Cormark Has Positive Outlook of TSE:CTS FY2024 Earnings

Converge Technology Solutions Corp. (TSE:CTS) – Stock analysts at Cormark upped their FY2024 earnings per share estimates for Converge Technology Solutions in a report issued on Wednesday, November 13th. Cormark analyst G. Fairweather now expects that the company will earn $0.54 per share for the year, up from their previous 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.

CTS has been the subject of several other research reports. National Bankshares lowered Converge Technology Solutions from an “outperform” rating to a “sector perform” rating and decreased their price objective for the stock from C$6.00 to C$4.50 in a report on Friday, October 25th. CIBC lowered their price target on shares of Converge Technology Solutions from C$5.00 to C$4.00 in a research report on Friday, October 25th. Raymond James cut their price objective on shares of Converge Technology Solutions from C$6.50 to C$4.50 in a report on Friday, October 25th. Scotiabank lowered shares of Converge Technology Solutions from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 24th. Finally, Ventum Financial dropped their target price on Converge Technology Solutions from C$6.20 to C$5.20 in a research report on Wednesday. Six analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of C$5.86.

Converge Technology Solutions Stock Performance

Shares of CTS opened at C$3.55 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 firm has a market cap of C$692.96 million, a PE ratio of -4.50, a PEG ratio of 0.14 and a beta of 1.81. Converge Technology Solutions has a 1 year low of C$2.90 and a 1 year high of C$6.06. The stock’s fifty day moving average price is C$4.09 and its two-hundred day moving average price is C$4.44.

Insider Buying and Selling

In related news, Senior Officer Greg Berard acquired 10,105 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were bought 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 company insiders.

Converge Technology Solutions Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Saturday, December 28th. Stockholders of record on Tuesday, December 10th will be issued a $0.015 dividend. The ex-dividend date is Tuesday, December 10th. This represents a $0.06 annualized dividend and a dividend yield of 1.69%. Converge Technology Solutions’s payout ratio is currently -7.50%.

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.