Convergys Corporation (CVG) Shares Bought by Nordea Investment Management AB
Nordea Investment Management AB boosted its stake in Convergys Corporation (NYSE:CVG) by 15.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 82,531 shares of the business services provider’s stock after acquiring an additional 10,981 shares during the period. Nordea Investment Management AB owned 0.09% of Convergys Corporation worth $1,963,000 at the end of the most recent reporting period.
Other large investors also recently added to or reduced their stakes in the company. Wayne Hummer Investments L.L.C. purchased a new position in Convergys Corporation during the 2nd quarter valued at $206,000. AQR Capital Management LLC raised its holdings in Convergys Corporation by 20.5% in the 1st quarter. AQR Capital Management LLC now owns 2,968,936 shares of the business services provider’s stock worth $62,793,000 after purchasing an additional 505,311 shares in the last quarter. State Street Corp raised its holdings in Convergys Corporation by 3.5% in the 1st quarter. State Street Corp now owns 3,181,333 shares of the business services provider’s stock worth $67,284,000 after purchasing an additional 108,814 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in Convergys Corporation by 4.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,056,927 shares of the business services provider’s stock worth $64,654,000 after purchasing an additional 141,399 shares in the last quarter. Finally, Foundry Partners LLC raised its holdings in Convergys Corporation by 11.4% in the 2nd quarter. Foundry Partners LLC now owns 226,348 shares of the business services provider’s stock worth $5,383,000 after purchasing an additional 23,197 shares in the last quarter. Institutional investors and hedge funds own 98.72% of the company’s stock.
In related news, Director Jeffrey H. Fox sold 43,609 shares of the business’s stock in a transaction that occurred on Wednesday, September 6th. The stock was sold at an average price of $23.53, for a total value of $1,026,119.77. Following the completion of the sale, the director now owns 338,804 shares in the company, valued at $7,972,058.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Andre S. Valentine sold 10,000 shares of the stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $23.52, for a total value of $235,200.00. The disclosure for this sale can be found here. Company insiders own 1.70% of the company’s stock.
Convergys Corporation (CVG) opened at 26.34 on Wednesday. Convergys Corporation has a 12 month low of $20.15 and a 12 month high of $30.34. The stock has a 50 day moving average price of $24.28 and a 200 day moving average price of $23.47. The company has a market cap of $2.46 billion, a price-to-earnings ratio of 18.60 and a beta of 1.06.
Convergys Corporation (NYSE:CVG) last released its quarterly earnings data on Tuesday, August 8th. The business services provider reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.07. The company had revenue of $686.80 million during the quarter, compared to analysts’ expectations of $687.91 million. Convergys Corporation had a net margin of 4.90% and a return on equity of 14.46%. The firm’s quarterly revenue was down .8% on a year-over-year basis. During the same period in the previous year, the company earned $0.41 EPS. Analysts anticipate that Convergys Corporation will post $1.88 earnings per share for the current fiscal year.
The business also recently announced 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 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date is Thursday, September 21st. Convergys Corporation’s dividend payout ratio (DPR) is presently 28.37%.
Several equities research analysts have recently commented on the stock. Robert W. Baird reaffirmed a “hold” rating on shares of Convergys Corporation in a research report on Sunday, September 17th. BidaskClub lowered shares of Convergys Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, August 1st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold”.
About Convergys Corporation
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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