Converge Technology Solutions (TSE:CTS) Stock Price Up 0.6% – What’s Next?

Shares of Converge Technology Solutions Corp. (TSE:CTS) rose 0.6% during mid-day trading on Monday . The stock traded as high as C$3.47 and last traded at C$3.39. Approximately 425,592 shares traded hands during mid-day trading, a decline of 22% from the average daily volume of 543,752 shares. The stock had previously closed at C$3.37.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. TD Securities cut their price objective on Converge Technology Solutions from C$5.00 to C$4.50 in a research note on Wednesday, November 13th. CIBC reduced their target price on shares of Converge Technology Solutions from C$5.00 to C$4.00 in a research report on Friday, October 25th. Scotiabank lowered shares of Converge Technology Solutions from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 24th. Cormark downgraded shares of Converge Technology Solutions from a “moderate buy” rating to a “hold” rating in a report on Friday, October 25th. Finally, National Bankshares cut Converge Technology Solutions from an “outperform” rating to a “sector perform” rating and lowered their target price for the stock from C$6.00 to C$4.50 in a report on Friday, October 25th. Six research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of C$5.86.

Converge Technology Solutions Price Performance

The company has a debt-to-equity ratio of 99.08, a quick ratio of 0.68 and a current ratio of 1.00. The firm has a market cap of C$661.73 million, a price-to-earnings ratio of -4.24, a price-to-earnings-growth ratio of 0.14 and a beta of 1.81. The company’s fifty day moving average is C$3.63 and its two-hundred day moving average is C$4.15.

Converge Technology Solutions Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Saturday, December 28th. Investors of record on Saturday, December 28th will be paid a dividend of $0.015 per share. This represents a $0.06 annualized dividend and a yield of 1.77%. The ex-dividend date of this dividend is Tuesday, December 10th. Converge Technology Solutions’s dividend payout ratio (DPR) is presently -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.