Allianz Asset Management GmbH decreased its holdings in Convergys Corp (NYSE:CVG) by 31.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,702,242 shares of the business services provider’s stock after selling 765,430 shares during the period. Allianz Asset Management GmbH owned approximately 1.84% of Convergys worth $44,071,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in CVG. Victory Capital Management Inc. increased its holdings in shares of Convergys by 17.7% during the 2nd quarter. Victory Capital Management Inc. now owns 7,498 shares of the business services provider’s stock worth $178,000 after buying an additional 1,125 shares during the last quarter. Riverhead Capital Management LLC increased its holdings in shares of Convergys by 71.0% during the 2nd quarter. Riverhead Capital Management LLC now owns 7,525 shares of the business services provider’s stock worth $179,000 after buying an additional 3,125 shares during the last quarter. Teacher Retirement System of Texas acquired a new stake in shares of Convergys during the 3rd quarter worth approximately $201,000. Flinton Capital Management LLC increased its holdings in shares of Convergys by 69.1% during the 2nd quarter. Flinton Capital Management LLC now owns 8,428 shares of the business services provider’s stock worth $200,000 after buying an additional 3,444 shares during the last quarter. Finally, Crossmark Global Holdings Inc. acquired a new stake in shares of Convergys during the 3rd quarter worth approximately $222,000. Institutional investors own 98.72% of the company’s stock.
Convergys Corp (CVG) opened at $23.76 on Thursday. The company has a current ratio of 2.60, a quick ratio of 2.60 and a debt-to-equity ratio of 0.25. The firm has a market cap of $2,228.98, a P/E ratio of 12.90, a P/E/G ratio of 1.45 and a beta of 1.07. Convergys Corp has a 1 year low of $20.15 and a 1 year high of $26.66.
Convergys (NYSE:CVG) last posted its quarterly earnings data on Tuesday, November 7th. The business services provider reported $0.42 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.44 by ($0.02). Convergys had a return on equity of 13.92% and a net margin of 4.54%. The company had revenue of $688.30 million for the quarter, compared to analysts’ expectations of $692.34 million. During the same period in the previous year, the business posted $0.46 EPS. The business’s revenue for the quarter was down 7.1% on a year-over-year basis. analysts expect that Convergys Corp will post 1.85 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, January 5th. Shareholders of record on Friday, December 22nd will be given a $0.10 dividend. The ex-dividend date of this dividend is Thursday, December 21st. This represents a $0.40 annualized dividend and a yield of 1.68%. Convergys’s dividend payout ratio is presently 30.77%.
In other Convergys news, Director Jeffrey H. Fox sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $23.77, for a total value of $594,250.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.70% of the company’s stock.
CVG has been the subject of a number of recent analyst reports. SunTrust Banks restated a “hold” rating and set a $26.00 price target on shares of Convergys in a report on Monday, October 9th. Robert W. Baird reaffirmed a “hold” rating and set a $28.00 price objective on shares of Convergys in a research report on Tuesday, October 24th. Zacks Investment Research cut shares of Convergys from a “hold” rating to a “sell” rating in a research report on Friday, November 10th. Citigroup lowered their price objective on shares of Convergys from $25.00 to $24.00 and set a “neutral” rating for the company in a research report on Friday, November 10th. Finally, Barrington Research assumed coverage on shares of Convergys 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 issued a buy rating to the company’s stock. Convergys currently has a consensus rating of “Hold” and a consensus price target of $26.00.
Convergys 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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