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 research note released on Friday, BayStreet.CA reports. The brokerage currently has C$4.50 price target on the stock, down from their prior price target of C$6.00.

CTS has been the subject of a number of other research reports. CIBC decreased their price objective on shares of Converge Technology Solutions from C$5.00 to C$4.50 in a research report on Friday, August 9th. TD Securities raised Converge Technology Solutions from a “hold” rating to a “buy” rating and reduced their price target for the stock from C$6.00 to C$5.50 in a report on Friday, August 9th. Raymond James lowered their price target on Converge Technology Solutions from C$6.50 to C$4.50 in a research report on Friday. Finally, Cormark cut their price objective on Converge Technology Solutions from C$6.50 to C$5.50 in a research 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 issued a strong buy rating to the company’s stock. According to data from MarketBeat, Converge Technology Solutions presently has an average rating of “Moderate Buy” and a consensus target price of C$6.03.

Converge Technology Solutions Stock Performance

Shares of CTS 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 stock has a market cap of C$622.69 million, a PE ratio of -3.99, a price-to-earnings-growth ratio of 0.14 and a beta of 1.81. The business has a 50-day simple moving average of C$4.45 and a 200-day simple moving average of C$4.65.

Converge Technology Solutions (TSE:CTS) last released its quarterly earnings data on Thursday, August 8th. The company reported C$0.19 EPS for the quarter, topping the consensus estimate of C$0.12 by C$0.07. The business had revenue of C$651.85 million for the quarter, compared to analyst estimates of C$645.18 million. Converge Technology Solutions had a negative return on equity of 33.46% and a negative net margin of 6.10%. On average, equities analysts expect that Converge Technology Solutions will post 0.6884058 EPS 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 $0.015 dividend. This represents a $0.06 annualized dividend and a yield of 1.88%. The ex-dividend date was Tuesday, August 27th. Converge Technology Solutions’s dividend payout ratio is currently -7.50%.

Insider Buying and Selling at Converge Technology Solutions

In other Converge Technology Solutions news, Senior Officer Greg Berard bought 10,105 shares of Converge Technology Solutions stock in a transaction dated Tuesday, September 3rd. The stock was acquired at an average cost of C$4.42 per share, for a total transaction of C$44,684.31. 5.97% of the stock is currently owned by 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.