Cormark Lowers Converge Technology Solutions (TSE:CTS) to Hold

Cormark lowered shares of Converge Technology Solutions (TSE:CTS) from a moderate buy rating to a hold rating in a research note published on Friday morning, Zacks.com reports.

Several other analysts have also commented on the company. TD Securities raised Converge Technology Solutions from a “hold” rating to a “buy” rating and dropped their price objective for the company from C$6.00 to C$5.50 in a report on Friday, August 9th. Canaccord Genuity Group dropped their price target on shares of Converge Technology Solutions from C$6.25 to C$6.00 in a research note on Friday. National Bankshares cut shares of Converge Technology Solutions from an “outperform” rating to a “sector perform” rating and reduced their price objective for the stock from C$6.00 to C$4.50 in a research report on Friday. CIBC decreased their price objective on shares of Converge Technology Solutions from C$5.00 to C$4.00 in a report on Friday. Finally, Raymond James reduced their price target on shares of Converge Technology Solutions from C$6.50 to C$4.50 in a research report on Friday. Six investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Converge Technology Solutions presently has an average rating of “Moderate Buy” and an average target price of C$6.03.

Converge Technology Solutions Price Performance

TSE:CTS opened at C$3.15 on Friday. The firm’s fifty day moving average is C$4.43 and its two-hundred day moving average is C$4.64. The firm has a market cap of C$614.88 million, a price-to-earnings ratio of -3.94, a PEG ratio of 0.14 and a beta of 1.81. The company has a debt-to-equity ratio of 99.08, a quick ratio of 0.68 and a current ratio of 1.00. Converge Technology Solutions has a one year low of C$2.67 and a one year high of C$6.06.

Converge Technology Solutions (TSE:CTS) last posted its earnings results on Thursday, August 8th. The company reported C$0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of C$0.12 by C$0.07. Converge Technology Solutions had a negative net margin of 6.10% and a negative return on equity of 33.46%. The firm had revenue of C$651.85 million during the quarter, compared to analysts’ expectations of C$645.18 million. Research analysts expect that Converge Technology Solutions will post 0.6884058 EPS for the current year.

Converge Technology Solutions Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Tuesday, September 10th were paid a dividend of $0.015 per share. This represents a $0.06 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date of this dividend was Tuesday, August 27th. Converge Technology Solutions’s dividend payout ratio (DPR) is presently -7.50%.

Insider Activity

In other Converge Technology Solutions news, Senior Officer Greg Berard acquired 10,105 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was bought at an average cost of C$4.42 per share, for a total transaction of C$44,684.31. Corporate insiders own 5.97% of the company’s stock.

Converge Technology Solutions Company Profile

Converge Technology Solutions Corp. provides software-enabled IT and cloud solutions in the United States and Canada. Its solutions approach delivers advanced analytics, artificial intelligence, application modernization, cloud, cybersecurity, digital infrastructure, and digital workplace offerings to clients across various industries.