Investors Buy Convergys (CVG) on Weakness

Traders purchased shares of Convergys Corp (NYSE:CVG) on weakness during trading on Thursday. $17.33 million flowed into the stock on the tick-up and $3.82 million flowed out of the stock on the tick-down, for a money net flow of $13.51 million into the stock. Of all equities tracked, Convergys had the 27th highest net in-flow for the day. Convergys traded down ($0.12) for the day and closed at $22.70

A number of equities research analysts have commented on the company. ValuEngine cut Convergys from a “buy” rating to a “hold” rating in a report on Sunday, December 31st. Citigroup decreased their price target on Convergys from $25.00 to $24.00 and set a “neutral” rating on the stock in a report on Friday, November 10th. Barrington Research assumed coverage on Convergys in a report on Tuesday, October 17th. They set a “market perform” rating on the stock. SunTrust Banks reissued a “hold” rating and set a $26.00 price target on shares of Convergys in a report on Monday, October 9th. Finally, Robert W. Baird reissued a “hold” rating on shares of Convergys in a report on Sunday, September 17th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $26.00.

The firm has a market capitalization of $2,190.00, a PE ratio of 17.46, a price-to-earnings-growth ratio of 1.42 and a beta of 1.08. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.60 and a current ratio of 2.60.

Convergys (NYSE:CVG) last issued its quarterly earnings data 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 firm had revenue of $688.30 million for the quarter, compared to analysts’ expectations of $692.34 million. Convergys had a net margin of 4.54% and a return on equity of 13.92%. The company’s revenue for the quarter was down 7.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.46 EPS. research analysts predict that Convergys Corp will post 1.85 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 5th. Stockholders of record on Friday, December 22nd were given a dividend of $0.10 per share. The ex-dividend date was Thursday, December 21st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.76%. Convergys’s payout ratio is 30.77%.

In other news, CEO Andrea J. Ayers sold 30,000 shares of the firm’s stock in a transaction dated Tuesday, December 5th. The stock was sold at an average price of $24.15, for a total transaction of $724,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jeffrey H. Fox sold 25,000 shares of the firm’s stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $23.77, for a total value of $594,250.00. The disclosure for this sale can be found here. Company insiders own 1.70% of the company’s stock.

Several institutional investors have recently modified their holdings of CVG. Victory Capital Management Inc. grew its position in shares of Convergys by 17.7% during the second quarter. Victory Capital Management Inc. now owns 7,498 shares of the business services provider’s stock valued at $178,000 after purchasing an additional 1,125 shares in the last quarter. Riverhead Capital Management LLC grew its position in Convergys by 71.0% in the second quarter. Riverhead Capital Management LLC now owns 7,525 shares of the business services provider’s stock worth $179,000 after acquiring an additional 3,125 shares in the last quarter. Flinton Capital Management LLC grew its position in Convergys by 69.1% in the second quarter. Flinton Capital Management LLC now owns 8,428 shares of the business services provider’s stock worth $200,000 after acquiring an additional 3,444 shares in the last quarter. Teacher Retirement System of Texas purchased a new position in Convergys in the third quarter worth about $201,000. Finally, Crossmark Global Holdings Inc. purchased a new position in Convergys in the third quarter worth about $222,000. Hedge funds and other institutional investors own 98.72% of the company’s stock.

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Convergys 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.

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