Research Analysts Set Expectations for Convergys Corp.’s Q4 2016 Earnings (CVG)
Convergys Corp. (NYSE:CVG) – Equities research analysts at SunTrust Banks lowered their Q4 2016 EPS estimates for shares of Convergys Corp. in a report released on Thursday. SunTrust Banks analyst F. Atkins now expects that the brokerage will post earnings per share of $0.48 for the quarter, down from their prior forecast of $0.54. SunTrust Banks also issued estimates for Convergys Corp.’s Q1 2017 earnings at $0.45 EPS, Q2 2017 earnings at $0.41 EPS, Q3 2017 earnings at $0.52 EPS and Q4 2017 earnings at $0.56 EPS.
Other research analysts have also issued reports about the stock. Zacks Investment Research lowered shares of Convergys Corp. from a “hold” rating to a “strong sell” rating in a research note on Friday. Citigroup Inc. upped their price target on shares of Convergys Corp. from $28.00 to $30.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 10th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $31.00.
Shares of Convergys Corp. (NYSE:CVG) opened at 24.77 on Friday. Convergys Corp. has a 12 month low of $22.53 and a 12 month high of $30.92. The firm has a market cap of $2.37 billion, a price-to-earnings ratio of 15.41 and a beta of 0.96. The company’s 50-day moving average is $29.07 and its 200-day moving average is $27.99.
Convergys Corp. (NYSE:CVG) last announced its earnings results on Tuesday, November 8th. The company reported $0.46 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.46. Convergys Corp. had a net margin of 5.78% and a return on equity of 14.87%. The firm had revenue of $741 million for the quarter, compared to analyst estimates of $760.53 million. During the same quarter last year, the business earned $0.45 earnings per share. Convergys Corp.’s revenue was down .1% compared to the same quarter last year.
Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Convergys Corp. by 4.5% in the second quarter. Vanguard Group Inc. now owns 6,623,546 shares of the company’s stock worth $165,589,000 after buying an additional 285,165 shares during the last quarter. BlackRock Fund Advisors increased its stake in Convergys Corp. by 5.9% in the third quarter. BlackRock Fund Advisors now owns 5,013,240 shares of the company’s stock worth $152,503,000 after buying an additional 278,997 shares during the last quarter. LSV Asset Management increased its stake in Convergys Corp. by 1.1% in the third quarter. LSV Asset Management now owns 4,227,485 shares of the company’s stock worth $128,600,000 after buying an additional 45,300 shares during the last quarter. Fuller & Thaler Asset Management Inc. increased its stake in Convergys Corp. by 20.0% in the second quarter. Fuller & Thaler Asset Management Inc. now owns 3,673,490 shares of the company’s stock worth $91,837,000 after buying an additional 612,174 shares during the last quarter. Finally, BlackRock Institutional Trust Company N.A. increased its stake in Convergys Corp. by 5.6% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 3,036,094 shares of the company’s stock worth $92,358,000 after buying an additional 161,899 shares during the last quarter. Institutional investors and hedge funds own 98.16% of the company’s stock.
In related news, CFO Andre S. Valentine sold 9,000 shares of the business’s stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 80,137 shares in the company, valued at approximately $2,368,849.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joseph E. Gibbs sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 7th. The stock was sold at an average price of $30.82, for a total transaction of $770,500.00. Following the completion of the sale, the director now owns 16,777 shares in the company, valued at $517,067.14. The disclosure for this sale can be found here. 1.90% of the stock is currently owned by corporate insiders.
The firm also recently announced a quarterly dividend, which will be paid on Friday, January 6th. Investors of record on Friday, December 23rd will be issued a $0.09 dividend. The ex-dividend date is Wednesday, December 21st. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.45%. Convergys Corp.’s payout ratio is currently 22.22%.
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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