Converge Technology Solutions (TSE:CTS) Rating Lowered to Hold at National Bank Financial

National Bank Financial cut shares of Converge Technology Solutions (TSE:CTS - Free Report) from a strong-buy rating to a hold rating in a research report sent to investors on Thursday, Zacks.com reports.

Other analysts have also issued reports about the company. CIBC lowered their target price on Converge Technology Solutions from C$5.00 to C$4.00 in a research note on Friday. Cormark lowered their target price on Converge Technology Solutions from C$6.50 to C$5.50 in a research note on Friday, August 9th. National Bankshares lowered Converge Technology Solutions from an "outperform" rating to a "sector perform" rating and lowered their target price for the company from C$6.00 to C$4.50 in a research note on Friday. TD Securities upgraded Converge Technology Solutions from a "hold" rating to a "buy" rating and lowered their target price for the company from C$6.00 to C$5.50 in a research note on Friday, August 9th. Finally, Canaccord Genuity Group lowered their target price on Converge Technology Solutions from C$6.25 to C$6.00 in a research note on Friday. Four research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of C$6.03.

Converge Technology Solutions Stock Down 5.6 %

Shares of TSE:CTS traded down C$0.19 during mid-day trading on Thursday, hitting C$3.19. 3,549,896 shares of the company traded hands, compared to its average volume of 494,073. The stock has a market cap of C$622.69 million, a P/E ratio of -3.99, a P/E/G 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 has a 12-month low of C$2.60 and a 12-month high of C$6.06. The stock has a 50-day moving average price of C$4.45 and a two-hundred day moving average price of C$4.66.

Converge Technology Solutions (TSE:CTS - Get Free Report) last issued its quarterly earnings results on Thursday, August 8th. The company reported C$0.19 EPS for the quarter, topping analysts' consensus estimates of C$0.12 by C$0.07. The business had revenue of C$651.85 million for the quarter, compared to analyst estimates of C$645.18 million. Converge Technology Solutions had a negative return on equity of 33.46% and a negative net margin of 6.10%. On average, equities research analysts forecast that Converge Technology Solutions will post 0.6884058 earnings per share for the current year.

Converge Technology Solutions Announces Dividend

The company also recently disclosed 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 of this dividend was Tuesday, August 27th. This represents a $0.06 dividend on an annualized basis and a dividend yield of 1.88%. Converge Technology Solutions's dividend payout ratio is -7.50%.

Insiders Place Their Bets

In related news, Senior Officer Greg Berard purchased 10,105 shares of the firm's stock in a transaction on Tuesday, September 3rd. The shares were acquired at an average cost of C$4.42 per share, with a total value of C$44,684.31. Insiders own 5.97% of the company's stock.

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.