Converge Technology Solutions (TSE:CTS) Cut 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 research note published on Monday,Zacks.com reports.

Several other equities research analysts have also recently issued reports on the company. Canaccord Genuity Group decreased their price objective on Converge Technology Solutions from C$6.25 to C$6.00 in a report on Friday, October 25th. Raymond James reduced their target price on Converge Technology Solutions from C$6.50 to C$4.50 in a research report on Friday, October 25th. Stifel Canada upgraded Converge Technology Solutions to a “strong-buy” rating in a report on Wednesday, January 15th. Scotiabank upped their price objective on shares of Converge Technology Solutions from C$4.00 to C$5.50 in a research note on Friday, February 7th. Finally, Stifel Nicolaus set a C$4.00 target price on shares of Converge Technology Solutions and gave the stock a “hold” rating in a research report on Thursday, January 16th. Seven analysts have rated the stock with a hold rating, three have given a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of C$5.73.

Converge Technology Solutions Price Performance

Converge Technology Solutions stock opened at C$5.40 on Monday. The stock has a market capitalization of C$1.05 billion, a P/E ratio of -6.75, a P/E/G ratio of 0.14 and a beta of 1.81. Converge Technology Solutions has a 12-month low of C$2.90 and a 12-month high of C$6.06. 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’s 50-day moving average is C$3.61 and its two-hundred day moving average is C$3.90.

Converge Technology Solutions (TSE:CTS) last announced its earnings results on Tuesday, November 12th. The company reported C$0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of C$0.08 by C$0.04. Converge Technology Solutions had a negative net margin of 6.10% and a negative return on equity of 33.46%. During the same quarter last year, the company earned $0.10 EPS. Equities analysts predict that Converge Technology Solutions will post 0.6884058 earnings per share for the current year.

Converge Technology Solutions Announces Dividend

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