Foundry Partners LLC Boosts Holdings in Convergys Corp (CVG)

Foundry Partners LLC raised its stake in Convergys Corp (NYSE:CVG) by 2.5% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 301,173 shares of the business services provider’s stock after acquiring an additional 7,269 shares during the period. Foundry Partners LLC’s holdings in Convergys were worth $7,150,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Wells Fargo & Company MN increased its holdings in shares of Convergys by 29.0% in the second quarter. Wells Fargo & Company MN now owns 758,608 shares of the business services provider’s stock valued at $18,541,000 after buying an additional 170,318 shares in the last quarter. Smith Graham & Co. Investment Advisors LP increased its holdings in shares of Convergys by 10.7% in the second quarter. Smith Graham & Co. Investment Advisors LP now owns 200,910 shares of the business services provider’s stock valued at $4,910,000 after buying an additional 19,420 shares in the last quarter. Ontario Teachers Pension Plan Board increased its holdings in shares of Convergys by 107.0% in the second quarter. Ontario Teachers Pension Plan Board now owns 127,700 shares of the business services provider’s stock valued at $3,121,000 after buying an additional 66,000 shares in the last quarter. BlackRock Inc. increased its holdings in shares of Convergys by 3.7% in the second quarter. BlackRock Inc. now owns 10,733,580 shares of the business services provider’s stock valued at $262,329,000 after buying an additional 381,212 shares in the last quarter. Finally, Voya Investment Management LLC increased its holdings in shares of Convergys by 20.3% in the second quarter. Voya Investment Management LLC now owns 273,455 shares of the business services provider’s stock valued at $6,683,000 after buying an additional 46,149 shares in the last quarter.

Shares of NYSE:CVG opened at $24.41 on Friday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.22 and a current ratio of 2.22. Convergys Corp has a 12-month low of $21.13 and a 12-month high of $26.72. The firm has a market cap of $2.16 billion, a price-to-earnings ratio of 13.05, a PEG ratio of 1.87 and a beta of 0.84.

Convergys (NYSE:CVG) last announced its earnings results on Tuesday, August 7th. The business services provider reported $0.36 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.36. Convergys had a net margin of 3.24% and a return on equity of 12.03%. The company had revenue of $649.40 million for the quarter, compared to the consensus estimate of $634.83 million. On average, sell-side analysts forecast that Convergys Corp will post 1.69 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 2nd. Shareholders of record on Friday, September 21st were paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 1.80%. The ex-dividend date of this dividend was Thursday, September 20th. Convergys’s dividend payout ratio (DPR) is currently 23.53%.

CVG has been the topic of several research reports. Zacks Investment Research raised Convergys from a “hold” rating to a “buy” rating and set a $28.00 price target on the stock in a report on Friday, August 17th. Barrington Research reissued a “hold” rating on shares of Convergys in a research note on Tuesday, August 14th. Finally, Citigroup boosted their target price on shares of Convergys from $24.00 to $26.50 and gave the company a “neutral” rating in a research note on Friday, June 29th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $27.50.

Convergys Profile

Convergys Corporation provides customer management services to communications and media, technology, financial services, retail, healthcare, government, travel and hospitality, and other vertical markets worldwide. The company offers solutions across the customer lifecycle, including sales, customer service, technical support, customer retention, and collection, as well as security, compliance, and fraud solutions; and solutions in contact center technology comprising omni-channel interaction, cross-channel integration framework, real-time decisioning engine, robotic process automation, intelligent notification, campaign management, personalized care, personalized selling, agent productivity, and retention solutions.

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Institutional Ownership by Quarter for Convergys (NYSE:CVG)

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