Zacks Investment Research downgraded shares of Convergys Corporation (NYSE:CVG) from a hold rating to a sell rating in a research report report published on Friday.

According to Zacks, “Convergys Corp. is one of the global leaders in the provision of outsourced, integrated billing and customer care services. It focuses on developing long-term strategic relationships with clients in customer-intensive industries including telecommunications, cable, broadband, satellite broadcasting, Internet services, technology and financial services. The company serves its clients through its two operating units: the Information Management Group; and the Customer Management Group. “

CVG has been the subject of a number of other research reports. SunTrust Banks, Inc. reaffirmed a hold rating and issued a $26.00 target price on shares of Convergys Corporation in a research report on Monday, October 9th. Robert W. Baird reissued a hold rating and set a $28.00 price objective on shares of Convergys Corporation in a research report on Tuesday, October 24th. Citigroup Inc. cut their price objective on shares of Convergys Corporation from $25.00 to $24.00 and set a neutral rating for the company in a research report on Friday. BidaskClub downgraded shares of Convergys Corporation from a hold rating to a sell rating in a research report on Tuesday, August 1st. Finally, Barrington Research started coverage on shares of Convergys Corporation in a research report on Tuesday, October 17th. They set a market perform rating for the company. One research analyst has rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company. The company currently has an average rating of Hold and an average price target of $26.00.

Shares of Convergys Corporation (NYSE:CVG) opened at $23.31 on Friday. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.60 and a quick ratio of 2.60. Convergys Corporation has a 1 year low of $20.15 and a 1 year high of $26.66. The company has a market cap of $2,155.98, a P/E ratio of 12.48, a price-to-earnings-growth ratio of 1.33 and a beta of 1.11.

Convergys Corporation (NYSE:CVG) last posted its earnings results on Tuesday, November 7th. The business services provider reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.02). Convergys Corporation had a return on equity of 13.92% and a net margin of 4.54%. The company had revenue of $688.30 million during the quarter, compared to the consensus estimate of $692.34 million. During the same period last year, the firm posted $0.46 EPS. The company’s revenue for the quarter was down 7.1% on a year-over-year basis. equities analysts expect that Convergys Corporation will post 1.85 earnings per share for the current year.

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The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 5th. Stockholders of record on Friday, December 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 1.72%. The ex-dividend date is Thursday, December 21st. Convergys Corporation’s payout ratio is 30.77%.

In other news, Director Jeffrey H. Fox sold 43,609 shares of the business’s stock in a transaction on Wednesday, September 6th. The shares were sold at an average price of $23.53, for a total transaction of $1,026,119.77. Following the completion of the sale, the director now owns 338,804 shares of the company’s stock, valued at approximately $7,972,058.12. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 1.70% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its stake in shares of Convergys Corporation by 13,300.3% during the 1st quarter. BlackRock Inc. now owns 10,663,303 shares of the business services provider’s stock valued at $225,529,000 after buying an additional 10,583,728 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Convergys Corporation by 6.8% during the 2nd quarter. Vanguard Group Inc. now owns 7,866,455 shares of the business services provider’s stock valued at $187,064,000 after buying an additional 503,693 shares in the last quarter. LSV Asset Management lifted its stake in shares of Convergys Corporation by 3.0% during the 2nd quarter. LSV Asset Management now owns 4,604,891 shares of the business services provider’s stock valued at $109,504,000 after buying an additional 132,200 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Convergys Corporation by 21.0% during the 2nd quarter. Goldman Sachs Group Inc. now owns 3,699,927 shares of the business services provider’s stock valued at $87,985,000 after buying an additional 643,000 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in shares of Convergys Corporation by 1.6% during the 2nd quarter. Northern Trust Corp now owns 3,599,474 shares of the business services provider’s stock valued at $85,596,000 after buying an additional 57,522 shares in the last quarter. Institutional investors own 94.06% of the company’s stock.

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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