Converge Technology Solutions (TSE:CTS) Downgraded by National Bankshares to Sector Perform

National Bankshares downgraded shares of Converge Technology Solutions (TSE:CTS) from an outperform rating to a sector perform rating in a report issued on Friday morning, BayStreet.CA reports. They currently have C$4.50 price objective on the stock, down from their prior price objective of C$6.00.

Several other research analysts have also weighed in on CTS. Raymond James lowered their target price on shares of Converge Technology Solutions from C$6.50 to C$4.50 in a research report on Friday. Cormark reduced their price target on shares of Converge Technology Solutions from C$6.50 to C$5.50 in a report on Friday, August 9th. TD Securities raised shares of Converge Technology Solutions from a “hold” rating to a “buy” rating and reduced their price target for the company from C$6.00 to C$5.50 in a report on Friday, August 9th. Finally, CIBC reduced their price target on shares of Converge Technology Solutions from C$5.00 to C$4.50 in a report on Friday, August 9th. Four research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of C$6.03.

Converge Technology Solutions Trading Down 5.6 %

Shares of Converge Technology Solutions stock opened at C$3.19 on Friday. Converge Technology Solutions has a 52-week low of C$2.60 and a 52-week high of C$6.06. 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 company’s 50-day simple moving average is C$4.45 and its 200-day simple moving average is C$4.67. The firm has a market cap of C$622.69 million, a price-to-earnings ratio of -3.99, a price-to-earnings-growth ratio of 0.14 and a beta of 1.81.

Converge Technology Solutions (TSE:CTS) last issued its earnings results on Thursday, August 8th. The company reported C$0.19 earnings per share for the quarter, topping 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 company had revenue of C$651.85 million for the quarter, compared to analyst estimates of C$645.18 million. As a group, equities research analysts anticipate that Converge Technology Solutions will post 0.6884058 earnings per share for the current year.

Converge Technology Solutions Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Tuesday, September 10th were paid a dividend of $0.015 per share. This represents a $0.06 annualized dividend and a dividend yield of 1.88%. The ex-dividend date of this dividend was Tuesday, August 27th. Converge Technology Solutions’s payout ratio is -7.50%.

Insider Activity at Converge Technology Solutions

In related news, Senior Officer Greg Berard purchased 10,105 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were bought at an average price of C$4.42 per share, with a total value of C$44,684.31. 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.