Cipher Capital LP Decreases Position in Convergys Corporation (CVG)
Cipher Capital LP cut its holdings in Convergys Corporation (NYSE:CVG) by 30.8% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 23,476 shares of the business services provider’s stock after selling 10,453 shares during the period. Cipher Capital LP’s holdings in Convergys Corporation were worth $558,000 as of its most recent filing with the SEC.
Several other hedge funds have also added to or reduced their stakes in the stock. Mason Street Advisors LLC grew its stake in Convergys Corporation by 0.3% during the first quarter. Mason Street Advisors LLC now owns 44,625 shares of the business services provider’s stock worth $944,000 after buying an additional 114 shares in the last quarter. Meeder Asset Management Inc. grew its stake in Convergys Corporation by 0.4% during the second quarter. Meeder Asset Management Inc. now owns 31,935 shares of the business services provider’s stock worth $760,000 after buying an additional 126 shares in the last quarter. Advantus Capital Management Inc grew its stake in Convergys Corporation by 2.0% during the first quarter. Advantus Capital Management Inc now owns 12,094 shares of the business services provider’s stock worth $256,000 after buying an additional 241 shares in the last quarter. Louisiana State Employees Retirement System grew its stake in Convergys Corporation by 1.3% during the first quarter. Louisiana State Employees Retirement System now owns 23,900 shares of the business services provider’s stock worth $505,000 after buying an additional 300 shares in the last quarter. Finally, BB&T Corp grew its stake in Convergys Corporation by 0.6% during the second quarter. BB&T Corp now owns 51,243 shares of the business services provider’s stock worth $1,218,000 after buying an additional 317 shares in the last quarter. Institutional investors and hedge funds own 98.72% of the company’s stock.
Shares of Convergys Corporation (NYSE CVG) opened at 23.72 on Friday. Convergys Corporation has a 52 week low of $20.15 and a 52 week high of $30.57. The firm’s 50-day moving average is $23.60 and its 200-day moving average is $23.06. The firm has a market capitalization of $2.21 billion, a P/E ratio of 16.75 and a beta of 1.03.
Convergys Corporation (NYSE:CVG) last announced its quarterly earnings results on Tuesday, August 8th. The business services provider reported $0.46 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.39 by $0.07. Convergys Corporation had a return on equity of 14.46% and a net margin of 4.90%. The firm had revenue of $686.80 million for the quarter, compared to analysts’ expectations of $687.91 million. During the same period in the prior year, the business posted $0.41 earnings per share. The company’s revenue was down .8% on a year-over-year basis. Equities analysts anticipate that Convergys Corporation will post $1.88 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 6th. Stockholders of record on Friday, September 22nd will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.69%. The ex-dividend date is Thursday, September 21st. Convergys Corporation’s dividend payout ratio is presently 28.37%.
A number of brokerages have issued reports on CVG. ValuEngine downgraded shares of Convergys Corporation from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. BidaskClub upgraded shares of Convergys Corporation from a “sell” rating to a “hold” rating in a research note on Saturday, August 12th. Finally, TheStreet upgraded shares of Convergys Corporation from a “c+” rating to a “b-” rating in a research note on Tuesday, May 23rd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $33.00.
In other news, CFO Andre S. Valentine sold 10,000 shares of the company’s stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $23.52, for a total transaction of $235,200.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jeffrey H. Fox sold 43,609 shares of the company’s stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $23.53, for a total value of $1,026,119.77. Following the sale, the director now owns 338,804 shares in the company, valued at $7,972,058.12. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company’s stock.
Convergys Corporation Profile
Convergys Corporation is engaged in customer experience outsourcing. The Company’s geographical segments include North America and Rest of World. The Company offers services across industries, including communications and media, technology, financial services, retail, government and healthcare. The Company helps businesses to create customer experiences across multiple interaction channels, such as voice, chat, e-mail and interactive voice response.
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