Convergys Corp. (CVG) Stake Held by Lathrop Investment Management Corp
Lathrop Investment Management Corp maintained its position in Convergys Corp. (NYSE:CVG) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 309,970 shares of the company’s stock at the end of the third quarter. Convergys Corp. makes up about 2.4% of Lathrop Investment Management Corp’s portfolio, making the stock its 25th largest position. Lathrop Investment Management Corp owned 0.32% of Convergys Corp. worth $7,749,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. MSI Financial Services Inc boosted its position in Convergys Corp. by 37.5% in the third quarter. MSI Financial Services Inc now owns 3,364 shares of the company’s stock valued at $102,000 after buying an additional 918 shares during the period. Advisor Group Inc. bought a new stake in shares of Convergys Corp. during the second quarter worth $109,000. LS Investment Advisors LLC raised its stake in shares of Convergys Corp. by 72.8% in the second quarter. LS Investment Advisors LLC now owns 5,827 shares of the company’s stock worth $146,000 after buying an additional 2,455 shares in the last quarter. LMR Partners LLP bought a new stake in shares of Convergys Corp. during the second quarter worth $201,000. Finally, Tower Research Capital LLC TRC raised its stake in shares of Convergys Corp. by 2,602.1% in the second quarter. Tower Research Capital LLC TRC now owns 9,025 shares of the company’s stock worth $226,000 after buying an additional 8,691 shares in the last quarter. Hedge funds and other institutional investors own 98.64% of the company’s stock.
Convergys Corp. (NYSE:CVG) traded up 1.38% during mid-day trading on Tuesday, reaching $26.41. 264,622 shares of the company traded hands. The stock’s 50-day moving average price is $27.73 and its 200-day moving average price is $27.89. Convergys Corp. has a one year low of $22.53 and a one year high of $30.92. The firm has a market cap of $2.52 billion, a PE ratio of 16.43 and a beta of 0.96.
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 analysts’ consensus estimates of $0.46. The business earned $741 million during the quarter, compared to analysts’ expectations of $760.53 million. Convergys Corp. had a net margin of 5.78% and a return on equity of 14.87%. The firm’s revenue for the quarter was down .1% on a year-over-year basis. During the same quarter last year, the company posted $0.45 EPS. Analysts forecast that Convergys Corp. will post $1.85 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, January 6th. Investors of record on Friday, December 23rd will be given a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.39%. The ex-dividend date is Wednesday, December 21st. Convergys Corp.’s dividend payout ratio (DPR) is currently 22.22%.
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CVG has been the subject of a number of research analyst reports. 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. Zacks Investment Research raised shares of Convergys Corp. from a “hold” rating to a “buy” rating and set a $33.00 price target for the company in a research note on Wednesday, August 10th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. Convergys Corp. presently has an average rating of “Hold” and an average price target of $31.00.
In related news, Director Jeffrey H. Fox sold 20,000 shares of the 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 in the company, valued at approximately $9,323,108.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Joseph E. Gibbs sold 25,000 shares of the 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 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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