Cormark Issues Optimistic Estimate for TSE:CTS Earnings

Converge Technology Solutions Corp. (TSE:CTS) – Investment analysts at Cormark boosted their FY2024 earnings estimates for Converge Technology Solutions in a research note issued on Wednesday, November 13th. Cormark analyst G. Fairweather now anticipates that the company will post earnings per share of $0.54 for the year, up from their prior estimate of $0.49. Cormark has a “Hold” rating on the stock. The consensus estimate for Converge Technology Solutions’ current full-year earnings is $0.69 per share. Cormark also issued estimates for Converge Technology Solutions’ FY2025 earnings at $0.61 EPS.

Several other research analysts have also recently commented on CTS. Scotiabank cut Converge Technology Solutions from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 24th. Raymond James cut their price objective on Converge Technology Solutions from C$6.50 to C$4.50 in a report on Friday, October 25th. CIBC lowered their target price on shares of Converge Technology Solutions from C$5.00 to C$4.00 in a report on Friday, October 25th. TD Securities cut their price target on shares of Converge Technology Solutions from C$5.00 to C$4.50 in a research note on Wednesday. Finally, National Bank Financial lowered shares of Converge Technology Solutions from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 24th. Six equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of C$5.86.

Converge Technology Solutions Price Performance

Shares of TSE CTS opened at C$3.60 on Friday. The company has a debt-to-equity ratio of 99.08, a current ratio of 1.00 and a quick ratio of 0.68. The business has a 50-day moving average of C$4.10 and a 200-day moving average of C$4.45. The stock has a market capitalization of C$702.72 million, a price-to-earnings ratio of -4.50, a PEG ratio of 0.14 and a beta of 1.81. Converge Technology Solutions has a fifty-two week low of C$2.90 and a fifty-two week high of C$6.06.

Converge Technology Solutions Dividend Announcement

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

Insider Transactions at Converge Technology Solutions

In other news, Senior Officer Greg Berard acquired 10,105 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were purchased at an average cost of C$4.42 per share, with a total value of C$44,684.31. 5.97% of the stock is currently owned by corporate insiders.

About Converge Technology Solutions

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.