Legato Capital Management LLC cut its holdings in shares of Convergys Corporation (NYSE:CVG) by 53.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,568 shares of the business services provider’s stock after selling 9,932 shares during the quarter. Legato Capital Management LLC’s holdings in Convergys Corporation were worth $222,000 as of its most recent SEC filing.
Other large investors have also recently made changes to their positions in the company. LS Investment Advisors LLC increased its stake in Convergys Corporation by 17.8% in the second quarter. LS Investment Advisors LLC now owns 7,453 shares of the business services provider’s stock valued at $177,000 after acquiring an additional 1,125 shares during the last quarter. Victory Capital Management Inc. increased its stake in Convergys Corporation by 17.7% in the second quarter. Victory Capital Management Inc. now owns 7,498 shares of the business services provider’s stock valued at $178,000 after acquiring an additional 1,125 shares during the last quarter. Riverhead Capital Management LLC increased its stake in Convergys Corporation by 71.0% in the second quarter. Riverhead Capital Management LLC now owns 7,525 shares of the business services provider’s stock valued at $179,000 after acquiring an additional 3,125 shares during the last quarter. Flinton Capital Management LLC increased its stake in Convergys Corporation by 69.1% in the second quarter. Flinton Capital Management LLC now owns 8,428 shares of the business services provider’s stock valued at $200,000 after acquiring an additional 3,444 shares during the last quarter. Finally, Crossmark Global Holdings Inc. bought a new position in Convergys Corporation in the third quarter valued at approximately $222,000. 98.72% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts recently issued reports on the stock. BidaskClub cut shares of Convergys Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, August 1st. Robert W. Baird reissued a “hold” rating and issued a $28.00 price objective on shares of Convergys Corporation in a research note on Tuesday, October 24th. SunTrust Banks, Inc. reissued a “hold” rating and issued a $26.00 price objective on shares of Convergys Corporation in a research note on Monday, October 9th. Finally, Barrington Research assumed coverage on shares of Convergys Corporation in a research note on Tuesday, October 17th. They issued a “market perform” rating on the stock. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $27.00.
Shares of Convergys Corporation (NYSE:CVG) traded down $0.52 during trading hours on Friday, reaching $25.29. 439,583 shares of the company were exchanged, compared to its average volume of 808,617. The company has a quick ratio of 2.48, a current ratio of 2.48 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $2.40 billion, a P/E ratio of 13.45, a PEG ratio of 1.44 and a beta of 1.11.
Convergys Corporation (NYSE:CVG) last issued its quarterly earnings results on Tuesday, August 8th. The business services provider reported $0.46 earnings per share for the quarter, topping the Thomson Reuters’ 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 company had revenue of $686.80 million for the quarter, compared to the consensus estimate of $687.91 million. During the same quarter in the prior year, the company earned $0.41 EPS. Convergys Corporation’s quarterly revenue was down .8% on a year-over-year basis. research analysts forecast that Convergys Corporation will post 1.88 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, October 6th. Investors of record on Friday, September 22nd were issued a $0.10 dividend. The ex-dividend date was Thursday, September 21st. This represents a $0.40 annualized dividend and a yield of 1.58%. Convergys Corporation’s dividend payout ratio (DPR) is presently 28.37%.
In related news, CFO Andre S. Valentine sold 10,000 shares of the stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $23.52, for a total value of $235,200.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Jeffrey H. Fox sold 43,609 shares of the stock in a transaction that occurred on Wednesday, September 6th. The stock was sold at an average price of $23.53, for a total transaction of $1,026,119.77. Following the completion of the transaction, the director now owns 338,804 shares in the company, valued at approximately $7,972,058.12. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by corporate insiders.
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About Convergys Corporation
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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