Teacher Retirement System of Texas raised its stake in shares of Convergys Corp. (NYSE:CVG) by 13.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 13,630 shares of the company’s stock after buying an additional 1,652 shares during the period. Teacher Retirement System of Texas’ holdings in Convergys Corp. were worth $341,000 as of its most recent filing with the SEC.
A number of other institutional investors have also modified their holdings of CVG. LPL Financial LLC boosted its stake in Convergys Corp. by 10.3% in the first quarter. LPL Financial LLC now owns 37,984 shares of the company’s stock valued at $1,008,000 after buying an additional 3,550 shares during the period. Metropolitan Life Insurance Co. NY boosted its stake in Convergys Corp. by 0.8% in the first quarter. Metropolitan Life Insurance Co. NY now owns 154,564 shares of the company’s stock valued at $4,292,000 after buying an additional 1,283 shares during the period. UBS Group AG boosted its stake in Convergys Corp. by 14.5% in the first quarter. UBS Group AG now owns 77,051 shares of the company’s stock valued at $2,140,000 after buying an additional 9,785 shares during the period. Zebra Capital Management LLC boosted its stake in Convergys Corp. by 59.4% in the first quarter. Zebra Capital Management LLC now owns 53,046 shares of the company’s stock valued at $1,473,000 after buying an additional 19,760 shares during the period. Finally, C M Bidwell & Associates Ltd. purchased a new stake in Convergys Corp. during the first quarter valued at approximately $180,000. Hedge funds and other institutional investors own 99.08% of the company’s stock.
Convergys Corp. (NYSE:CVG) traded down 0.67% on Thursday, reaching $29.47. The company’s stock had a trading volume of 37,146 shares. The stock’s 50 day moving average price is $29.74 and its 200 day moving average price is $27.75. The company has a market cap of $2.83 billion, a P/E ratio of 17.25 and a beta of 0.99. Convergys Corp. has a 12 month low of $22.53 and a 12 month high of $30.92.
Convergys Corp. (NYSE:CVG) last released its earnings results on Monday, August 8th. The company reported $0.41 earnings per share for the quarter, topping the 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 firm earned $692.30 million during the quarter, compared to analysts’ expectations of $695.78 million. During the same period in the prior year, the company earned $0.33 earnings per share. The company’s quarterly revenue was down 3.4% on a year-over-year basis. Equities research analysts forecast that Convergys Corp. will post $1.91 earnings per share for the current 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 $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.21%. The ex-dividend date was Wednesday, September 21st. Convergys Corp.’s payout ratio is 20.93%.
A number of equities research analysts recently commented on CVG shares. Zacks Investment Research raised Convergys Corp. from a “hold” rating to a “buy” rating and set a $33.00 price objective for the company in a research note on Monday, September 26th. Citigroup Inc. lifted their price objective on Convergys Corp. from $28.00 to $30.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 10th. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $31.00.
In other news, Director Jeffrey H. Fox sold 65,000 shares of the stock in a transaction on Wednesday, August 17th. The stock was sold at an average price of $29.55, for a total value of $1,920,750.00. Following the completion of the transaction, the director now directly owns 338,610 shares in the company, valued at approximately $10,005,925.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Andre S. Valentine sold 9,000 shares of the stock in a transaction on 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 $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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