Equities research analysts at Barrington Research initiated coverage on shares of Convergys Corporation (NYSE:CVG) in a research report issued on Tuesday. The brokerage set a “market perform” rating on the business services provider’s stock.
A number of other brokerages have also weighed in on CVG. SunTrust Banks, Inc. restated a “hold” rating and issued a $26.00 price objective on shares of Convergys Corporation in a report on Monday, October 9th. BidaskClub lowered shares of Convergys Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Finally, Robert W. Baird restated a “hold” rating on shares of Convergys Corporation in a report on Sunday, September 17th. Five analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Convergys Corporation presently has an average rating of “Hold” and an average price target of $26.00.
Shares of Convergys Corporation (NYSE:CVG) opened at 25.74 on Tuesday. The stock has a market capitalization of $2.40 billion, a P/E ratio of 18.18 and a beta of 1.05. The stock has a 50 day moving average price of $24.95 and a 200 day moving average price of $23.78. Convergys Corporation has a 52 week low of $20.15 and a 52 week high of $30.34.
Convergys Corporation (NYSE:CVG) last released its earnings results on Tuesday, August 8th. The business services provider reported $0.46 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 firm had revenue of $686.80 million during the quarter, compared to analyst estimates of $687.91 million. During the same period last year, the business earned $0.41 earnings per share. The business’s revenue was down .8% on a year-over-year basis. On average, equities research analysts expect that Convergys Corporation will post $1.88 EPS for the current year.
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In other Convergys Corporation news, CFO Andre S. Valentine sold 10,000 shares of the business’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $23.52, for a total transaction of $235,200.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jeffrey H. Fox sold 43,609 shares of the business’s stock in a transaction 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 sale, the director now owns 338,804 shares of the company’s stock, valued at $7,972,058.12. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in CVG. BlackRock Inc. raised its stake in Convergys Corporation by 13,300.3% during the 1st quarter. BlackRock Inc. now owns 10,663,303 shares of the business services provider’s stock valued at $225,529,000 after buying an additional 10,583,728 shares during the last quarter. Alliancebernstein L.P. raised its stake in Convergys Corporation by 1,096.4% during the 2nd quarter. Alliancebernstein L.P. now owns 2,869,183 shares of the business services provider’s stock valued at $68,229,000 after buying an additional 2,629,363 shares during the last quarter. Royce & Associates LP raised its stake in Convergys Corporation by 320.7% during the 2nd quarter. Royce & Associates LP now owns 866,557 shares of the business services provider’s stock valued at $20,607,000 after buying an additional 660,557 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in Convergys Corporation by 21.0% during the 2nd quarter. Goldman Sachs Group Inc. now owns 3,699,927 shares of the business services provider’s stock valued at $87,985,000 after buying an additional 643,000 shares during the last quarter. Finally, AQR Capital Management LLC raised its stake in Convergys Corporation by 20.5% during the 1st quarter. AQR Capital Management LLC now owns 2,968,936 shares of the business services provider’s stock valued at $62,793,000 after buying an additional 505,311 shares during the last quarter. Institutional investors and hedge funds own 98.72% of the company’s stock.
About Convergys Corporation
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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