Legato Capital Management LLC acquired a new position in Convergys Corporation (NYSE:CVG) during the second quarter, according to its most recent filing with the SEC. The fund acquired 18,500 shares of the business services provider’s stock, valued at approximately $440,000.
A number of other hedge funds also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in Convergys Corporation during the fourth quarter worth approximately $38,110,000. Teachers Advisors LLC boosted its position in shares of Convergys Corporation by 6.1% in the fourth quarter. Teachers Advisors LLC now owns 157,749 shares of the business services provider’s stock worth $3,874,000 after buying an additional 9,015 shares during the last quarter. Highbridge Capital Management LLC acquired a new position in shares of Convergys Corporation during the fourth quarter worth about $11,536,000. Macquarie Group Ltd. boosted its position in shares of Convergys Corporation by 44.2% in the fourth quarter. Macquarie Group Ltd. now owns 1,086,223 shares of the business services provider’s stock worth $26,678,000 after buying an additional 332,795 shares during the last quarter. Finally, Foundry Partners LLC boosted its position in shares of Convergys Corporation by 15.2% in the first quarter. Foundry Partners LLC now owns 203,151 shares of the business services provider’s stock worth $4,297,000 after buying an additional 26,786 shares during the last quarter. 99.70% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Convergys Corporation (NYSE CVG) traded up 0.17% during trading on Friday, reaching $24.09. 377,819 shares of the company’s stock were exchanged. The company’s 50-day moving average price is $24.11 and its 200 day moving average price is $23.43. The firm has a market capitalization of $2.27 billion, a PE ratio of 17.90 and a beta of 1.04. Convergys Corporation has a 52 week low of $20.15 and a 52 week high of $30.92.
Convergys Corporation (NYSE:CVG) last posted its quarterly earnings data on Monday, May 8th. The business services provider reported $0.52 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.45 by $0.07. Convergys Corporation had a net margin of 4.67% and a return on equity of 14.24%. The company had revenue of $727.60 million during the quarter, compared to analyst estimates of $719.96 million. During the same quarter last year, the firm posted $0.50 EPS. The business’s revenue for the quarter was up .7% on a year-over-year basis. Analysts predict that Convergys Corporation will post $1.85 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 7th. Stockholders of record on Friday, June 23rd were given a dividend of $0.10 per share. This is a positive change from Convergys Corporation’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend was Wednesday, June 21st. This represents a $0.40 annualized dividend and a dividend yield of 1.66%. Convergys Corporation’s dividend payout ratio (DPR) is 30.08%.
A number of brokerages have issued reports on CVG. ValuEngine cut shares of Convergys Corporation from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. TheStreet upgraded shares of Convergys Corporation from a “c+” rating to a “b-” rating in a research report on Tuesday, May 23rd. Zacks Investment Research cut shares of Convergys Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, May 10th. Finally, Sidoti restated a “buy” rating on shares of Convergys Corporation in a research report on Monday, March 27th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. Convergys Corporation currently has an average rating of “Hold” and a consensus target price of $31.50.
In other news, Director Jeffrey H. Fox sold 10,000 shares of the firm’s stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $24.84, for a total transaction of $248,400.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Taylor C. Greenwald sold 6,412 shares of the firm’s stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $24.24, for a total transaction of $155,426.88. The disclosure for this sale can be found here. Company insiders own 1.70% of the company’s stock.
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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