Stifel Canada Weighs in on TSE:CTS FY2024 Earnings

Converge Technology Solutions Corp. (TSE:CTS) – Equities researchers at Stifel Canada issued their FY2024 earnings per share (EPS) estimates for shares of Converge Technology Solutions in a report issued on Wednesday, January 15th. Stifel Canada analyst S. Sukumar anticipates that the company will post earnings of $0.55 per share for the year. Stifel Canada has a “Strong-Buy” rating on the stock. The consensus estimate for Converge Technology Solutions’ current full-year earnings is $0.69 per share. Stifel Canada also issued estimates for Converge Technology Solutions’ Q4 2024 earnings at $0.12 EPS, FY2025 earnings at $0.57 EPS and FY2026 earnings at $0.69 EPS.

CTS has been the subject of several other research reports. TD Securities lowered their price objective on shares of Converge Technology Solutions from C$5.00 to C$4.50 in a research report on Wednesday, November 13th. CIBC dropped their price objective on shares of Converge Technology Solutions from C$5.00 to C$4.00 in a research report on Friday, October 25th. Cormark upgraded Converge Technology Solutions from a “hold” rating to a “moderate buy” rating in a research report on Monday, January 13th. National Bankshares lowered Converge Technology Solutions from an “outperform” rating to a “sector perform” rating and lowered their price objective for the stock from C$6.00 to C$4.50 in a research report on Friday, October 25th. Finally, Scotiabank downgraded shares of Converge Technology Solutions from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 24th. Six research analysts have rated the stock with a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of C$5.77.

Converge Technology Solutions Price Performance

TSE:CTS opened at C$3.59 on Monday. The firm has a market cap of C$700.77 million, a PE ratio of -4.49, a price-to-earnings-growth ratio of 0.14 and a beta of 1.81. Converge Technology Solutions has a 12 month low of C$2.90 and a 12 month high of C$6.06. The company’s 50-day moving average price is C$3.42 and its two-hundred day moving average price is C$3.93. The company has a quick ratio of 0.68, a current ratio of 1.00 and a debt-to-equity ratio of 99.08.

Converge Technology Solutions (TSE:CTS) last released its quarterly earnings data on Tuesday, November 12th. The company reported C$0.12 EPS for the quarter, topping analysts’ consensus estimates of C$0.08 by C$0.04. Converge Technology Solutions had a negative net margin of 6.10% and a negative return on equity of 33.46%. During the same quarter in the prior year, the business posted $0.10 earnings per share.

Converge Technology Solutions Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Saturday, December 28th. Stockholders of record on Saturday, December 28th were given a dividend of $0.015 per share. This represents a $0.06 annualized dividend and a dividend yield of 1.67%. The ex-dividend date of this dividend was Tuesday, December 10th. Converge Technology Solutions’s dividend payout ratio is -7.50%.

About Converge Technology Solutions

Converge Technology Solutions Corp is a Canadian company building a platform of regionally focused Hybrid IT infrastructure providers that deliver best-of-breed solutions and services in the United States. The solutions provided include multi-cloud solutions, the blockchain, resiliency, and managed services, enabling the company to address the business and IT issues that public and private-sector organizations face.