Convergys Corp (CVG) Raised to B- at TheStreet
Convergys Corp (NYSE:CVG) was upgraded by TheStreet from a “c+” rating to a “b-” rating in a note issued to investors on Tuesday.
Other analysts also recently issued reports about the company. Zacks Investment Research downgraded Convergys Corp from a “hold” rating to a “sell” rating in a report on Wednesday, May 10th. Sidoti reiterated a “buy” rating on shares of Convergys Corp in a report on Monday, March 27th. Finally, SunTrust Banks, Inc. downgraded Convergys Corp from a “buy” rating to a “hold” rating in a report on Wednesday, February 15th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company. Convergys Corp presently has an average rating of “Hold” and an average price target of $31.50.
Convergys Corp (NYSE:CVG) traded up 0.17% on Tuesday, reaching $24.10. The company had a trading volume of 193,320 shares. Convergys Corp has a 52-week low of $20.15 and a 52-week high of $30.92. The firm has a market capitalization of $2.27 billion, a price-to-earnings ratio of 17.90 and a beta of 0.93. The stock’s 50-day moving average price is $22.71 and its 200 day moving average price is $23.75.
Convergys Corp (NYSE:CVG) last announced its quarterly earnings results on Monday, May 8th. The business services provider reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.07. Convergys Corp had a return on equity of 14.87% and a net margin of 5.78%. The firm had revenue of $727.60 million during the quarter, compared to the consensus estimate of $719.96 million. During the same period in the prior year, the firm earned $0.50 EPS. The firm’s quarterly revenue was up .7% compared to the same quarter last year. On average, equities analysts anticipate that Convergys Corp will post $1.85 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 7th. Shareholders of record on Friday, June 23rd will be given a $0.10 dividend. This is a boost from Convergys Corp’s previous quarterly dividend of $0.09. This represents a $0.40 dividend on an annualized basis and a yield of 1.66%. The ex-dividend date is Wednesday, June 21st. Convergys Corp’s dividend payout ratio is presently 22.22%.
In other Convergys Corp news, CEO Andrea J. Ayers sold 30,000 shares of the company’s stock in a transaction dated Monday, March 6th. The shares were sold at an average price of $21.24, for a total value of $637,200.00. Following the completion of the transaction, the chief executive officer now directly owns 370,536 shares of the company’s stock, valued at approximately $7,870,184.64. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 1.90% of the company’s stock.
A number of institutional investors have recently bought and sold shares of CVG. BlackRock Inc. boosted its position in Convergys Corp by 13,300.3% in the first quarter. BlackRock Inc. now owns 10,663,303 shares of the business services provider’s stock worth $225,529,000 after buying an additional 10,583,728 shares during the last quarter. Norges Bank purchased a new position in Convergys Corp during the fourth quarter worth $38,110,000. Bank of Montreal Can boosted its position in Convergys Corp by 333.5% in the first quarter. Bank of Montreal Can now owns 973,688 shares of the business services provider’s stock worth $20,594,000 after buying an additional 749,097 shares during the last quarter. Denver Investment Advisors LLC purchased a new position in Convergys Corp during the first quarter worth $15,431,000. Finally, Russell Investments Group Ltd. purchased a new position in Convergys Corp during the fourth quarter worth $13,155,000. 97.42% of the stock is owned by institutional investors.
About Convergys Corp
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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