Convergys Corp. (CVG) Stake Decreased by Contravisory Investment Management Inc.
Contravisory Investment Management Inc. lowered its position in Convergys Corp. (NYSE:CVG) by 4.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 187,094 shares of the company’s stock after selling 9,366 shares during the period. Contravisory Investment Management Inc. owned about 0.20% of Convergys Corp. worth $5,691,000 as of its most recent SEC filing.
Other large investors also recently made changes to their positions in the company. Eqis Capital Management Inc. raised its position in Convergys Corp. by 27.4% in the third quarter. Eqis Capital Management Inc. now owns 21,909 shares of the company’s stock valued at $666,000 after buying an additional 4,717 shares during the last quarter. Macquarie Group Ltd. raised its position in Convergys Corp. by 5.1% in the second quarter. Macquarie Group Ltd. now owns 719,965 shares of the company’s stock valued at $17,999,000 after buying an additional 35,022 shares during the last quarter. Mason Street Advisors LLC acquired a new position in Convergys Corp. during the second quarter valued at $1,100,000. Royal Bank of Canada raised its position in Convergys Corp. by 3.8% in the second quarter. Royal Bank of Canada now owns 226,291 shares of the company’s stock valued at $5,658,000 after buying an additional 8,381 shares during the last quarter. Finally, Calvert Investment Management Inc. raised its position in Convergys Corp. by 18.3% in the second quarter. Calvert Investment Management Inc. now owns 146,792 shares of the company’s stock valued at $3,670,000 after buying an additional 22,666 shares during the last quarter. 98.99% of the stock is currently owned by institutional investors.
Shares of Convergys Corp. (NYSE:CVG) traded up 1.83% on Friday, reaching $25.56. The company’s stock had a trading volume of 867,026 shares. The company has a market cap of $2.45 billion, a P/E ratio of 14.96 and a beta of 0.96. The company has a 50 day moving average price of $28.46 and a 200 day moving average price of $27.92. Convergys Corp. has a 52-week low of $22.53 and a 52-week high of $30.92.
Convergys Corp. (NYSE:CVG) last posted its quarterly earnings results on Tuesday, November 8th. The company reported $0.46 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.46. Convergys Corp. had a return on equity of 14.87% and a net margin of 5.78%. The business had revenue of $741 million for the quarter, compared to analyst estimates of $760.53 million. During the same period last year, the company earned $0.45 EPS. The firm’s revenue was down .1% on a year-over-year basis. On average, analysts anticipate that Convergys Corp. will post $1.85 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, January 6th. Stockholders of record on Friday, December 23rd will be given a $0.09 dividend. The ex-dividend date is Wednesday, December 21st. This represents a $0.36 annualized dividend and a dividend yield of 1.41%. Convergys Corp.’s dividend payout ratio is currently 22.22%.
Several research analysts recently weighed in on CVG shares. Citigroup Inc. upped their price target on Convergys Corp. from $28.00 to $30.00 and gave the company a “neutral” rating in a research report on Wednesday, August 10th. Zacks Investment Research raised Convergys Corp. from a “hold” rating to a “buy” rating and set a $33.00 price target on the stock in a research report on Wednesday, August 10th. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $31.00.
In other news, General Counsel Jarrod B. Pontius sold 2,434 shares of the firm’s stock in a transaction on Tuesday, November 15th. The stock was sold at an average price of $24.06, for a total value of $58,562.04. Following the transaction, the general counsel now directly owns 24,853 shares in the company, valued at approximately $597,963.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Andre S. Valentine sold 9,000 shares of the firm’s stock in a transaction on 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 transaction, the chief financial officer now owns 80,137 shares in the company, 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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