Wall Street analysts forecast that Convergys Corp (NYSE:CVG) will report $695.78 million in sales for the current fiscal quarter, Zacks reports. Four analysts have provided estimates for Convergys’ earnings. The highest sales estimate is $700.20 million and the lowest is $689.03 million. Convergys posted sales of $757.90 million in the same quarter last year, which would indicate a negative year-over-year growth rate of 8.2%. The firm is expected to issue its next earnings results after the market closes on Wednesday, February 21st.
According to Zacks, analysts expect that Convergys will report full year sales of $695.78 million for the current year, with estimates ranging from $2.79 billion to $2.80 billion. For the next financial year, analysts forecast that the business will report sales of $2.72 billion per share, with estimates ranging from $2.67 billion to $2.77 billion. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that follow Convergys.
Several research firms recently issued reports on CVG. Robert W. Baird reaffirmed a “hold” rating and set a $28.00 price target on shares of Convergys in a research note on Tuesday, October 24th. ValuEngine downgraded shares of Convergys from a “buy” rating to a “hold” rating in a research note on Friday, February 2nd. Zacks Investment Research raised shares of Convergys from a “sell” rating to a “hold” rating in a research note on Monday, January 15th. Finally, Citigroup dropped their price target on shares of Convergys from $25.00 to $24.00 and set a “neutral” rating on the stock in a research note on Friday, November 10th. Seven research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $26.00.
Convergys (NYSE CVG) traded up $0.16 during trading on Thursday, reaching $23.15. 834,797 shares of the company traded hands, compared to its average volume of 1,429,363. Convergys has a 12-month low of $20.15 and a 12-month high of $26.66. The stock has a market cap of $2,139.34, a P/E ratio of 17.81, a price-to-earnings-growth ratio of 1.40 and a beta of 1.02. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.60 and a quick ratio of 2.60.
In other Convergys news, CEO Andrea J. Ayers sold 30,000 shares of the firm’s stock in a transaction on Tuesday, December 5th. The shares were sold at an average price of $24.15, for a total transaction of $724,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.70% of the stock is owned by company insiders.
A number of hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in Convergys by 6.8% in the second quarter. Vanguard Group Inc. now owns 7,866,455 shares of the business services provider’s stock worth $187,064,000 after acquiring an additional 503,693 shares in the last quarter. California Public Employees Retirement System raised its stake in Convergys by 7.7% in the second quarter. California Public Employees Retirement System now owns 213,700 shares of the business services provider’s stock valued at $5,082,000 after purchasing an additional 15,300 shares in the last quarter. State Street Corp raised its stake in Convergys by 5.2% in the second quarter. State Street Corp now owns 3,346,311 shares of the business services provider’s stock valued at $79,577,000 after purchasing an additional 164,978 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in Convergys by 2.6% in the second quarter. The Manufacturers Life Insurance Company now owns 207,437 shares of the business services provider’s stock valued at $4,933,000 after purchasing an additional 5,257 shares in the last quarter. Finally, Ameritas Investment Partners Inc. raised its stake in Convergys by 1.6% in the second quarter. Ameritas Investment Partners Inc. now owns 36,097 shares of the business services provider’s stock valued at $858,000 after purchasing an additional 567 shares in the last quarter.
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Convergys Company Profile
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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