Converge Technology Solutions Corp. (TSE:CTS – Get Free Report) traded down 0.9% during mid-day trading on Wednesday . The stock traded as low as C$4.51 and last traded at C$4.53. 156,423 shares changed hands during mid-day trading, a decline of 68% from the average session volume of 482,510 shares. The stock had previously closed at C$4.57.
Analysts Set New Price Targets
A number of brokerages have recently commented on CTS. Ventum Cap Mkts upgraded Converge Technology Solutions to a “strong-buy” rating in a research report on Tuesday, June 25th. TD Securities raised Converge Technology Solutions from a “hold” rating to a “buy” rating and reduced their target price for the company from C$6.00 to C$5.50 in a report on Friday, August 9th. Cormark dropped their price target on Converge Technology Solutions from C$6.50 to C$5.50 in a research note on Friday, August 9th. Finally, CIBC reduced their price objective on shares of Converge Technology Solutions from C$5.00 to C$4.50 in a research note on Friday, August 9th. Two equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of C$6.43.
View Our Latest Stock Analysis on Converge Technology Solutions
Converge Technology Solutions Stock Performance
Converge Technology Solutions (TSE:CTS – Get Free Report) last posted its quarterly 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 net margin of 6.10% and a negative return on equity of 33.46%. The business had revenue of C$651.85 million during the quarter, compared to analysts’ expectations of C$645.18 million. Research analysts forecast that Converge Technology Solutions Corp. will post 0.6347222 earnings per share for the current year.
Converge Technology Solutions Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Tuesday, September 10th were issued a dividend of $0.015 per share. This represents a $0.06 annualized dividend and a dividend yield of 1.32%. The ex-dividend date of this dividend was Tuesday, August 27th. Converge Technology Solutions’s dividend payout ratio is currently -7.50%.
Insider Transactions at Converge Technology Solutions
In other news, Senior Officer Greg Berard purchased 10,105 shares of Converge Technology Solutions stock in a transaction dated Tuesday, September 3rd. The stock was acquired at an average cost of C$4.42 per share, for a total transaction of C$44,684.31. 5.46% of the stock is currently owned by company 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.
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