Converge Technology Solutions Corp. (TSE:CTS) Receives Average Rating of “Moderate Buy” from Analysts

Converge Technology Solutions Corp. (TSE:CTS) has been given a consensus rating of “Moderate Buy” by the eleven ratings firms that are presently covering the company, MarketBeat reports. Six investment analysts have rated the stock with a hold recommendation, four have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is C$5.86.

Several equities research analysts have weighed in on the company. Cormark downgraded Converge Technology Solutions from a “moderate buy” rating to a “hold” rating in a report on Friday, October 25th. Raymond James reduced their target price on shares of Converge Technology Solutions from C$6.50 to C$4.50 in a report on Friday, October 25th. National Bankshares cut shares of Converge Technology Solutions from an “outperform” rating to a “sector perform” rating and lowered their price target for the stock from C$6.00 to C$4.50 in a report on Friday, October 25th. Canaccord Genuity Group reduced their price objective on shares of Converge Technology Solutions from C$6.25 to C$6.00 in a report on Friday, October 25th. Finally, National Bank Financial downgraded shares of Converge Technology Solutions from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 24th.

Insider Activity

In other Converge Technology Solutions news, Senior Officer Greg Berard bought 10,105 shares of the business’s stock in a transaction dated 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. Company insiders own 5.97% of the company’s stock.

Converge Technology Solutions Stock Performance

Shares of CTS stock opened at C$3.42 on Monday. The firm has a 50 day moving average of C$3.97 and a two-hundred day moving average of C$4.35. The stock has a market capitalization of C$667.58 million, a PE ratio of -4.28, a P/E/G ratio of 0.14 and a beta of 1.81. The company has a quick ratio of 0.68, a current ratio of 1.00 and a debt-to-equity ratio of 99.08. Converge Technology Solutions has a 52 week low of C$2.90 and a 52 week high of C$6.06.

Converge Technology Solutions Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Saturday, December 28th. Shareholders of record on Tuesday, December 10th will be issued a dividend of $0.015 per share. This represents a $0.06 annualized dividend and a dividend yield of 1.75%. The ex-dividend date of this dividend is Tuesday, December 10th. Converge Technology Solutions’s payout ratio is -7.50%.

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.