Converge Technology Solutions Corp. (TSE:CTS) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Converge Technology Solutions Corp. (TSE:CTS) have been given an average recommendation of “Moderate Buy” by the eight brokerages that are currently covering the firm, Marketbeat reports. Three analysts have rated the stock with a hold recommendation, four have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price objective among brokers that have covered the stock in the last year is C$6.63.

Several research firms have recently commented on CTS. Cormark decreased their price objective on Converge Technology Solutions from C$7.00 to C$6.50 in a report on Friday, May 10th. Ventum Cap Mkts upgraded shares of Converge Technology Solutions to a “strong-buy” rating in a research note on Tuesday, June 25th. Finally, National Bankshares raised their price objective on shares of Converge Technology Solutions from C$6.00 to C$7.00 in a research note on Friday, May 10th.

Converge Technology Solutions Stock Up 2.4 %

Shares of TSE:CTS opened at C$4.27 on Tuesday. Converge Technology Solutions has a 1 year low of C$2.24 and a 1 year high of C$6.06. The company has a debt-to-equity ratio of 58.49, a current ratio of 0.93 and a quick ratio of 0.68. The business’s 50-day moving average is C$4.58 and its 200-day moving average is C$4.89. The company has a market capitalization of C$853.44 million, a price-to-earnings ratio of -427.00, a P/E/G ratio of 0.14 and a beta of 1.93.

Converge Technology Solutions (TSE:CTS) last issued its quarterly earnings results on Thursday, May 9th. The company reported C$0.11 earnings per share (EPS) for the quarter, meeting the consensus estimate of C$0.11. Converge Technology Solutions had a negative return on equity of 1.08% and a negative net margin of 0.05%. The firm had revenue of C$628.77 million for the quarter, compared to analyst estimates of C$661.10 million. Equities research analysts predict that Converge Technology Solutions will post 0.5411111 earnings per share for the current year.

Converge Technology Solutions Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 6th. Stockholders of record on Thursday, May 23rd were issued a $0.015 dividend. The ex-dividend date of this dividend was Wednesday, May 22nd. This represents a $0.06 annualized dividend and a dividend yield of 1.41%. This is an increase from Converge Technology Solutions’s previous quarterly dividend of $0.01. Converge Technology Solutions’s dividend payout ratio is currently -600.00%.

Insider Buying and Selling

In other news, Senior Officer Avjit Kamboj sold 30,600 shares of the business’s stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of C$4.41, for a total value of C$134,946.00. In related news, Senior Officer Greg Berard purchased 8,197 shares of Converge Technology Solutions stock in a transaction that occurred on Tuesday, June 4th. The stock was bought at an average price of C$4.68 per share, for a total transaction of C$38,361.96. Also, Senior Officer Avjit Kamboj sold 30,600 shares of Converge Technology Solutions stock in a transaction dated Monday, June 24th. The stock was sold at an average price of C$4.41, for a total transaction of C$134,946.00. 5.45% of the stock is owned by corporate insiders.

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.