Converge Technology Solutions (TSE:CTS) Cut to Sell at TD Securities

TD Securities cut shares of Converge Technology Solutions (TSE:CTS) from a buy rating to a sell rating in a research report released on Monday morning,BayStreet.CA reports. They currently have C$5.50 target price on the stock, up from their previous target price of C$4.50.

Several other research firms have also recently issued reports on CTS. Stifel Nicolaus set a C$4.00 target price on Converge Technology Solutions and gave the stock a “hold” rating in a research note on Thursday, January 16th. Scotiabank raised their target price on Converge Technology Solutions from C$4.00 to C$5.50 in a research note on Friday. Ventum Financial cut Converge Technology Solutions from a “buy” rating to a “tender” rating and cut their target price for the stock from C$6.00 to C$5.50 in a research note on Monday. Raymond James cut their target price on Converge Technology Solutions from C$6.50 to C$4.50 in a research note on Friday, October 25th. Finally, Stifel Canada raised Converge Technology Solutions to a “strong-buy” rating in a research report on Wednesday, January 15th. One analyst has rated the stock with a sell rating, six have issued a hold rating, three have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Converge Technology Solutions presently has an average rating of “Moderate Buy” and an average price target of C$5.73.

Converge Technology Solutions Stock Down 0.2 %

CTS opened at C$5.40 on Monday. The company has a market cap 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. The business’s 50-day moving average price is C$3.48 and its 200-day moving average price is C$3.87. 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 has a 12 month low of C$2.90 and a 12 month high of C$6.06.

Converge Technology Solutions (TSE:CTS) last posted its 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 period in the previous year, the firm earned $0.10 EPS. On average, equities analysts expect that Converge Technology Solutions will post 0.6884058 EPS for the current year.

Converge Technology Solutions Dividend Announcement

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