Converge Technology Solutions (TSE:CTS) Lowered to “Hold” Rating by Canaccord Genuity Group

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

A number of other research analysts have also issued reports on CTS. Raymond James lowered their target price on Converge Technology Solutions from C$6.50 to C$4.50 in a report on Friday, October 25th. Canaccord Genuity Group reduced their target price on shares of Converge Technology Solutions from C$6.25 to C$6.00 in a report on Friday, October 25th. Stifel Canada upgraded Converge Technology Solutions to a “strong-buy” rating in a research report on Wednesday, January 15th. Cormark raised Converge Technology Solutions from a “hold” rating to a “moderate buy” rating in a research note on Monday, January 13th. Finally, National Bank Financial cut shares of Converge Technology Solutions from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 24th. Seven research analysts have rated the stock with a hold rating, three have issued a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of C$5.73.

Converge Technology Solutions Stock Performance

Converge Technology Solutions stock opened at C$5.40 on Monday. 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 stock has a market capitalization of C$1.05 billion, a PE ratio of -6.75, a price-to-earnings-growth ratio of 0.14 and a beta of 1.81. The firm has a 50 day simple moving average of C$3.61 and a 200-day simple moving average of C$3.90.

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

Converge Technology Solutions Announces Dividend

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