Comtech Telecommunications Corp. (CMTL) Hits New 12-Month Low After Analyst Downgrade
Shares of Comtech Telecommunications Corp. (NASDAQ:CMTL) hit a new 52-week low during mid-day trading on Wednesday 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 $10.94 and last traded at $11.17, with a volume of 161,122 shares changing hands. The stock had previously closed at $11.37.
A number of other analysts have also recently issued reports on the company. Zacks Investment Research cut Comtech Telecommunications Corp. from a “hold” rating to a “sell” rating in a research report on Tuesday. Citigroup Inc. decreased their target price on Comtech Telecommunications Corp. from $13.00 to $12.00 and set a “neutral” rating for the company in a research report on Monday. BMO Capital Markets reissued a “buy” rating on shares of Comtech Telecommunications Corp. in a research report on Monday. Ladenburg Thalmann started coverage on Comtech Telecommunications Corp. in a research note on Friday, July 22nd. They set a “buy” rating and a $19.00 price objective for the company. Finally, Northland Securities started coverage on Comtech Telecommunications Corp. in a research note on Wednesday, July 6th. They set an “outperform” rating and a $20.00 price objective for the company. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $16.68.
Several institutional investors have recently modified their holdings of the company. Citigroup Inc. increased its position 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 worth $13,891,000 after buying an additional 1,052,632 shares during the period. Dean Investment Associates LLC acquired a new position in shares of Comtech Telecommunications Corp. during the second quarter worth about $4,950,000. JPMorgan Chase & Co. increased its position 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 worth $16,315,000 after buying an additional 348,825 shares during the period. Citadel Advisors LLC increased its position 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 worth $4,686,000 after buying an additional 344,820 shares during the period. Finally, BlackRock Fund Advisors increased its position 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 worth $17,777,000 after buying an additional 333,800 shares during the period. 83.12% of the stock is owned by institutional investors and hedge funds.
The stock has a 50-day moving average price of $12.84 and a 200 day moving average price of $16.98. The firm’s market capitalization is $262.58 million.
Comtech Telecommunications Corp. (NASDAQ:CMTL) last posted its quarterly earnings results on Thursday, October 6th. The company reported ($0.14) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.18) by $0.04. The business earned $152.40 million during the quarter. Comtech Telecommunications Corp. had a positive return on equity of 1.52% and a negative net margin of 1.88%. The firm’s revenue for the quarter was up 96.7% on a year-over-year basis. During the same quarter last year, the business posted $0.34 earnings per share. On average, analysts anticipate that Comtech Telecommunications Corp. will post ($0.81) earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 22nd. Investors of record on Friday, October 21st will be paid a $0.30 dividend. The ex-dividend date is Wednesday, October 19th. This represents a $1.20 dividend on an annualized basis and a yield of 10.55%. Comtech Telecommunications Corp.’s dividend payout ratio (DPR) is -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.
Receive News & Stock Ratings for Comtech Telecommunications Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Comtech Telecommunications Corp. and related stocks with our FREE daily email newsletter.