Mason Street Advisors LLC bought a new stake in shares of Convergys Corp. (NYSE:CVG) during the second quarter, according to its most recent 13F filing with the SEC. The firm bought 44,000 shares of the company’s stock, valued at approximately $1,100,000.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Aperio Group LLC increased its position in Convergys Corp. by 20.5% in the first quarter. Aperio Group LLC now owns 26,584 shares of the company’s stock worth $738,000 after buying an additional 4,529 shares in the last quarter. Pacad Investment Ltd. bought a new position in Convergys Corp. during the first quarter worth approximately $267,000. Teachers Advisors Inc. increased its position in Convergys Corp. by 0.5% in the first quarter. Teachers Advisors Inc. now owns 151,042 shares of the company’s stock worth $4,194,000 after buying an additional 754 shares in the last quarter. BlackRock Inc. increased its position in Convergys Corp. by 8.4% in the first quarter. BlackRock Inc. now owns 37,786 shares of the company’s stock worth $1,049,000 after buying an additional 2,929 shares in the last quarter. Finally, BlackRock Group LTD increased its position in Convergys Corp. by 20.9% in the first quarter. BlackRock Group LTD now owns 66,902 shares of the company’s stock worth $1,859,000 after buying an additional 11,554 shares in the last quarter. 99.08% of the stock is owned by hedge funds and other institutional investors.
Convergys Corp. (NYSE:CVG) opened at 29.61 on Monday. Convergys Corp. has a 12-month low of $22.53 and a 12-month high of $30.92. The firm has a 50-day moving average price of $29.48 and a 200-day moving average price of $27.45. The stock has a market cap of $2.84 billion, a PE ratio of 17.34 and a beta of 1.06.
Convergys Corp. (NYSE:CVG) last released its quarterly earnings results on Monday, August 8th. The company reported $0.41 earnings per share for the quarter, beating the Zacks’ 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 business earned $692.30 million during the quarter, compared to analyst estimates of $695.78 million. During the same quarter last year, the company posted $0.33 EPS. Convergys Corp.’s revenue for the quarter was down 3.4% on a year-over-year basis. Analysts forecast that Convergys Corp. will post $1.91 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 7th. Investors of record on Friday, September 23rd will be given a $0.09 dividend. The ex-dividend date is Wednesday, September 21st. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.22%. Convergys Corp.’s dividend payout ratio (DPR) is 20.93%.
A number of research firms have recently commented on CVG. Sidoti raised shares of Convergys Corp. from a “neutral” rating to a “buy” rating in a research note on Wednesday, June 1st. Citigroup Inc. boosted their target price on Convergys Corp. from $28.00 to $30.00 and gave the stock a “neutral” rating in a report on Wednesday, August 10th. Finally, Zacks Investment Research cut Convergys Corp. from a “buy” rating to a “hold” rating in a report on Friday. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Convergys Corp. presently has a consensus rating of “Hold” and an average price target of $31.00.
In related news, CFO Andre S. Valentine sold 9,000 shares of the stock in a transaction dated Monday, September 12th. The stock was sold at an average price of $29.56, for a total value of $266,040.00. Following the completion of 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Jeffrey H. Fox sold 65,000 shares of the stock in a transaction dated 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 sale, the director now directly owns 338,610 shares of the company’s stock, valued at $10,005,925.50. The disclosure for this sale can be found here. 1.90% of the stock is owned by corporate 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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