Comtech Telecommunications Corp. (CMTL) Shares Down 3.2% Following Analyst Downgrade
Comtech Telecommunications Corp. (NASDAQ:CMTL) traded down 3.2% on Thursday after Jefferies Group lowered their price target on the stock from $14.00 to $11.75. Jefferies Group currently has a hold rating on the stock. Comtech Telecommunications Corp. traded as low as $10.68 and last traded at $10.73, with a volume of 382,035 shares changing hands. The stock had previously closed at $11.08.
A number of other brokerages have also commented on CMTL. BMO Capital Markets initiated coverage on Comtech Telecommunications Corp. in a research report on Monday, June 20th. They issued an “outperform” rating and a $19.00 price objective on the stock. Ladenburg Thalmann initiated coverage on Comtech Telecommunications Corp. in a research report on Friday, July 22nd. They issued a “buy” rating and a $19.00 price objective on the stock. Zacks Investment Research upgraded Comtech Telecommunications Corp. from a “hold” rating to a “buy” rating and set a $15.00 price objective on the stock in a research report on Monday, July 11th. Citigroup Inc. assumed coverage on Comtech Telecommunications Corp. in a research note on Wednesday, August 24th. They issued a “neutral” rating and a $13.00 price target on the stock. Finally, Northland Securities assumed coverage on Comtech Telecommunications Corp. in a research note on Wednesday, July 6th. They issued an “outperform” rating and a $20.00 price target on the stock. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $16.68.
Several institutional investors have recently made changes to their positions in CMTL. Advisor Group Inc. bought a new position in shares of Comtech Telecommunications Corp. during the second quarter valued at $100,000. Levin Capital Strategies L.P. bought a new position in shares of Comtech Telecommunications Corp. during the second quarter valued at $128,000. Louisiana State Employees Retirement System bought a new position in shares of Comtech Telecommunications Corp. during the second quarter valued at $132,000. Alliancebernstein L.P. boosted its position in shares of Comtech Telecommunications Corp. by 30.5% in the second quarter. Alliancebernstein L.P. now owns 11,550 shares of the company’s stock valued at $148,000 after buying an additional 2,700 shares during the last quarter. Finally, Cubist Systematic Strategies LLC bought a new position in shares of Comtech Telecommunications Corp. during the second quarter valued at $152,000. Institutional investors own 83.12% of the company’s stock.
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The company’s market capitalization is $252.24 million. The firm’s 50-day moving average is $12.78 and its 200 day moving average is $16.94.
Comtech Telecommunications Corp. (NASDAQ:CMTL) last issued its quarterly earnings results on Thursday, October 6th. The company reported ($0.14) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.18) by $0.04. The business had revenue of $152.40 million for the quarter. Comtech Telecommunications Corp. had a negative net margin of 1.88% and a positive return on equity of 1.52%. The business’s revenue was up 96.7% compared to the same quarter last year. During the same period last year, the company posted $0.34 EPS. On average, equities analysts expect that Comtech Telecommunications Corp. will post ($0.81) earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 22nd. Shareholders of record on Friday, October 21st will be given a dividend of $0.30 per share. The ex-dividend date is Wednesday, October 19th. This represents a $1.20 dividend on an annualized basis and a yield of 11.18%. Comtech Telecommunications Corp.’s dividend payout ratio (DPR) is currently -235.29%.
About Comtech Telecommunications Corp.
Comtech Telecommunications Corp. designs, develops, produces and markets products, systems and services for advanced communications solutions. The Company operates through three segments: telecommunications transmission, RF microwave amplifiers and mobile data communications. Its telecommunications transmission segment provides equipment and systems used for satellite transmission and enable wireless communications.
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