Mutual of America Capital Management LLC Acquires 2,916 Shares of Convergys Corp. (CVG)
Mutual of America Capital Management LLC raised its stake in Convergys Corp. (NYSE:CVG) by 4.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 76,538 shares of the company’s stock after buying an additional 2,916 shares during the period. Mutual of America Capital Management LLC owned approximately 0.08% of Convergys Corp. worth $2,328,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Nordea Investment Management AB raised its position in Convergys Corp. by 67.5% in the third quarter. Nordea Investment Management AB now owns 38,475 shares of the company’s stock valued at $1,170,000 after buying an additional 15,498 shares during the period. Wells Fargo & Company MN raised its position in Convergys Corp. by 23.8% in the third quarter. Wells Fargo & Company MN now owns 234,111 shares of the company’s stock valued at $7,122,000 after buying an additional 45,002 shares during the period. Virginia Retirement Systems ET AL acquired a new position in Convergys Corp. during the third quarter valued at about $368,000. Capital One National Association raised its position in Convergys Corp. by 15.0% in the third quarter. Capital One National Association now owns 56,184 shares of the company’s stock valued at $1,709,000 after buying an additional 7,335 shares during the period. Finally, Alambic Investment Management L.P. raised its position in Convergys Corp. by 3.7% in the third quarter. Alambic Investment Management L.P. now owns 110,000 shares of the company’s stock valued at $3,346,000 after buying an additional 3,900 shares during the period. 98.64% of the stock is owned by hedge funds and other institutional investors.
Convergys Corp. (NYSE:CVG) traded up 0.77% during mid-day trading on Monday, hitting $26.05. 390,801 shares of the stock traded hands. The firm has a market cap of $2.48 billion, a P/E ratio of 16.21 and a beta of 0.96. Convergys Corp. has a 52 week low of $22.53 and a 52 week high of $30.92. The firm’s 50-day moving average price is $27.73 and its 200-day moving average price is $27.89.
Convergys Corp. (NYSE:CVG) last announced its earnings results on Tuesday, November 8th. The company reported $0.46 EPS for the quarter, hitting the consensus estimate of $0.46. The business earned $741 million during the quarter, compared to the consensus estimate of $760.53 million. Convergys Corp. had a net margin of 5.78% and a return on equity of 14.87%. Convergys Corp.’s revenue was down .1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.45 EPS. On average, equities analysts forecast that Convergys Corp. will post $1.85 earnings per share for the current fiscal year.
The business 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 dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 1.39%. The ex-dividend date is Wednesday, December 21st. Convergys Corp.’s payout ratio is 22.22%.
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Several research firms recently issued reports on CVG. Zacks Investment Research lowered shares of Convergys Corp. from a “hold” rating to a “strong sell” rating in a research report on Friday, November 11th. Citigroup Inc. increased their price target on shares of Convergys Corp. from $28.00 to $30.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 10th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $31.00.
In related news, Director Jeffrey H. Fox sold 20,000 shares of Convergys Corp. stock in a transaction dated Friday, September 2nd. The shares were sold at an average price of $30.21, for a total transaction of $604,200.00. Following the completion of the sale, the director now owns 308,610 shares of the company’s stock, valued at approximately $9,323,108.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Joseph E. Gibbs sold 25,000 shares of Convergys Corp. stock in a transaction dated Wednesday, September 7th. The stock was sold at an average price of $30.82, for a total transaction of $770,500.00. Following the sale, the director now directly owns 16,777 shares of the company’s stock, valued at approximately $517,067.14. The disclosure for this sale can be found here. Corporate insiders own 1.90% of the company’s stock.
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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