Converge Technology Solutions (TSE:CTS) Trading Down 9.6%

Converge Technology Solutions Corp. (TSE:CTS - Get Free Report) was down 9.6% during trading on Thursday . The company traded as low as C$5.03 and last traded at C$5.18. Approximately 540,834 shares were traded during trading, an increase of 13% from the average daily volume of 479,214 shares. The stock had previously closed at C$5.73.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on CTS shares. TD Securities lifted their price objective on Converge Technology Solutions from C$4.25 to C$6.00 and gave the stock a "hold" rating in a report on Thursday, March 7th. Eight Capital lifted their target price on shares of Converge Technology Solutions from C$7.00 to C$9.00 and gave the stock a "buy" rating in a research note on Thursday, March 7th. CIBC upped their price target on shares of Converge Technology Solutions from C$4.50 to C$5.00 and gave the company a "neutral" rating in a research note on Thursday, March 7th. Raymond James lifted their price target on Converge Technology Solutions from C$5.50 to C$6.50 and gave the company an "outperform" rating in a research report on Thursday, March 7th. Finally, Scotiabank increased their price objective on Converge Technology Solutions from C$7.00 to C$8.00 in a report on Thursday, March 14th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, Converge Technology Solutions has an average rating of "Moderate Buy" and a consensus price target of C$6.47.

Converge Technology Solutions Stock Down 11.5 %

The company has a market cap of C$1.03 billion, a PE ratio of -518.00, a P/E/G ratio of 0.14 and a beta of 1.91. The company has a quick ratio of 0.68, a current ratio of 1.04 and a debt-to-equity ratio of 71.05. The stock has a 50-day moving average of C$5.54 and a 200-day moving average of C$4.54.

Converge Technology Solutions (TSE:CTS - Get Free Report) last posted its quarterly earnings data on Wednesday, March 6th. The company reported C$0.19 earnings per share for the quarter, topping the consensus estimate of C$0.12 by C$0.07. Converge Technology Solutions had a negative net margin of 0.05% and a negative return on equity of 1.03%. The company had revenue of C$651.09 million for the quarter, compared to analysts' expectations of C$712.08 million. Sell-side analysts predict that Converge Technology Solutions Corp. will post 0.599777 earnings per share for the current fiscal year.

Converge Technology Solutions Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 6th. Stockholders of record on Thursday, June 6th will be issued a dividend of $0.015 per share. This is an increase from Converge Technology Solutions's previous quarterly dividend of $0.01. This represents a $0.06 dividend on an annualized basis and a dividend yield of 1.18%. The ex-dividend date is Wednesday, May 22nd. Converge Technology Solutions's payout ratio is currently -400.00%.

Insider Buying and Selling

In other news, Senior Officer Greg Berard purchased 8,775 shares of the stock in a transaction on Wednesday, March 20th. The shares were acquired at an average price of C$5.80 per share, for a total transaction of C$50,895.00. Over the last ninety days, insiders purchased 11,590 shares of company stock worth $66,944. Corporate insiders own 5.83% of the company's stock.

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.