Converge Technology Solutions (TSE:CTS) Cut to Sector Perform at National Bankshares

National Bankshares lowered shares of Converge Technology Solutions (TSE:CTS) from an outperform rating to a sector perform rating in a research note published on Friday morning, BayStreet.CA reports. National Bankshares currently has C$4.50 target price on the stock, down from their previous target price of C$6.00.

Several other equities analysts also recently commented on the company. Raymond James lowered their price target on Converge Technology Solutions from C$6.50 to C$4.50 in a report on Friday. Cormark lowered their price target on Converge Technology Solutions from C$6.50 to C$5.50 in a report on Friday, August 9th. CIBC lowered their price target on Converge Technology Solutions from C$5.00 to C$4.50 in a report on Friday, August 9th. Finally, TD Securities upgraded Converge Technology Solutions from a “hold” rating to a “buy” rating and lowered their price target for the company from C$6.00 to C$5.50 in a report on Friday, August 9th. Four investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of C$6.03.

Converge Technology Solutions Price Performance

Shares of CTS opened at C$3.15 on Friday. The firm has a market cap of C$614.88 million, a PE ratio of -3.94, a PEG ratio of 0.14 and a beta of 1.81. The firm’s 50 day moving average price is C$4.43 and its 200 day moving average price is C$4.64. The company has a debt-to-equity ratio of 99.08, a quick ratio of 0.68 and a current ratio of 1.00. Converge Technology Solutions has a twelve month low of C$2.67 and a twelve month high of C$6.06.

Converge Technology Solutions (TSE:CTS) last issued its quarterly earnings data on Thursday, August 8th. The company reported C$0.19 earnings per share for the quarter, beating the consensus estimate of C$0.12 by C$0.07. Converge Technology Solutions had a negative net margin of 6.10% and a negative return on equity of 33.46%. The firm had revenue of C$651.85 million for the quarter, compared to analyst estimates of C$645.18 million. As a group, research analysts expect that Converge Technology Solutions will post 0.6884058 EPS for the current fiscal year.

Converge Technology Solutions Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Tuesday, September 10th were given a dividend of $0.015 per share. This represents a $0.06 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date was Tuesday, August 27th. Converge Technology Solutions’s dividend payout ratio (DPR) is currently -7.50%.

Insider Buying and Selling

In other Converge Technology Solutions news, Senior Officer Greg Berard purchased 10,105 shares of the stock in a transaction on Tuesday, September 3rd. The shares were purchased at an average price of C$4.42 per share, with a total value of C$44,684.31. 5.97% of the stock is currently owned by insiders.

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.