Cubist Systematic Strategies LLC Acquires Shares of 9,382 Convergys Corp (NYSE:CVG)

Cubist Systematic Strategies LLC acquired a new stake in shares of Convergys Corp (NYSE:CVG) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 9,382 shares of the business services provider’s stock, valued at approximately $212,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Elkfork Partners LLC bought a new stake in shares of Convergys in the fourth quarter valued at approximately $220,000. Jane Street Group LLC bought a new stake in Convergys during the 4th quarter worth approximately $252,000. Xact Kapitalforvaltning AB bought a new stake in Convergys during the 4th quarter worth approximately $285,000. Advisor Group Inc. increased its holdings in Convergys by 427.7% during the 4th quarter. Advisor Group Inc. now owns 13,715 shares of the business services provider’s stock worth $322,000 after acquiring an additional 11,116 shares during the period. Finally, HBK Investments L P bought a new stake in Convergys during the 4th quarter worth approximately $334,000.

CVG traded down $0.28 during trading on Friday, hitting $24.47. 599,468 shares of the stock traded hands, compared to its average volume of 1,764,950. The company has a quick ratio of 2.38, a current ratio of 2.38 and a debt-to-equity ratio of 0.21. Convergys Corp has a 12-month low of $21.13 and a 12-month high of $26.72. The stock has a market capitalization of $2.24 billion, a P/E ratio of 13.09, a PEG ratio of 1.61 and a beta of 0.95.

Convergys (NYSE:CVG) last issued its quarterly earnings data on Tuesday, May 8th. The business services provider reported $0.41 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.01. Convergys had a net margin of 4.14% and a return on equity of 12.76%. The business had revenue of $674.00 million during the quarter, compared to analyst estimates of $669.28 million. During the same period in the prior year, the business earned $0.52 EPS. The company’s revenue for the quarter was down 7.4% on a year-over-year basis. sell-side analysts expect that Convergys Corp will post 1.69 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, July 6th. Investors of record on Friday, June 22nd were paid a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 1.80%. This is a positive change from Convergys’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend was Thursday, June 21st. Convergys’s dividend payout ratio (DPR) is presently 23.53%.

A number of equities analysts have recently commented on CVG shares. Zacks Investment Research lowered shares of Convergys from a “buy” rating to a “hold” rating in a report on Tuesday, July 10th. Barrington Research reissued a “hold” rating on shares of Convergys in a report on Friday, June 29th. Citigroup upped their price objective 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 cut shares of Convergys from a “hold” rating to a “sell” rating in a research note on Wednesday, May 9th. One analyst has rated the stock with a sell rating and six have given a hold rating to the company. Convergys currently has an average rating of “Hold” and an average target price of $27.13.

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.

Further Reading: Dividend

Institutional Ownership by Quarter for Convergys (NYSE:CVG)

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