California Public Employees Retirement System grew its position in Convergys Corporation (NYSE:CVG) by 7.7% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 213,700 shares of the business services provider’s stock after acquiring an additional 15,300 shares during the quarter. California Public Employees Retirement System owned 0.23% of Convergys Corporation worth $5,082,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors have also recently added to or reduced their stakes in the company. Wayne Hummer Investments L.L.C. bought a new stake in Convergys Corporation in the 2nd quarter worth approximately $206,000. AQR Capital Management LLC increased its stake 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 acquiring an additional 505,311 shares during the last quarter. State Street Corp increased its stake 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 acquiring an additional 108,814 shares during the last quarter. Goldman Sachs Group Inc. increased its stake 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 acquiring an additional 141,399 shares during the last quarter. Finally, Foundry Partners LLC increased its stake 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 acquiring an additional 23,197 shares during the last quarter. 98.72% of the stock is currently owned by institutional investors and hedge funds.
CVG has been the topic of a number of research reports. SunTrust Banks, Inc. reaffirmed a “hold” rating and issued a $26.00 price objective on shares of Convergys Corporation in a research note on Monday, October 9th. Robert W. Baird reissued a “hold” rating on shares of Convergys Corporation in a research report on Sunday, September 17th. BidaskClub raised Convergys Corporation from a “sell” rating to a “hold” rating in a research report on Saturday, August 12th. Finally, Barrington Research assumed coverage on Convergys Corporation in a research report on Tuesday. They set a “market perform” rating on the stock. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $26.00.
In related news, Director Jeffrey H. Fox sold 43,609 shares of Convergys Corporation stock in a transaction that occurred on Wednesday, September 6th. The stock was sold at an average price of $23.53, for a total transaction of $1,026,119.77. Following the transaction, 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 SEC, which is accessible through this link. Also, CFO Andre S. Valentine sold 10,000 shares of Convergys Corporation 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 (NYSE:CVG) opened at 25.76 on Thursday. The stock’s 50 day moving average price is $25.10 and its 200 day moving average price is $23.86. The company has a market cap of $2.40 billion, a P/E ratio of 18.19 and a beta of 1.06. Convergys Corporation has a 52-week low of $20.15 and a 52-week high of $30.23.
Convergys Corporation (NYSE:CVG) last announced its quarterly earnings data on Tuesday, August 8th. The business services provider reported $0.46 EPS for the quarter, topping the Zacks’ 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 the consensus estimate of $687.91 million. During the same quarter last year, the business posted $0.41 earnings per share. The firm’s revenue was down .8% compared to the same quarter last year. Analysts expect that Convergys Corporation will post $1.88 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, October 6th. Investors of record on Friday, September 22nd were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, September 21st. This represents a $0.40 dividend on an annualized basis and a yield of 1.55%. Convergys Corporation’s payout ratio is 28.37%.
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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