Converge Technology Solutions (TSE:CTS) Stock Rating Lowered by TD Securities

TD Securities lowered shares of Converge Technology Solutions (TSE:CTS) from a buy rating to a sell rating in a report issued on Monday, MarketBeat Ratings reports. The brokerage currently has C$5.50 target price on the stock, up from their previous target price of C$4.50.

Several other analysts also recently issued reports on the company. Ventum Financial downgraded Converge Technology Solutions from a “buy” rating to a “tender” rating and cut their price target for the stock from C$6.00 to C$5.50 in a report on Monday. National Bankshares downgraded Converge Technology Solutions from an “outperform” rating to a “sector perform” rating and cut their price target for the stock from C$6.00 to C$4.50 in a report on Friday, October 25th. Scotiabank raised their target price on Converge Technology Solutions from C$4.00 to C$5.50 in a research report on Friday, February 7th. Cormark upgraded Converge Technology Solutions from a “hold” rating to a “moderate buy” rating in a research report on Monday, January 13th. Finally, National Bank Financial cut Converge Technology Solutions from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 24th. Six analysts have rated the stock with a hold rating, three have assigned a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of C$5.73.

Converge Technology Solutions Stock Performance

TSE:CTS opened at C$5.40 on Monday. The company has a quick ratio of 0.68, a current ratio of 1.00 and a debt-to-equity ratio of 99.08. The business’s 50 day moving average is C$3.56 and its two-hundred day moving average is C$3.89. Converge Technology Solutions has a 52 week low of C$2.90 and a 52 week high of C$6.06. The company has a market cap of C$1.05 billion, a PE ratio of -6.75, a P/E/G ratio of 0.14 and a beta of 1.81.

Converge Technology Solutions (TSE:CTS) last released its earnings results 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 return on equity of 33.46% and a negative net margin of 6.10%. During the same quarter in the prior year, the firm posted $0.10 EPS. On average, analysts predict that Converge Technology Solutions will post 0.6884058 EPS for the current year.

Converge Technology Solutions Announces Dividend

The company also recently declared 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 1.11%. The ex-dividend date of this dividend was Tuesday, December 10th. Converge Technology Solutions’s dividend payout ratio (DPR) is presently -7.50%.

Converge Technology Solutions Company Profile

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.