Converge Technology Solutions (TSE:CTS) Cut to Sell at TD Securities

TD Securities downgraded shares of Converge Technology Solutions (TSE:CTS) from a buy rating to a sell rating in a report released on Monday, MarketBeat Ratings reports. They currently have C$5.50 target price on the stock, up from their prior target price of C$4.50.

A number of other equities analysts have also recently weighed in on the company. National Bank Financial cut Converge Technology Solutions from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 24th. Stifel Nicolaus set a C$4.00 target price on Converge Technology Solutions and gave the company a “hold” rating in a research note on Thursday, January 16th. Scotiabank upped their target price on Converge Technology Solutions from C$4.00 to C$5.50 in a research note on Friday, February 7th. Raymond James dropped their target price on Converge Technology Solutions from C$6.50 to C$4.50 in a research note on Friday, October 25th. Finally, Stifel Canada upgraded Converge Technology Solutions to a “strong-buy” rating in a research note on Wednesday, January 15th. Six research analysts have rated the stock with a hold rating, three have given a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of C$5.73.

Converge Technology Solutions Stock Performance

TSE CTS opened at C$5.40 on Monday. Converge Technology Solutions has a fifty-two week low of C$2.90 and a fifty-two week high of C$6.06. The stock has a market cap of C$1.05 billion, a price-to-earnings ratio of -6.75, a price-to-earnings-growth ratio of 0.14 and a beta of 1.81. The business has a fifty day moving average of C$3.56 and a 200-day moving average of C$3.89. The company has a quick ratio of 0.68, a current ratio of 1.00 and a debt-to-equity ratio of 99.08.

Converge Technology Solutions (TSE:CTS) last released its quarterly earnings results on Tuesday, November 12th. The company reported C$0.12 earnings per share 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 period in the previous year, the business earned $0.10 earnings per share. As a group, analysts predict that Converge Technology Solutions will post 0.6884058 earnings per share for the current fiscal year.

Converge Technology Solutions Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Saturday, December 28th. Stockholders of record on Saturday, December 28th were paid a $0.015 dividend. The ex-dividend date of this dividend was Tuesday, December 10th. This represents a $0.06 dividend on an annualized basis and a dividend yield of 1.11%. Converge Technology Solutions’s dividend payout ratio (DPR) is currently -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.