Convergys Corp (CVG) Shares Sold by Allianz Asset Management GmbH
Allianz Asset Management GmbH trimmed its position in shares of Convergys Corp (NYSE:CVG) by 0.8% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 1,689,461 shares of the business services provider’s stock after selling 12,781 shares during the quarter. Allianz Asset Management GmbH’s holdings in Convergys were worth $39,703,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CVG. Boston Partners lifted its holdings in shares of Convergys by 70.6% during the 4th quarter. Boston Partners now owns 912,525 shares of the business services provider’s stock valued at $21,444,000 after buying an additional 377,481 shares during the period. Arrowstreet Capital Limited Partnership bought a new position in shares of Convergys during the 4th quarter valued at $5,757,000. Royce & Associates LP lifted its holdings in shares of Convergys by 28.2% during the 4th quarter. Royce & Associates LP now owns 970,643 shares of the business services provider’s stock valued at $22,810,000 after buying an additional 213,608 shares during the period. Macquarie Group Ltd. lifted its holdings in shares of Convergys by 12.0% during the 3rd quarter. Macquarie Group Ltd. now owns 1,841,768 shares of the business services provider’s stock valued at $47,684,000 after buying an additional 196,887 shares during the period. Finally, Olstein Capital Management L.P. lifted its holdings in shares of Convergys by 58.0% during the 3rd quarter. Olstein Capital Management L.P. now owns 350,069 shares of the business services provider’s stock valued at $9,063,000 after buying an additional 128,569 shares during the period.
Convergys Corp (NYSE CVG) opened at $23.18 on Friday. Convergys Corp has a twelve month low of $20.15 and a twelve month high of $26.66. The company has a market capitalization of $2,140.00, a price-to-earnings ratio of 14.86, a P/E/G ratio of 1.53 and a beta of 0.98. The company has a quick ratio of 2.66, a current ratio of 2.66 and a debt-to-equity ratio of 0.24.
The business also recently announced a quarterly dividend, which will be paid on Friday, April 6th. Investors of record on Friday, March 23rd will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, March 22nd. This represents a $0.40 dividend on an annualized basis and a yield of 1.73%. Convergys’s dividend payout ratio is currently 25.64%.
Several research firms have recently weighed in on CVG. ValuEngine raised Convergys from a “hold” rating to a “buy” rating in a report on Wednesday. Zacks Investment Research cut Convergys from a “hold” rating to a “strong sell” rating in a report on Monday, February 26th. Barrington Research reaffirmed a “hold” rating on shares of Convergys in a report on Monday, February 26th. Finally, Citigroup decreased their target price on Convergys from $25.00 to $24.00 and set a “neutral” rating on the stock in a report on Friday, November 10th. One analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $26.00.
In related news, CEO Andrea J. Ayers sold 30,000 shares of the firm’s stock in a transaction on Tuesday, December 5th. The stock was sold at an average price of $24.15, for a total value of $724,500.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.70% of the stock is currently owned by company insiders.
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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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