Converge Technology Solutions Corp. (TSE:CTS) Announces Quarterly Dividend of $0.02

Converge Technology Solutions Corp. (TSE:CTS - Get Free Report) declared a quarterly dividend on Wednesday, May 8th, TickerTech reports. Shareholders of record on Thursday, May 23rd will be paid a dividend of 0.015 per share on Thursday, June 6th. This represents a $0.06 dividend on an annualized basis and a yield of 1.19%. The ex-dividend date of this dividend is Wednesday, May 22nd. This is an increase from Converge Technology Solutions's previous quarterly dividend of $0.01.

Converge Technology Solutions Stock Down 0.2 %

Shares of TSE CTS traded down C$0.01 during midday trading on Friday, hitting C$5.06. 722,952 shares of the stock traded hands, compared to its average volume of 510,535. The company has a market cap of C$1.03 billion, a PE ratio of -509.00, a P/E/G ratio of 0.14 and a beta of 1.91. The business has a 50 day moving average price of C$5.54 and a two-hundred day moving average price of C$4.54. The company has a debt-to-equity ratio of 71.05, a quick ratio of 0.68 and a current ratio of 1.04. Converge Technology Solutions has a one year low of C$2.24 and a one year high of C$6.06.

Converge Technology Solutions (TSE:CTS - Get Free Report) last released its quarterly earnings results on Thursday, May 9th. The company reported C$0.11 earnings per share for the quarter, hitting the consensus estimate of C$0.11. Converge Technology Solutions had a negative net margin of 0.05% and a negative return on equity of 1.03%. The business had revenue of C$628.77 million for the quarter, compared to analysts' expectations of C$661.10 million. On average, equities analysts predict that Converge Technology Solutions will post 0.599777 EPS for the current year.

Insiders Place Their Bets

In other Converge Technology Solutions news, Senior Officer Greg Berard acquired 8,775 shares of the business's stock in a transaction dated Wednesday, March 20th. The stock was purchased at an average price of C$5.80 per share, with a total value of C$50,895.00. In the last quarter, insiders purchased 11,590 shares of company stock valued at $66,944. Company insiders own 5.83% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on CTS shares. Scotiabank boosted their target price on shares of Converge Technology Solutions from C$7.00 to C$8.00 in a report on Thursday, March 14th. TD Securities raised their target price on shares of Converge Technology Solutions from C$4.25 to C$6.00 and gave the company a "hold" rating in a research note on Thursday, March 7th. Raymond James lifted their price objective on shares of Converge Technology Solutions from C$5.50 to C$6.50 and gave the stock an "outperform" rating in a report on Thursday, March 7th. Cormark cut their price objective on Converge Technology Solutions from C$7.00 to C$6.50 in a report on Friday. Finally, Desjardins raised their price objective on Converge Technology Solutions from C$6.00 to C$7.00 and gave the company a "buy" rating in a report on Thursday, March 7th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of C$6.63.

Converge Technology Solutions Company Profile

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.