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

National Bankshares downgraded shares of Converge Technology Solutions (TSE:CTS - Free Report) from an outperform rating to a sector perform rating in a research note issued to investors on Friday, BayStreet.CA reports. National Bankshares currently has C$4.50 price objective on the stock, down from their previous price objective of C$6.00.

A number of other equities research analysts have also recently commented on the company. TD Securities raised Converge Technology Solutions from a "hold" rating to a "buy" rating and reduced their price objective for the company from C$6.00 to C$5.50 in a research note on Friday, August 9th. Cormark reduced their price objective on Converge Technology Solutions from C$6.50 to C$5.50 in a research note on Friday, August 9th. Raymond James reduced their price objective on Converge Technology Solutions from C$6.50 to C$4.50 in a research note on Friday. Finally, CIBC dropped their target price on Converge Technology Solutions from C$5.00 to C$4.50 in a report on Friday, August 9th. Three investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Converge Technology Solutions has an average rating of "Moderate Buy" and an average price target of C$6.03.

Converge Technology Solutions Trading Down 5.6 %

TSE CTS traded down C$0.19 during trading hours on Friday, hitting C$3.19. 3,549,896 shares of the company's stock were exchanged, compared to its average volume of 494,073. The stock has a 50-day simple moving average of C$4.47 and a 200 day simple moving average of C$4.68. Converge Technology Solutions has a 1-year low of C$2.60 and a 1-year high of C$6.06. The firm has a market cap of C$622.69 million, a price-to-earnings ratio of -3.96, a PEG ratio of 0.14 and a beta of 1.81. 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 - Get Free Report) last released its earnings results on Thursday, August 8th. The company reported C$0.19 EPS for the quarter, topping the consensus estimate of C$0.12 by C$0.07. Converge Technology Solutions had a negative return on equity of 33.46% and a negative net margin of 6.10%. The business had revenue of C$651.85 million during the quarter, compared to analysts' expectations of C$645.18 million. On average, equities analysts forecast that Converge Technology Solutions will post 0.6884058 EPS for the current fiscal year.

Converge Technology Solutions Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Tuesday, September 10th were issued a dividend of $0.015 per share. The ex-dividend date was Tuesday, August 27th. This represents a $0.06 dividend on an annualized basis and a yield of 1.88%. Converge Technology Solutions's dividend payout ratio (DPR) is currently -7.50%.

Insider Buying and Selling

In other news, Senior Officer Greg Berard bought 10,105 shares of the stock in a transaction on Tuesday, September 3rd. The shares were purchased at an average cost of C$4.42 per share, for a total transaction of C$44,684.31. 5.97% of the stock is currently owned by corporate 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.