Lathrop Investment Management Corp trimmed its position in shares of Convergys Corp (NYSE:CVG) by 17.7% during the second quarter, HoldingsChannel reports. The institutional investor owned 154,937 shares of the business services provider’s stock after selling 33,260 shares during the period. Convergys accounts for approximately 1.0% of Lathrop Investment Management Corp’s portfolio, making the stock its 27th largest holding. Lathrop Investment Management Corp’s holdings in Convergys were worth $3,787,000 as of its most recent SEC filing.
A number of other institutional investors have also recently made changes to their positions in the business. JPMorgan Chase & Co. boosted its stake in shares of Convergys by 111.9% in the 1st quarter. JPMorgan Chase & Co. now owns 1,459,168 shares of the business services provider’s stock valued at $33,006,000 after purchasing an additional 770,406 shares in the last quarter. BNP Paribas Arbitrage SA boosted its stake in shares of Convergys by 942.7% in the 1st quarter. BNP Paribas Arbitrage SA now owns 631,098 shares of the business services provider’s stock valued at $14,275,000 after purchasing an additional 570,571 shares in the last quarter. Robeco Institutional Asset Management B.V. acquired a new stake in shares of Convergys in the 1st quarter valued at approximately $12,121,000. Millennium Management LLC boosted its stake in shares of Convergys by 169.0% in the 1st quarter. Millennium Management LLC now owns 533,322 shares of the business services provider’s stock valued at $12,064,000 after purchasing an additional 335,092 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its stake in shares of Convergys by 52.7% in the 1st quarter. Wells Fargo & Company MN now owns 588,290 shares of the business services provider’s stock valued at $13,307,000 after purchasing an additional 203,107 shares in the last quarter.
CVG has been the topic of a number of research analyst reports. Barrington Research restated a “hold” rating on shares of Convergys in a research note on Monday, May 21st. Zacks Investment Research upgraded shares of Convergys from a “hold” rating to a “buy” rating and set a $27.00 price target on the stock in a research note on Friday, May 18th. Citigroup raised their price target 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. Finally, ValuEngine upgraded shares of Convergys from a “hold” rating to a “buy” rating in a research note on Thursday, April 19th. One equities research analyst has rated the stock with a sell rating and six have assigned a hold rating to the company. Convergys presently has an average rating of “Hold” and a consensus price target of $27.13.
Convergys (NYSE:CVG) last issued its quarterly earnings data on Tuesday, May 8th. The business services provider reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.01. The business had revenue of $674.00 million during the quarter, compared to analyst estimates of $669.28 million. Convergys had a net margin of 4.14% and a return on equity of 12.76%. The firm’s quarterly revenue was down 7.4% on a year-over-year basis. During the same quarter last year, the business earned $0.52 EPS. research analysts anticipate that Convergys Corp will post 1.69 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 6th. Investors of record on Friday, June 22nd were issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 1.79%. The ex-dividend date was Thursday, June 21st. This is a positive change from Convergys’s previous quarterly dividend of $0.10. Convergys’s dividend payout ratio (DPR) is 23.53%.
Convergys Company 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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