Scotiabank Issues Pessimistic Outlook for TSE:CTS Earnings

Converge Technology Solutions Corp. (TSE:CTS) – Scotiabank decreased their FY2024 earnings estimates for shares of Converge Technology Solutions in a research note issued to investors on Wednesday, January 8th. Scotiabank analyst D. Goyal now forecasts that the company will post earnings of $0.55 per share for the year, down from their prior forecast of $0.61. Scotiabank currently has a “Hold” rating on the stock. The consensus estimate for Converge Technology Solutions’ current full-year earnings is $0.69 per share. Scotiabank also issued estimates for Converge Technology Solutions’ FY2025 earnings at $0.56 EPS and FY2026 earnings at $0.65 EPS.

Several other research firms have also issued reports on CTS. Ventum Financial raised their price objective on Converge Technology Solutions from C$5.20 to C$6.00 and gave the company a “buy” rating in a research note on Friday, January 3rd. Raymond James lowered their price target on Converge Technology Solutions from C$6.50 to C$4.50 in a research report on Friday, October 25th. CIBC cut their price objective on shares of Converge Technology Solutions from C$5.00 to C$4.00 in a research report on Friday, October 25th. National Bankshares lowered shares of Converge Technology Solutions from an “outperform” rating to a “sector perform” rating and lowered their target price for the stock from C$6.00 to C$4.50 in a report on Friday, October 25th. Finally, Cormark downgraded shares of Converge Technology Solutions from a “moderate buy” rating to a “hold” rating in a report on Friday, October 25th. Six analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Converge Technology Solutions currently has an average rating of “Moderate Buy” and an average target price of C$5.93.

Converge Technology Solutions Trading Up 2.5 %

CTS opened at C$3.62 on Friday. The stock has a 50-day moving average of C$3.36 and a 200 day moving average of C$3.98. 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. The firm has a market cap of C$706.62 million, a P/E ratio of -4.53, a P/E/G ratio of 0.14 and a beta of 1.81.

Converge Technology Solutions Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Saturday, December 28th. Stockholders of record on Saturday, December 28th were given a dividend of $0.015 per share. This represents a $0.06 dividend on an annualized basis and a dividend yield of 1.66%. The ex-dividend date of this dividend was Tuesday, December 10th. Converge Technology Solutions’s dividend payout ratio (DPR) is presently -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.