$695.78 Million in Sales Expected for Convergys Corp (CVG) This Quarter
Brokerages forecast that Convergys Corp (NYSE:CVG) will post $695.78 million in sales for the current fiscal quarter, according to Zacks Investment Research. Four analysts have made estimates for Convergys’ earnings, with estimates ranging from $689.03 million to $700.20 million. Convergys posted sales of $757.90 million during the same quarter last year, which suggests a negative year over year growth rate of 8.2%. The company is expected to report its next earnings report on Wednesday, February 28th.
On average, analysts expect that Convergys will report full-year sales of $695.78 million for the current financial year, with estimates ranging from $2.79 billion to $2.80 billion. For the next fiscal year, analysts expect that the firm will report sales of $2.72 billion per share, with estimates ranging from $2.67 billion to $2.77 billion. Zacks’ sales calculations are a mean average based on a survey of analysts that that provide coverage for Convergys.
Convergys (NYSE:CVG) last issued its earnings results on Tuesday, November 7th. The business services provider reported $0.42 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.02). The firm had revenue of $688.30 million during the quarter, compared to analyst estimates of $692.34 million. Convergys had a return on equity of 13.92% and a net margin of 4.54%. Convergys’s revenue was down 7.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.46 EPS.
Shares of Convergys (CVG) traded down $0.01 on Friday, hitting $23.58. The stock had a trading volume of 692,295 shares, compared to its average volume of 751,532. The firm has a market cap of $2,200.00, a price-to-earnings ratio of 12.61, a price-to-earnings-growth ratio of 1.41 and a beta of 1.07. The company has a current ratio of 2.60, a quick ratio of 2.60 and a debt-to-equity ratio of 0.25. Convergys has a one year low of $20.15 and a one year high of $26.66.
The business also recently declared a quarterly dividend, which will be paid on Friday, January 5th. Investors of record on Friday, December 22nd will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.70%. The ex-dividend date of this dividend is Thursday, December 21st. Convergys’s dividend payout ratio (DPR) is 30.77%.
In related news, Director Jeffrey H. Fox sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 16th. The stock was sold at an average price of $23.77, for a total value of $594,250.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Andrea J. Ayers sold 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 5th. The stock was sold at an average price of $24.15, for a total value of $724,500.00. The disclosure for this sale can be found here. Company insiders own 1.70% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. California Public Employees Retirement System raised its stake in Convergys by 10.8% during the 3rd quarter. California Public Employees Retirement System now owns 236,674 shares of the business services provider’s stock valued at $6,127,000 after acquiring an additional 22,974 shares in the last quarter. Vident Investment Advisory LLC raised its stake in Convergys by 15.8% during the 3rd quarter. Vident Investment Advisory LLC now owns 112,227 shares of the business services provider’s stock valued at $2,906,000 after acquiring an additional 15,303 shares in the last quarter. Cornerstone Capital Management Holdings LLC. raised its stake in Convergys by 173.9% during the 3rd quarter. Cornerstone Capital Management Holdings LLC. now owns 118,600 shares of the business services provider’s stock valued at $3,070,000 after acquiring an additional 75,300 shares in the last quarter. Sirios Capital Management L P raised its stake in Convergys by 5.5% during the 3rd quarter. Sirios Capital Management L P now owns 517,827 shares of the business services provider’s stock valued at $13,406,000 after acquiring an additional 26,771 shares in the last quarter. Finally, Stifel Financial Corp raised its stake in Convergys by 13.5% during the 3rd quarter. Stifel Financial Corp now owns 325,141 shares of the business services provider’s stock valued at $8,408,000 after acquiring an additional 38,780 shares in the last quarter. 98.72% of the stock is currently owned by institutional investors and hedge funds.
COPYRIGHT VIOLATION NOTICE: “$695.78 Million in Sales Expected for Convergys Corp (CVG) This Quarter” was reported by American Banking News and is the property of of American Banking News. If you are reading this story on another site, it was illegally copied and reposted in violation of US and international copyright & trademark laws. The correct version of this story can be accessed at https://www.americanbankingnews.com/2017/12/09/695-78-million-in-sales-expected-for-convergys-corp-cvg-this-quarter.html.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Convergys Corp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Convergys Corp and related companies with MarketBeat.com's FREE daily email newsletter.