Jana's latest filings show the firm sold 5 million shares in early May and sold another 1.46 million two weeks ago, leaving Jana with 10.6 million Convergys shares, or 8.6 percent of the stock. That's down from about 14 percent when the firm settled its differences with management in February.
The February agreement added Jana Managing Partner Barry Rosenstein and another Jana representative to Convergys' board of directors. Jana and Convergys also said they would add another independent director mutually agreed upon by both parties.
Dip for Vulcan Materials
Vulcan Materials Co.'s stock fell Thursday after the company announced it was cutting its dividend, that 2009 earnings will be lower than expected and that it is selling additional shares of stock.
The Alabama-based construction materials company is projecting 2009 earnings to be between 70 cents and $1 a share. The average forecast of analysts surveyed by Thomson Financial had been $1.13 a share.
CEO Don James said in a news release that Vulcan continues to be impacted by the recession. But he's hoping that the impact of federal stimulus spending starting in 2010, plus a housing recovery in 2011, will increase demand for construction materials in future years.
In the meantime, Vulcan announced it was cutting its quarterly dividend from 49 cents a share to 25 cents. James said Vulcan has been paying dividends to shareholders since it went public in 1956, and reducing it now "allows Vulcan to maintain a strong balance sheet while providing our shareholders with a competitive dividend yield."
Vulcan also said it will sell 11.5 million shares of common stock at $41 each.
After those announcements, Vulcan's stock fell as much as $2.96 Thursday before closing at $42.70, down $1.27 on the day.
Stein Mart CFO to retire
Stein Mart Inc. announced at its annual meeting last week that Chief Financial Officer James Delfs will be retiring.
Delfs, who joined Stein Mart as CFO 14 years ago, will remain with the company to assist in the search and transition for his replacement.
mark.basch@jacksonville.com,
(904) 359-4308
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