Brokerages forecast that Convergys Corp (NYSE:CVG) will report sales of $695.78 million for the current fiscal quarter, according to Zacks Investment Research. Four analysts have provided estimates for Convergys’ earnings. The lowest sales estimate is $689.03 million and the highest is $700.20 million. Convergys reported sales of $757.90 million during the same quarter last year, which would suggest a negative year-over-year growth rate of 8.2%. The firm is expected to issue its next quarterly earnings results after the market closes on Wednesday, February 21st.
According to Zacks, analysts expect that Convergys will report full year sales of $695.78 million for the current year, with estimates ranging from $2.79 billion to $2.80 billion. For the next financial year, analysts expect that the business will report sales of $2.72 billion per share, with estimates ranging from $2.67 billion to $2.77 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that follow Convergys.
Several analysts have issued reports on CVG shares. Zacks Investment Research lowered Convergys from a “hold” rating to a “sell” rating in a research note on Friday, November 10th. Citigroup cut their target price on Convergys from $25.00 to $24.00 and set a “neutral” rating for the company in a research note on Friday, November 10th. ValuEngine lowered Convergys from a “buy” rating to a “hold” rating in a research note on Sunday, December 31st. Finally, Robert W. Baird reaffirmed a “hold” rating and issued a $28.00 target price on shares of Convergys in a research note on Tuesday, October 24th. Seven analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Convergys presently has an average rating of “Hold” and a consensus price target of $26.00.
In other Convergys news, CEO Andrea J. Ayers sold 30,000 shares of the company’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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.70% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently modified their holdings of the business. Ameritas Investment Partners Inc. boosted its stake in shares of Convergys by 1.6% during the second quarter. Ameritas Investment Partners Inc. now owns 36,097 shares of the business services provider’s stock valued at $858,000 after purchasing an additional 567 shares during the period. Victory Capital Management Inc. boosted its stake in shares of Convergys by 27.0% during the third quarter. Victory Capital Management Inc. now owns 9,526 shares of the business services provider’s stock valued at $247,000 after purchasing an additional 2,028 shares during the period. Nordea Investment Management AB boosted its stake in shares of Convergys by 2.7% during the third quarter. Nordea Investment Management AB now owns 84,767 shares of the business services provider’s stock valued at $2,195,000 after purchasing an additional 2,236 shares during the period. ING Groep NV boosted its stake in shares of Convergys by 22.1% during the fourth quarter. ING Groep NV now owns 13,944 shares of the business services provider’s stock valued at $328,000 after purchasing an additional 2,520 shares during the period. Finally, First Trust Advisors LP boosted its stake in shares of Convergys by 4.2% during the fourth quarter. First Trust Advisors LP now owns 90,948 shares of the business services provider’s stock valued at $2,137,000 after purchasing an additional 3,652 shares during the period.
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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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