Zacks Investment Research upgraded shares of Convergys (NYSE:CVG) from a sell rating to a hold rating in a research note released on Monday morning.
According to Zacks, “Convergys Corporation is a global leader in relationship management. Convergys unique combination of domain expertise, operational excellence, and innovative technologies has delivered process improvement and actionable business insight to clients. Convergys Corporation delivers consistent, quality customer experiences in 58 languages and from more than 150 locations around the globe. Convergys partner with clients to improve customer loyalty, reduce costs, and generate revenue through an extensive portfolio of capabilities, including customer care, analytics, tech support, collections, home agent, and end-to-end selling. Convergys are committed to delighting clients and their customers, delivering value to shareholders, and creating opportunities for talented, caring employees in 33 countries around the world. “
A number of other analysts have also recently weighed in on CVG. Robert W. Baird reaffirmed a hold rating on shares of Convergys in a research report on Sunday, September 17th. SunTrust Banks reaffirmed a hold rating and issued a $26.00 price target on shares of Convergys in a research report on Monday, October 9th. Barrington Research began coverage on Convergys in a research report on Tuesday, October 17th. They issued a market perform rating for the company. Citigroup cut their price objective on Convergys from $25.00 to $24.00 and set a neutral rating for the company in a research report on Friday, November 10th. Finally, ValuEngine cut Convergys from a buy rating to a hold rating in a research report on Sunday, December 31st. Seven analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Convergys currently has a consensus rating of Hold and an average price target of $26.00.
Convergys (NYSE:CVG) last announced its quarterly earnings results on Tuesday, November 7th. The business services provider reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.02). Convergys had a return on equity of 13.92% and a net margin of 4.54%. The company had revenue of $688.30 million during the quarter, compared to analyst estimates of $692.34 million. During the same period in the prior year, the firm earned $0.46 EPS. Convergys’s quarterly revenue was down 7.1% on a year-over-year basis. equities analysts forecast that Convergys will post 1.85 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 5th. Investors of record on Friday, December 22nd were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, December 21st. This represents a $0.40 annualized dividend and a dividend yield of 1.76%. Convergys’s dividend payout ratio is presently 30.77%.
In related news, CEO Andrea J. Ayers sold 30,000 shares of the business’s stock in a transaction dated Tuesday, December 5th. The stock was sold at an average price of $24.15, for a total transaction of $724,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jeffrey H. Fox sold 25,000 shares of the business’s stock in a transaction dated Thursday, November 16th. The stock was sold at an average price of $23.77, for a total value of $594,250.00. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Victory Capital Management Inc. lifted its position in shares of Convergys by 17.7% during the 2nd quarter. Victory Capital Management Inc. now owns 7,498 shares of the business services provider’s stock worth $178,000 after purchasing an additional 1,125 shares during the last quarter. Riverhead Capital Management LLC raised its holdings in Convergys by 71.0% in the 2nd quarter. Riverhead Capital Management LLC now owns 7,525 shares of the business services provider’s stock valued at $179,000 after acquiring an additional 3,125 shares in the last quarter. Teacher Retirement System of Texas acquired a new position in Convergys in the 3rd quarter valued at approximately $201,000. Flinton Capital Management LLC raised its holdings in Convergys by 69.1% in the 2nd quarter. Flinton Capital Management LLC now owns 8,428 shares of the business services provider’s stock valued at $200,000 after acquiring an additional 3,444 shares in the last quarter. Finally, Crossmark Global Holdings Inc. acquired a new position in Convergys in the 3rd quarter valued at approximately $222,000.
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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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