Stock Traders Buy Large Volume of Convergys Call Options (CVG)
Convergys Corp (NYSE:CVG) was the target of unusually large options trading activity on Wednesday. Traders bought 602 call options on the stock. This represents an increase of 1,080% compared to the typical daily volume of 51 call options.
Convergys (NYSE CVG) opened at $23.58 on Friday. The company has a quick ratio of 2.60, a current ratio of 2.60 and a debt-to-equity ratio of 0.25. The firm has a market cap of $2,195.71, a PE ratio of 12.71, a P/E/G ratio of 1.43 and a beta of 1.07. Convergys has a fifty-two week low of $20.15 and a fifty-two week high of $26.66.
Convergys (NYSE:CVG) last issued its quarterly earnings results 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). The company had revenue of $688.30 million during the quarter, compared to analysts’ expectations of $692.34 million. Convergys had a return on equity of 13.92% and a net margin of 4.54%. Convergys’s quarterly revenue was down 7.1% compared to the same quarter last year. During the same period last year, the firm posted $0.46 earnings per share. analysts predict that Convergys will post 1.85 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 5th. Shareholders of record on Friday, December 22nd will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.70%. The ex-dividend date of this dividend is Thursday, December 21st. Convergys’s dividend payout ratio (DPR) is presently 30.77%.
In other news, CEO Andrea J. Ayers sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 5th. The shares were sold at an average price of $24.15, for a total value of $724,500.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Jeffrey H. Fox sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, November 16th. The stock was sold at an average price of $23.77, for a total transaction of $594,250.00. The disclosure for this sale can be found here. 1.70% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Alliancebernstein L.P. lifted its holdings in shares of Convergys by 1,096.4% in the second quarter. Alliancebernstein L.P. now owns 2,869,183 shares of the business services provider’s stock worth $68,229,000 after buying an additional 2,629,363 shares in the last quarter. Royce & Associates LP increased its position in shares of Convergys by 320.7% in the second quarter. Royce & Associates LP now owns 866,557 shares of the business services provider’s stock worth $20,607,000 after purchasing an additional 660,557 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of Convergys by 21.0% in the second quarter. Goldman Sachs Group Inc. now owns 3,699,927 shares of the business services provider’s stock worth $87,985,000 after purchasing an additional 643,000 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Convergys by 6.8% in the second quarter. Vanguard Group Inc. now owns 7,866,455 shares of the business services provider’s stock worth $187,064,000 after purchasing an additional 503,693 shares during the last quarter. Finally, Sirios Capital Management L P bought a new position in shares of Convergys in the second quarter worth approximately $11,677,000. 98.72% of the stock is currently owned by institutional investors and hedge funds.
CVG has been the subject of several research analyst reports. Zacks Investment Research lowered shares of Convergys from a “hold” rating to a “sell” rating in a research note on Friday, November 10th. Robert W. Baird restated a “hold” rating and set a $28.00 price target on shares of Convergys in a research note on Tuesday, October 24th. SunTrust Banks restated a “hold” rating and set a $26.00 price target on shares of Convergys in a research note on Monday, October 9th. Citigroup decreased their price target on shares of Convergys from $25.00 to $24.00 and set a “neutral” rating for the company in a research note on Friday, November 10th. Finally, Barrington Research started coverage on shares of Convergys in a research note on Tuesday, October 17th. They set a “market perform” rating for the company. One analyst has rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $26.00.
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.
Receive News & Ratings for Convergys Corp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Convergys Corp and related companies with MarketBeat.com's FREE daily email newsletter.