Converge Technology Solutions (TSE:CTS) Cut to “Tender” at Ventum Financial

Ventum Financial downgraded shares of Converge Technology Solutions (TSE:CTS) from a buy rating to a tender rating in a research report released on Monday morning,BayStreet.CA reports. The brokerage currently has C$5.50 price objective on the stock, down from their prior price objective of C$6.00.

CTS has been the topic of a number of other reports. Cormark raised Converge Technology Solutions from a “hold” rating to a “moderate buy” rating in a report on Monday, January 13th. National Bankshares lowered Converge Technology Solutions from an “outperform” rating to a “sector perform” rating and cut their price objective for the company from C$6.00 to C$4.50 in a report on Friday, October 25th. National Bank Financial downgraded Converge Technology Solutions from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 24th. CIBC upped their target price on Converge Technology Solutions from C$4.00 to C$5.50 in a research note on Monday. Finally, Stifel Nicolaus set a C$4.00 target price on Converge Technology Solutions and gave the stock a “hold” rating in a research note on Thursday, January 16th. Six research analysts have rated the stock with a hold rating, three have assigned a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of C$5.73.

Converge Technology Solutions Price Performance

Shares of CTS stock opened at C$5.40 on Monday. The stock’s 50-day simple moving average is C$3.56 and its 200-day simple moving average is C$3.89. The company has a debt-to-equity ratio of 99.08, a quick ratio of 0.68 and a current ratio of 1.00. The firm has a market capitalization of C$1.05 billion, a PE ratio of -6.75, a P/E/G ratio of 0.14 and a beta of 1.81. Converge Technology Solutions has a fifty-two week low of C$2.90 and a fifty-two week high of C$6.06.

Converge Technology Solutions (TSE:CTS) last announced its quarterly earnings data on Tuesday, November 12th. The company reported C$0.12 earnings per share for the quarter, beating analysts’ consensus estimates of C$0.08 by C$0.04. Converge Technology Solutions had a negative return on equity of 33.46% and a negative net margin of 6.10%. During the same period last year, the firm earned $0.10 EPS. Equities analysts expect that Converge Technology Solutions will post 0.6884058 earnings per share for the current year.

Converge Technology Solutions Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Saturday, December 28th. Shareholders of record on Saturday, December 28th were issued a dividend of $0.015 per share. The ex-dividend date was Tuesday, December 10th. This represents a $0.06 dividend on an annualized basis and a dividend yield of 1.11%. Converge Technology Solutions’s payout ratio is currently -7.50%.

About Converge Technology Solutions

Converge Technology Solutions Corp is a Canadian company building a platform of regionally focused Hybrid IT infrastructure providers that deliver best-of-breed solutions and services in the United States. The solutions provided include multi-cloud solutions, the blockchain, resiliency, and managed services, enabling the company to address the business and IT issues that public and private-sector organizations face.