Alliancebernstein L.P. Reduces Stake in Convergys Corp (CVG)

Alliancebernstein L.P. reduced its position in Convergys Corp (NYSE:CVG) by 17.6% during the fourth quarter, Holdings Channel reports. The institutional investor owned 3,122,615 shares of the business services provider’s stock after selling 665,058 shares during the period. Alliancebernstein L.P.’s holdings in Convergys were worth $73,381,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in CVG. Macquarie Group Ltd. raised its holdings in Convergys by 12.0% during the third quarter. Macquarie Group Ltd. now owns 1,841,768 shares of the business services provider’s stock valued at $47,684,000 after acquiring an additional 196,887 shares during the period. Royce & Associates LP raised its holdings in Convergys by 28.2% during the fourth quarter. Royce & Associates LP now owns 970,643 shares of the business services provider’s stock valued at $22,810,000 after acquiring an additional 213,608 shares during the period. Geode Capital Management LLC raised its holdings in Convergys by 5.6% during the fourth quarter. Geode Capital Management LLC now owns 968,730 shares of the business services provider’s stock valued at $22,764,000 after acquiring an additional 51,234 shares during the period. Boston Partners raised its holdings in Convergys by 70.6% during the fourth quarter. Boston Partners now owns 912,525 shares of the business services provider’s stock valued at $21,444,000 after acquiring an additional 377,481 shares during the period. Finally, Schwab Charles Investment Management Inc. raised its holdings in Convergys by 6.0% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 860,308 shares of the business services provider’s stock valued at $20,218,000 after acquiring an additional 48,332 shares during the period.

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A number of research firms have commented on CVG. ValuEngine cut Convergys from a “buy” rating to a “hold” rating in a report on Friday, February 2nd. Zacks Investment Research raised Convergys from a “sell” rating to a “hold” rating in a report on Monday, January 15th. Finally, Barrington Research reaffirmed a “hold” rating on shares of Convergys in a report on Monday, February 26th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $26.00.

In related news, CEO Andrea J. Ayers sold 30,000 shares of Convergys stock in a transaction dated Monday, March 5th. The stock was sold at an average price of $23.25, for a total value of $697,500.00. Following the completion of the transaction, the chief executive officer now owns 396,239 shares in the company, valued at $9,212,556.75. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 1.70% of the company’s stock.

Shares of Convergys Corp (CVG) opened at $23.46 on Monday. Convergys Corp has a twelve month low of $20.15 and a twelve month high of $26.66. The company has a debt-to-equity ratio of 0.24, a current ratio of 2.66 and a quick ratio of 2.66. The stock has a market capitalization of $2,170.00, a PE ratio of 15.04, a PEG ratio of 1.55 and a beta of 0.98.

Convergys (NYSE:CVG) last issued its earnings results on Wednesday, February 21st. The business services provider reported $0.47 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.45 by $0.02. Convergys had a return on equity of 13.71% and a net margin of 4.35%. The firm had revenue of $689.40 million for the quarter, compared to analysts’ expectations of $695.78 million. During the same period in the previous year, the firm posted $0.47 earnings per share. The business’s revenue was down 9.0% compared to the same quarter last year. research analysts anticipate that Convergys Corp will post 1.69 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, April 6th. Stockholders of record on Friday, March 23rd will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, March 22nd. This represents a $0.40 annualized dividend and a dividend yield of 1.71%. Convergys’s dividend payout ratio (DPR) is 25.64%.

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About Convergys

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 (NYSE:CVG)

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