Analysts Expect Convergys Corp (CVG) Will Post Quarterly Sales of $694.14 Million
Brokerages expect Convergys Corp (NYSE:CVG) to report sales of $694.14 million for the current quarter, according to Zacks Investment Research. Four analysts have provided estimates for Convergys Corp’s earnings. The highest sales estimate is $708.20 million and the lowest is $686.70 million. Convergys Corp posted sales of $741.20 million during the same quarter last year, which suggests a negative year over year growth rate of 6.3%. The company is scheduled to report its next quarterly earnings results after the market closes on Tuesday, November 7th.
On average, analysts expect that Convergys Corp will report full-year sales of $694.14 million for the current fiscal year, with estimates ranging from $2.82 billion to $2.85 billion. For the next fiscal year, analysts anticipate that the firm will post sales of $2.83 billion per share, with estimates ranging from $2.78 billion to $2.87 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that follow Convergys Corp.
Convergys Corp (NYSE:CVG) last released its earnings results on Tuesday, August 8th. The business services provider reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.07. Convergys Corp had a return on equity of 11.83% and a net margin of 5.79%. The company had revenue of $686.80 million during the quarter, compared to the consensus estimate of $687.91 million. During the same quarter last year, the company earned $0.41 earnings per share. Convergys Corp’s quarterly revenue was down .8% compared to the same quarter last year.
CVG has been the subject of a number of analyst reports. Robert W. Baird reiterated a “hold” rating on shares of Convergys Corp in a research report on Sunday, September 17th. Barrington Research initiated coverage on Convergys Corp in a research report on Tuesday, October 17th. They set a “market perform” rating for the company. SunTrust Banks, Inc. reiterated a “hold” rating and set a $26.00 price target on shares of Convergys Corp in a research report on Monday, October 9th. Finally, BidaskClub upgraded Convergys Corp from a “sell” rating to a “hold” rating in a research report on Saturday, August 12th. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $27.00.
Shares of Convergys Corp (CVG) opened at 25.58 on Tuesday. Convergys Corp has a 12-month low of $20.15 and a 12-month high of $29.28. The firm has a 50-day moving average price of $25.57 and a 200-day moving average price of $24.15. The firm has a market cap of $2.39 billion, a P/E ratio of 18.06 and a beta of 1.05.
The company also recently disclosed a quarterly dividend, which was paid on Friday, October 6th. Stockholders 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 dividend yield of 1.56%. Convergys Corp’s dividend payout ratio (DPR) is 28.37%.
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In other news, CFO Andre S. Valentine sold 10,000 shares of the company’s stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $23.52, for a total transaction of $235,200.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Jeffrey H. Fox sold 43,609 shares of the company’s stock in a transaction on Wednesday, September 6th. The shares were sold at an average price of $23.53, for a total value of $1,026,119.77. Following the sale, the director now directly owns 338,804 shares of the company’s stock, valued at $7,972,058.12. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Victory Capital Management Inc. lifted its holdings in shares of Convergys Corp by 53.9% during the first quarter. Victory Capital Management Inc. now owns 6,373 shares of the business services provider’s stock valued at $135,000 after purchasing an additional 2,233 shares during the last quarter. LS Investment Advisors LLC lifted its holdings in shares of Convergys Corp by 17.8% during the second quarter. LS Investment Advisors LLC now owns 7,453 shares of the business services provider’s stock valued at $177,000 after purchasing an additional 1,125 shares during the last quarter. Riverhead Capital Management LLC lifted its holdings in shares of Convergys Corp by 71.0% during the second quarter. Riverhead Capital Management LLC now owns 7,525 shares of the business services provider’s stock valued at $179,000 after purchasing an additional 3,125 shares during the last quarter. Flinton Capital Management LLC lifted its holdings in shares of Convergys Corp by 69.1% during the second quarter. Flinton Capital Management LLC now owns 8,428 shares of the business services provider’s stock valued at $200,000 after purchasing an additional 3,444 shares during the last quarter. Finally, Wayne Hummer Investments L.L.C. purchased a new stake in shares of Convergys Corp during the second quarter valued at $206,000. 98.72% of the stock is owned by institutional investors and hedge funds.
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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