
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Several brokerages have recently issued reports on CVG. ValuEngine cut shares of Convergys Corporation from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. TheStreet upgraded shares of Convergys Corporation from a “c+” rating to a “b-” rating in a research note on Tuesday, May 23rd. Zacks Investment Research cut shares of Convergys Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, May 10th. Finally, Sidoti reiterated a “buy” rating on shares of Convergys Corporation in a research note on Monday, March 27th. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $31.50.
In other news, insider Taylor C. Greenwald sold 6,412 shares of the business’s stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $24.24, for a total transaction of $155,426.88. 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 on Friday, June 2nd. The shares were sold at an average price of $24.84, for a total transaction of $248,400.00. The disclosure for this sale can be found here. Insiders own 1.70% of the company’s stock.
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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