Eaton Vance Management Lowers Position in Convergys Corporation (CVG)
Eaton Vance Management trimmed its position in Convergys Corporation (NYSE:CVG) by 75.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 22,400 shares of the business services provider’s stock after selling 68,365 shares during the quarter. Eaton Vance Management’s holdings in Convergys Corporation were worth $533,000 as of its most recent SEC filing.
A number of other hedge funds have also recently made changes to their positions in the stock. LSV Asset Management increased its position in Convergys Corporation by 3.0% in the second quarter. LSV Asset Management now owns 4,604,891 shares of the business services provider’s stock worth $109,504,000 after purchasing an additional 132,200 shares during the period. Northwestern Mutual Investment Management Company LLC increased its position in Convergys Corporation by 2.4% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 16,664 shares of the business services provider’s stock worth $417,000 after purchasing an additional 385 shares during the period. Seizert Capital Partners LLC increased its position in Convergys Corporation by 1.2% in the second quarter. Seizert Capital Partners LLC now owns 91,478 shares of the business services provider’s stock worth $2,175,000 after purchasing an additional 1,074 shares during the period. Principal Financial Group Inc. increased its position in Convergys Corporation by 10.2% in the second quarter. Principal Financial Group Inc. now owns 455,313 shares of the business services provider’s stock worth $10,828,000 after purchasing an additional 42,082 shares during the period. Finally, IndexIQ Advisors LLC acquired a new stake in Convergys Corporation in the second quarter worth about $532,000. Hedge funds and other institutional investors own 98.72% of the company’s stock.
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Convergys Corporation (CVG) opened at 25.53 on Tuesday. The stock’s 50 day moving average price is $23.70 and its 200 day moving average price is $23.15. The firm has a market capitalization of $2.38 billion, a price-to-earnings ratio of 18.03 and a beta of 1.03. Convergys Corporation has a 52-week low of $20.15 and a 52-week high of $30.57.
Convergys Corporation (NYSE:CVG) last posted its earnings results on Tuesday, August 8th. The business services provider reported $0.46 EPS for the quarter, beating the consensus estimate of $0.39 by $0.07. The firm had revenue of $686.80 million during the quarter, compared to the consensus estimate of $687.91 million. Convergys Corporation had a return on equity of 14.46% and a net margin of 4.90%. The business’s quarterly revenue was down .8% on a year-over-year basis. During the same period last year, the company earned $0.41 earnings per share. On average, equities analysts anticipate that Convergys Corporation will post $1.88 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 6th. Stockholders of record on Friday, September 22nd will be paid a $0.10 dividend. The ex-dividend date is Thursday, September 21st. This represents a $0.40 annualized dividend and a dividend yield of 1.57%. Convergys Corporation’s payout ratio is 28.37%.
In other news, CFO Andre S. Valentine sold 10,000 shares of the stock in a transaction dated 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jeffrey H. Fox sold 43,609 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $7,972,058.12. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company’s stock.
A number of brokerages recently commented on CVG. BidaskClub lowered Convergys Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Robert W. Baird reiterated a “hold” rating on shares of Convergys Corporation in a research report on Sunday, September 17th. Finally, ValuEngine lowered Convergys Corporation from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $33.00.
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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