Convergys Corporation (CVG) Stake Lowered by American International Group Inc.

American International Group Inc. reduced its position in Convergys Corporation (NYSE:CVG) by 0.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 233,673 shares of the company’s stock after selling 1,244 shares during the period. American International Group Inc. owned approximately 0.24% of Convergys Corporation worth $7,108,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. California State Teachers Retirement System raised its position in Convergys Corporation by 0.8% in the third quarter. California State Teachers Retirement System now owns 188,378 shares of the company’s stock worth $5,730,000 after buying an additional 1,500 shares during the period. State of Tennessee Treasury Department raised its position in Convergys Corporation by 17.4% in the third quarter. State of Tennessee Treasury Department now owns 202,200 shares of the company’s stock worth $6,151,000 after buying an additional 30,000 shares during the period. Hancock Holding Co. raised its position in Convergys Corporation by 12.0% in the third quarter. Hancock Holding Co. now owns 136,954 shares of the company’s stock worth $4,166,000 after buying an additional 14,721 shares during the period. Boston Partners raised its position in Convergys Corporation by 7.2% in the third quarter. Boston Partners now owns 494,873 shares of the company’s stock worth $15,054,000 after buying an additional 33,084 shares during the period. Finally, DekaBank Deutsche Girozentrale raised its position in Convergys Corporation by 2,349.7% in the third quarter. DekaBank Deutsche Girozentrale now owns 49,362 shares of the company’s stock worth $1,497,000 after buying an additional 47,347 shares during the period. 98.50% of the stock is owned by hedge funds and other institutional investors.

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

Shares of Convergys Corporation (NYSE:CVG) traded down 0.20% during trading on Wednesday, reaching $25.56. The company had a trading volume of 106,000 shares. The company has a market capitalization of $2.44 billion, a PE ratio of 15.91 and a beta of 0.93. Convergys Corporation has a 52 week low of $22.53 and a 52 week high of $30.92. The stock’s 50-day moving average price is $25.22 and its 200-day moving average price is $27.44.

Convergys Corporation (NYSE:CVG) last issued its quarterly earnings results on Tuesday, November 8th. The company reported $0.46 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.46. Convergys Corporation had a return on equity of 14.87% and a net margin of 5.78%. The company earned $741 million during the quarter, compared to analysts’ expectations of $760.53 million. During the same quarter in the previous year, the firm posted $0.45 EPS. The firm’s revenue was down .1% compared to the same quarter last year. On average, equities analysts expect that Convergys Corporation will post $1.85 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, January 6th. Shareholders of record on Friday, December 23rd were given a dividend of $0.09 per share. The ex-dividend date was Wednesday, December 21st. This represents a $0.36 dividend on an annualized basis and a yield of 1.41%. Convergys Corporation’s dividend payout ratio is currently 22.22%.

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Separately, Zacks Investment Research lowered Convergys Corporation from a “hold” rating to a “strong sell” rating in a research note on Friday, November 11th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. Convergys Corporation has a consensus rating of “Hold” and an average target price of $31.50.

In other Convergys Corporation news, CEO Andrea J. Ayers sold 30,000 shares of Convergys Corporation stock in a transaction dated Monday, December 5th. The stock was sold at an average price of $25.04, for a total transaction of $751,200.00. Following the completion of the transaction, the chief executive officer now owns 333,181 shares in the company, valued at approximately $8,342,852.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Jarrod B. Pontius sold 1,111 shares of Convergys Corporation stock in a transaction dated Thursday, November 17th. The shares were sold at an average price of $24.50, for a total value of $27,219.50. Following the transaction, the general counsel now owns 23,742 shares of the company’s stock, valued at approximately $581,679. The disclosure for this sale can be found here. Company insiders own 1.90% of the company’s stock.

About Convergys Corporation

Convergys Corporation is engaged in providing customer management services. The Company’s primary focus is on growth with multinational corporations and other companies in communications and media, financial services, technology, healthcare, retail and other vertical markets. Its segments include North America and Rest of World.

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