Converge Technology Solutions Corp. (TSE:CTS) Receives Average Recommendation of “Moderate Buy” from Analysts

Converge Technology Solutions Corp. (TSE:CTS) has earned an average rating of “Moderate Buy” from the eight research firms that are presently covering the stock, MarketBeat reports. Three equities research analysts have rated the stock with a hold recommendation, four have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is C$6.63.

A number of equities research analysts have commented on the company. Cormark reduced their price target on Converge Technology Solutions from C$7.00 to C$6.50 in a research report on Friday, May 10th. Scotiabank raised their price target on Converge Technology Solutions from C$7.00 to C$8.00 in a report on Thursday, March 14th. CIBC boosted their target price on Converge Technology Solutions from C$4.50 to C$5.00 and gave the stock a “neutral” rating in a research report on Thursday, March 7th. Desjardins upped their price objective on Converge Technology Solutions from C$6.00 to C$7.00 and gave the stock a “buy” rating in a report on Thursday, March 7th. Finally, TD Securities boosted their target price on Converge Technology Solutions from C$4.25 to C$6.00 and gave the company a “hold” rating in a research note on Thursday, March 7th.

Converge Technology Solutions Stock Performance

CTS opened at C$4.37 on Friday. The business has a fifty day simple moving average of C$5.05 and a 200 day simple moving average of C$4.86. The company has a market capitalization of C$873.43 million, a PE ratio of -437.00, a price-to-earnings-growth ratio of 0.14 and a beta of 1.93. The company has a debt-to-equity ratio of 58.49, a current ratio of 0.93 and a quick ratio of 0.68. Converge Technology Solutions has a 1 year low of C$2.24 and a 1 year high of C$6.06.

Converge Technology Solutions (TSE:CTS) last posted its quarterly earnings results on Thursday, May 9th. The company reported C$0.11 EPS for the quarter, hitting analysts’ consensus estimates 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 company had revenue of C$628.77 million during the quarter, compared to analysts’ expectations of C$661.10 million. Research analysts expect that Converge Technology Solutions will post 0.5411111 EPS for the current year.

Converge Technology Solutions Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 6th. Investors of record on Thursday, May 23rd were paid 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 1.37%. This is an increase from Converge Technology Solutions’s previous quarterly dividend of $0.01. Converge Technology Solutions’s dividend payout ratio is presently -600.00%.

Insider Buying and Selling

In other Converge Technology Solutions news, Senior Officer Greg Berard bought 8,197 shares of the business’s stock in a transaction on Tuesday, June 4th. The shares were acquired at an average cost of C$4.68 per share, for a total transaction of C$38,361.96. In other news, Senior Officer Greg Berard purchased 8,197 shares of the stock in a transaction dated Tuesday, June 4th. The shares were purchased at an average cost of C$4.68 per share, with a total value of C$38,361.96. Also, Senior Officer Avjit Kamboj sold 25,000 shares of the stock in a transaction on Thursday, June 20th. The shares were sold at an average price of C$4.62, for a total value of C$115,500.00. 5.45% of the stock is currently owned by company 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.