Convergys Corporation (NYSE:CVG)‘s stock had its “hold” rating reissued by SunTrust Banks, Inc. in a note issued to investors on Monday. They currently have a $26.00 price objective on the business services provider’s stock. SunTrust Banks, Inc.’s price target points to a potential upside of 0.19% from the company’s current price.
A number of other brokerages also recently weighed in on CVG. Robert W. Baird reaffirmed a “hold” rating on shares of Convergys Corporation in a research note on Sunday, September 17th. BidaskClub downgraded shares of Convergys Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, August 1st. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $26.00.
Convergys Corporation (NYSE CVG) opened at 25.95 on Monday. The firm has a market cap of $2.42 billion, a P/E ratio of 18.33 and a beta of 1.06. Convergys Corporation has a 1-year low of $20.15 and a 1-year high of $30.34. The firm’s 50-day moving average price is $24.67 and its 200-day moving average price is $23.66.
Convergys Corporation (NYSE:CVG) last announced its earnings results on Tuesday, August 8th. The business services provider reported $0.46 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.39 by $0.07. Convergys Corporation had a net margin of 4.90% and a return on equity of 14.46%. The business 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 firm earned $0.41 earnings per share. The business’s revenue for the quarter was down .8% on a year-over-year basis. Equities research analysts anticipate that Convergys Corporation will post $1.88 earnings per share for the current fiscal year.
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In other Convergys Corporation news, Director Jeffrey H. Fox sold 43,609 shares of the firm’s stock in a transaction that occurred on Wednesday, September 6th. The shares were sold at an average price of $23.53, for a total transaction of $1,026,119.77. Following the completion of the transaction, the director now owns 338,804 shares of the company’s stock, valued at $7,972,058.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Andre S. Valentine sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $23.52, for a total transaction of $235,200.00. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Victory Capital Management Inc. increased its stake in shares of Convergys Corporation 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 in the last quarter. LS Investment Advisors LLC grew its holdings in shares of Convergys Corporation 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 buying an additional 1,125 shares during the last quarter. Riverhead Capital Management LLC grew its holdings in shares of Convergys Corporation 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 buying an additional 3,125 shares during the last quarter. Flinton Capital Management LLC grew its holdings in shares of Convergys Corporation 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 buying an additional 3,444 shares during the last quarter. Finally, Wayne Hummer Investments L.L.C. purchased a new stake in shares of Convergys Corporation during the second quarter valued at approximately $206,000. 98.72% of the stock is owned by institutional investors and hedge funds.
Convergys Corporation 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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