Converge Technology Solutions (TSE:CTS) Lowered to Sell Rating by TD Securities

TD Securities lowered shares of Converge Technology Solutions (TSE:CTS) from a buy rating to a sell rating in a report issued on Monday morning,BayStreet.CA reports. TD Securities currently has C$5.50 target price on the stock, up from their prior target price of C$4.50.

Several other research firms have also issued reports on CTS. National Bankshares lowered Converge Technology Solutions from an “outperform” rating to a “sector perform” rating and dropped their price objective for the company from C$6.00 to C$4.50 in a research note on Friday, October 25th. Scotiabank lifted their price objective on Converge Technology Solutions from C$4.00 to C$5.50 in a research note on Friday. Stifel Canada raised Converge Technology Solutions to a “strong-buy” rating in a research note on Wednesday, January 15th. Ventum Financial lowered Converge Technology Solutions from a “buy” rating to a “tender” rating and dropped their price objective for the company from C$6.00 to C$5.50 in a research note on Monday. Finally, Stifel Nicolaus set a C$4.00 price objective on Converge Technology Solutions and gave the company a “hold” rating in a research note on Thursday, January 16th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, three have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, Converge Technology Solutions presently has an average rating of “Moderate Buy” and an average target price of C$5.73.

Converge Technology Solutions Price Performance

Converge Technology Solutions stock opened at C$5.40 on Monday. Converge Technology Solutions has a one year low of C$2.90 and a one year high of C$6.06. The business has a fifty day moving average price of C$3.48 and a 200-day moving average price of C$3.87. 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 capitalization of C$1.05 billion, a P/E ratio of -6.75, a PEG ratio of 0.14 and a beta of 1.81.

Converge Technology Solutions (TSE:CTS) last posted its quarterly earnings results on Tuesday, November 12th. The company reported C$0.12 EPS 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 last year, the company earned $0.10 earnings per share. As a group, equities research analysts forecast that Converge Technology Solutions will post 0.6884058 EPS for the current year.

Converge Technology Solutions Announces Dividend

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