Converge Technology Solutions (TSE:CTS) Rating Lowered to Hold at Canaccord Genuity Group

Canaccord Genuity Group cut shares of Converge Technology Solutions (TSE:CTS) from a moderate buy rating to a hold rating in a report issued on Monday,Zacks.com reports.

Other equities analysts also recently issued research reports about the company. CIBC increased their price target on Converge Technology Solutions from C$4.00 to C$5.50 in a report on Monday. National Bank Financial downgraded shares of Converge Technology Solutions from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 24th. Scotiabank raised their price target on Converge Technology Solutions from C$4.00 to C$5.50 in a research report on Friday, February 7th. Stifel Canada raised shares of Converge Technology Solutions to a “strong-buy” rating in a research report on Wednesday, January 15th. Finally, Canaccord Genuity Group dropped their price objective on shares of Converge Technology Solutions from C$6.25 to C$6.00 in a report on Friday, October 25th. Seven investment analysts have rated the stock with a hold rating, three have given a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of C$5.73.

Converge Technology Solutions Price Performance

CTS stock opened at C$5.40 on Monday. The firm has a market cap of C$1.05 billion, a PE ratio of -6.75, 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 company has a fifty day simple moving average of C$3.61 and a 200 day simple moving average of C$3.90. The company has a current ratio of 1.00, a quick ratio of 0.68 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 (EPS) for the quarter, topping the consensus estimate 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 quarter in the prior year, the firm posted $0.10 earnings per share. Sell-side analysts anticipate that Converge Technology Solutions will post 0.6884058 EPS for the current fiscal year.

Converge Technology Solutions Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Saturday, December 28th. Shareholders of record on Saturday, December 28th were given a $0.015 dividend. The ex-dividend date was Tuesday, December 10th. This represents a $0.06 annualized dividend and a yield of 1.11%. Converge Technology Solutions’s payout ratio is -7.50%.

About Converge Technology Solutions

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.