Comtech Telecommunications Corp. (CMTL) Sees Strong Trading Volume After Earnings Beat
Comtech Telecommunications Corp. (NASDAQ:CMTL) saw an uptick in trading volume on Thursday following a better than expected earnings announcement. 476,536 shares were traded during trading, an increase of 84% from the previous session’s volume of 259,001 shares.The stock last traded at $12.66 and had previously closed at $12.63.
The company reported ($0.14) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.18) by $0.04. Comtech Telecommunications Corp. had a positive return on equity of 2.19% and a negative net margin of 1.48%. The company had revenue of $152.40 million for the quarter, compared to analysts’ expectations of $165.59 million. During the same quarter in the previous year, the firm posted $0.34 EPS. The firm’s quarterly revenue was up 96.7% on a year-over-year basis.
The firm also recently announced 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. This represents a $1.20 annualized dividend and a yield of 9.48%. Comtech Telecommunications Corp.’s payout ratio is -387.10%.
Several research firms have issued reports on CMTL. Zacks Investment Research upgraded Comtech Telecommunications Corp. from a “hold” rating to a “buy” rating and set a $15.00 target price on the stock in a research report on Monday, July 11th. Citigroup Inc. began coverage on Comtech Telecommunications Corp. in a research report on Wednesday, August 24th. They set a “neutral” rating and a $13.00 target price on the stock. Jefferies Group began coverage on Comtech Telecommunications Corp. in a research report on Tuesday, August 2nd. They set a “hold” rating and a $14.00 target price on the stock. Northland Securities initiated coverage on Comtech Telecommunications Corp. in a research report on Wednesday, July 6th. They set an “outperform” rating and a $20.00 target price on the stock. Finally, BMO Capital Markets initiated coverage on Comtech Telecommunications Corp. in a research note on Monday, June 20th. They set an “outperform” rating and a $19.00 price target on the stock. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Comtech Telecommunications Corp. presently has an average rating of “Buy” and a consensus target price of $19.00.
Large investors have recently bought and sold shares of the stock. Advisor Group Inc. bought a new stake in Comtech Telecommunications Corp. during the second quarter worth about $100,000. Levin Capital Strategies L.P. bought a new stake in Comtech Telecommunications Corp. during the second quarter worth about $128,000. Louisiana State Employees Retirement System bought a new stake in Comtech Telecommunications Corp. during the second quarter worth about $132,000. Los Angeles Capital Management & Equity Research Inc. bought a new stake in Comtech Telecommunications Corp. during the first quarter worth about $242,000. Finally, Alliancebernstein L.P. raised its stake in Comtech Telecommunications Corp. by 30.5% in the second quarter. Alliancebernstein L.P. now owns 11,550 shares of the company’s stock worth $148,000 after buying an additional 2,700 shares during the last quarter. 83.12% of the stock is currently owned by hedge funds and other institutional investors.
The company’s market cap is $204.72 million. The stock’s 50 day moving average price is $12.95 and its 200-day moving average price is $17.28.
Comtech Telecommunications Corp. Company Profile
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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