Insider Selling: Comtech Telecommunications Corp. (CMTL) Director Sells 3,000 Shares of Stock
Comtech Telecommunications Corp. (NASDAQ:CMTL) Director Edwin Kantor sold 3,000 shares of Comtech Telecommunications Corp. stock in a transaction that occurred on Friday, October 14th. The stock was sold at an average price of $10.95, for a total transaction of $32,850.00. Following the transaction, the director now owns 7,375 shares in the company, valued at $80,756.25. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.
Comtech Telecommunications Corp. (NASDAQ:CMTL) traded down 0.56% during midday trading on Monday, hitting $10.69. 212,060 shares of the company traded hands. The firm’s market capitalization is $251.30 million. Comtech Telecommunications Corp. has a 12-month low of $10.61 and a 12-month high of $25.85. The stock’s 50-day moving average is $12.66 and its 200-day moving average is $16.81.
Comtech Telecommunications Corp. (NASDAQ:CMTL) last announced its quarterly earnings data on Thursday, October 6th. The company reported ($0.14) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.18) by $0.04. Comtech Telecommunications Corp. had a negative net margin of 1.88% and a positive return on equity of 1.52%. The business had revenue of $152.40 million for the quarter. During the same quarter in the prior year, the company earned $0.34 earnings per share. The company’s quarterly revenue was up 96.7% on a year-over-year basis. Analysts anticipate that Comtech Telecommunications Corp. will post ($0.81) EPS for the current fiscal year.
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The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 22nd. Shareholders of record on Friday, October 21st will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 11.23%. The ex-dividend date is Wednesday, October 19th. Comtech Telecommunications Corp.’s payout ratio is presently -235.29%.
A number of large investors have recently modified their holdings of the stock. Citigroup Inc. increased its stake in shares of Comtech Telecommunications Corp. by 3,594.8% in the second quarter. Citigroup Inc. now owns 1,081,914 shares of the company’s stock valued at $13,891,000 after buying an additional 1,052,632 shares during the last quarter. Dean Investment Associates LLC purchased a new stake in shares of Comtech Telecommunications Corp. during the second quarter valued at approximately $4,950,000. JPMorgan Chase & Co. increased its stake in shares of Comtech Telecommunications Corp. by 99.9% in the first quarter. JPMorgan Chase & Co. now owns 698,107 shares of the company’s stock valued at $16,315,000 after buying an additional 348,825 shares during the last quarter. Citadel Advisors LLC increased its stake in shares of Comtech Telecommunications Corp. by 1,709.5% in the second quarter. Citadel Advisors LLC now owns 364,991 shares of the company’s stock valued at $4,686,000 after buying an additional 344,820 shares during the last quarter. Finally, BlackRock Fund Advisors increased its stake in shares of Comtech Telecommunications Corp. by 31.8% in the second quarter. BlackRock Fund Advisors now owns 1,384,532 shares of the company’s stock valued at $17,777,000 after buying an additional 333,800 shares during the last quarter. 83.12% of the stock is owned by hedge funds and other institutional investors.
CMTL has been the topic of several research analyst reports. Citigroup Inc. lowered their price objective on shares of Comtech Telecommunications Corp. from $13.00 to $12.00 and set a “neutral” rating on the stock in a research report on Monday, October 10th. Jefferies Group initiated coverage on shares of Comtech Telecommunications Corp. in a research report on Tuesday, August 2nd. They set a “hold” rating and a $14.00 price objective on the stock. Northland Securities initiated coverage on shares of Comtech Telecommunications Corp. in a research report on Wednesday, July 6th. They set an “outperform” rating and a $20.00 price objective on the stock. Ladenburg Thalmann initiated coverage on shares of Comtech Telecommunications Corp. in a research note on Friday, July 22nd. They set a “buy” rating and a $19.00 target price for the company. Finally, BMO Capital Markets reissued a “buy” rating on shares of Comtech Telecommunications Corp. in a research note on Monday, October 10th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. Comtech Telecommunications Corp. presently has an average rating of “Hold” and a consensus target price of $16.68.
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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