Convergys Corporation (CVG) Stake Boosted by Bank of Nova Scotia
Bank of Nova Scotia lifted its stake in Convergys Corporation (NYSE:CVG) by 99.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 735,500 shares of the business services provider’s stock after purchasing an additional 367,500 shares during the quarter. Bank of Nova Scotia owned 0.79% of Convergys Corporation worth $17,491,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds also recently bought and sold shares of CVG. UBS Asset Management Americas Inc. raised its position in shares of Convergys Corporation by 64.9% in the 1st quarter. UBS Asset Management Americas Inc. now owns 61,884 shares of the business services provider’s stock worth $1,309,000 after purchasing an additional 24,364 shares during the last quarter. Karp Capital Management Corp purchased a new position in shares of Convergys Corporation in the 1st quarter worth about $845,000. Parametric Portfolio Associates LLC raised its position in shares of Convergys Corporation by 0.3% in the 1st quarter. Parametric Portfolio Associates LLC now owns 297,822 shares of the business services provider’s stock worth $6,299,000 after purchasing an additional 813 shares during the last quarter. Oxford Asset Management purchased a new position in shares of Convergys Corporation in the 1st quarter worth about $598,000. Finally, JPMorgan Chase & Co. raised its position in shares of Convergys Corporation by 9.6% in the 1st quarter. JPMorgan Chase & Co. now owns 956,991 shares of the business services provider’s stock worth $20,241,000 after purchasing an additional 83,928 shares during the last quarter. 98.72% of the stock is owned by hedge funds and other institutional investors.
In other Convergys Corporation news, CFO Andre S. Valentine sold 10,000 shares of the firm’s 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Jeffrey H. Fox sold 43,609 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, the director now directly owns 338,804 shares in the company, valued at $7,972,058.12. The disclosure for this sale can be found here. 1.70% of the stock is owned by company insiders.
Several equities analysts have recently issued reports on CVG shares. BidaskClub lowered Convergys Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Robert W. Baird reaffirmed a “hold” rating on shares of Convergys Corporation in a research report on Sunday, September 17th. Finally, SunTrust Banks, Inc. reaffirmed a “hold” rating and issued a $26.00 price target on shares of Convergys Corporation in a research report on Monday. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Convergys Corporation presently has a consensus rating of “Hold” and a consensus target price of $26.00.
Convergys Corporation (NYSE:CVG) last released its quarterly earnings results on Tuesday, August 8th. The business services provider reported $0.46 EPS for the quarter, beating analysts’ consensus estimates 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 return on equity of 14.46% and a net margin of 4.90%. The firm’s revenue was down .8% compared to the same quarter last year. During the same period last year, the business posted $0.41 earnings per share.
The business also recently announced a quarterly dividend, which was paid on Friday, October 6th. Investors of record on Friday, September 22nd were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.54%. The ex-dividend date of this dividend was Thursday, September 21st. Convergys Corporation’s dividend payout ratio (DPR) is 28.37%.
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Convergys Corporation Company 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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