Systematic Financial Management LP Sells 5,135 Shares of Convergys Corporation (CVG)

Systematic Financial Management LP cut its position in Convergys Corporation (NYSE:CVG) by 6.6% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 72,710 shares of the business services provider’s stock after selling 5,135 shares during the quarter. Systematic Financial Management LP owned about 0.08% of Convergys Corporation worth $1,729,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the stock. Mason Street Advisors LLC lifted its position in Convergys Corporation by 0.3% in the 1st quarter. Mason Street Advisors LLC now owns 44,625 shares of the business services provider’s stock valued at $944,000 after purchasing an additional 114 shares during the last quarter. Meeder Asset Management Inc. lifted its position in Convergys Corporation by 0.4% in the 2nd quarter. Meeder Asset Management Inc. now owns 31,935 shares of the business services provider’s stock valued at $760,000 after purchasing an additional 126 shares during the last quarter. Advantus Capital Management Inc lifted its position in Convergys Corporation by 2.0% in the 1st quarter. Advantus Capital Management Inc now owns 12,094 shares of the business services provider’s stock valued at $256,000 after purchasing an additional 241 shares during the last quarter. Louisiana State Employees Retirement System lifted its position in Convergys Corporation by 1.3% in the 1st quarter. Louisiana State Employees Retirement System now owns 23,900 shares of the business services provider’s stock valued at $505,000 after purchasing an additional 300 shares during the last quarter. Finally, BB&T Corp lifted its position in Convergys Corporation by 0.6% in the 2nd quarter. BB&T Corp now owns 51,243 shares of the business services provider’s stock valued at $1,218,000 after purchasing an additional 317 shares during the last quarter. Hedge funds and other institutional investors own 98.72% of the company’s stock.

Shares of Convergys Corporation (NYSE CVG) opened at 24.62 on Friday. The company has a 50-day moving average of $23.64 and a 200 day moving average of $23.08. Convergys Corporation has a 12 month low of $20.15 and a 12 month high of $30.57. The company has a market capitalization of $2.30 billion, a P/E ratio of 17.39 and a beta of 1.03.

Convergys Corporation (NYSE:CVG) last issued its earnings results on Tuesday, August 8th. The business services provider reported $0.46 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 company had revenue of $686.80 million for the quarter, compared to the consensus estimate of $687.91 million. During the same quarter in the previous year, the company earned $0.41 EPS. The firm’s revenue for the quarter was down .8% compared to the same quarter last year. Analysts forecast that Convergys Corporation will post $1.88 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, October 6th. Stockholders of record on Friday, September 22nd will be paid a $0.10 dividend. The ex-dividend date is Thursday, September 21st. This represents a $0.40 annualized dividend and a dividend yield of 1.62%. Convergys Corporation’s dividend payout ratio is presently 28.37%.

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In other 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 value of $235,200.00. The sale was disclosed in a filing with the SEC, which is available at 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 completion of the sale, the director now owns 338,804 shares in the company, valued at approximately $7,972,058.12. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by insiders.

Several analysts recently weighed in on the stock. ValuEngine downgraded shares of Convergys Corporation from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. TheStreet upgraded shares of Convergys Corporation from a “c+” rating to a “b-” rating in a research report on Tuesday, May 23rd. Finally, BidaskClub downgraded shares of Convergys Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $33.00.

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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Institutional Ownership by Quarter for Convergys Corporation (NYSE:CVG)

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