State Treasurer State of Michigan Increases Position in Convergys Corporation (NYSE:CVG)

State Treasurer State of Michigan boosted its stake in Convergys Corporation (NYSE:CVG) by 1.0% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 38,800 shares of the business services provider’s stock after buying an additional 400 shares during the period. State Treasurer State of Michigan’s holdings in Convergys Corporation were worth $923,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of CVG. Bowling Portfolio Management LLC boosted its stake in Convergys Corporation by 18.4% in the first quarter. Bowling Portfolio Management LLC now owns 26,041 shares of the business services provider’s stock valued at $551,000 after buying an additional 4,050 shares during the last quarter. Wright Investors Service Inc. boosted its stake in Convergys Corporation by 24.9% in the first quarter. Wright Investors Service Inc. now owns 11,960 shares of the business services provider’s stock valued at $253,000 after buying an additional 2,385 shares during the last quarter. Canada Pension Plan Investment Board purchased a new stake in Convergys Corporation during the first quarter valued at about $6,491,000. Wells Fargo & Company MN boosted its stake in Convergys Corporation by 3.4% in the first quarter. Wells Fargo & Company MN now owns 245,225 shares of the business services provider’s stock valued at $5,186,000 after buying an additional 8,032 shares during the last quarter. Finally, BB&T Corp purchased a new stake in Convergys Corporation during the first quarter valued at about $1,077,000. Institutional investors own 98.72% of the company’s stock.

Shares of Convergys Corporation (NYSE CVG) opened at 22.92 on Friday. The stock has a market cap of $2.14 billion, a price-to-earnings ratio of 16.19 and a beta of 1.04. Convergys Corporation has a 12 month low of $20.15 and a 12 month high of $30.92. The firm has a 50-day moving average price of $23.80 and a 200-day moving average price of $23.19.

Convergys Corporation (NYSE:CVG) last announced its earnings results on Tuesday, August 8th. The business services provider reported $0.46 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.07. Convergys Corporation had a net margin of 4.90% and a return on equity of 14.46%. The firm had revenue of $686.80 million for the quarter, compared to analyst estimates of $687.91 million. During the same quarter last year, the business earned $0.41 earnings per share. Convergys Corporation’s revenue was down .8% compared to the same quarter last year. Equities analysts expect that Convergys Corporation will post $1.88 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, October 6th. Shareholders of record on Friday, September 22nd will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.75%. The ex-dividend date of this dividend is Thursday, September 21st. Convergys Corporation’s dividend payout ratio is currently 28.37%.

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CVG has been the topic of a number of research reports. TheStreet raised shares of Convergys Corporation from a “c+” rating to a “b-” rating in a research note on Tuesday, May 23rd. ValuEngine lowered shares of Convergys Corporation from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Zacks Investment Research raised shares of Convergys Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, April 25th. Finally, BidaskClub raised shares of Convergys Corporation from a “sell” rating to a “hold” rating in a research report on Saturday, August 12th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $33.00.

In other Convergys Corporation news, insider Taylor C. Greenwald sold 6,412 shares of the stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $24.24, for a total transaction of $155,426.88. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Andre S. Valentine sold 10,000 shares of the stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $23.52, for a total transaction of $235,200.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 26,412 shares of company stock worth $639,027. 1.70% of the stock is currently owned by insiders.

Convergys Corporation 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.

Institutional Ownership by Quarter for Convergys Corporation (NYSE:CVG)

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