Comtech Telecommunications (NASDAQ:CMTL) Shares Gap Down After Analyst Downgrade

Comtech Telecommunications Corp. (NASDAQ:CMTL) gapped down prior to trading on Wednesday after Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell lowered their price target on the stock from $29.00 to $26.00. The stock had previously closed at $25.66, but opened at $22.90. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell currently has a neutral rating on the stock. Comtech Telecommunications shares last traded at $22.16, with a volume of 5,096 shares changing hands.

Other research analysts have also issued research reports about the stock. Citigroup lowered their price target on shares of Comtech Telecommunications from $29.00 to $26.00 and set a “neutral” rating for the company in a report on Wednesday. Northland Securities lowered their price target on shares of Comtech Telecommunications from $31.00 to $28.00 and set an “outperform” rating for the company in a report on Wednesday. Finally, Zacks Investment Research lowered shares of Comtech Telecommunications from a “buy” rating to a “hold” rating in a report on Wednesday, March 24th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Comtech Telecommunications has an average rating of “Buy” and a consensus price target of $30.00.

Institutional investors have recently added to or reduced their stakes in the business. Comerica Bank grew its position in shares of Comtech Telecommunications by 1.7% during the 1st quarter. Comerica Bank now owns 26,451 shares of the communications equipment provider’s stock worth $658,000 after buying an additional 441 shares during the period. Thrivent Financial for Lutherans grew its position in shares of Comtech Telecommunications by 3.4% during the 1st quarter. Thrivent Financial for Lutherans now owns 21,402 shares of the communications equipment provider’s stock worth $532,000 after buying an additional 701 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in shares of Comtech Telecommunications by 3.7% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 20,092 shares of the communications equipment provider’s stock worth $499,000 after buying an additional 718 shares during the period. Swiss National Bank grew its position in shares of Comtech Telecommunications by 2.0% during the 1st quarter. Swiss National Bank now owns 51,400 shares of the communications equipment provider’s stock worth $1,277,000 after buying an additional 1,000 shares during the period. Finally, Ensign Peak Advisors Inc acquired a new stake in shares of Comtech Telecommunications during the 1st quarter worth approximately $30,000. Hedge funds and other institutional investors own 78.92% of the company’s stock.

The company has a market capitalization of $557.03 million, a P/E ratio of -6.40 and a beta of 1.93. The company has a current ratio of 1.57, a quick ratio of 1.11 and a debt-to-equity ratio of 0.45. The firm has a 50-day moving average of $24.33.

Comtech Telecommunications (NASDAQ:CMTL) last announced its quarterly earnings data on Monday, June 7th. The communications equipment provider reported $0.06 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.07. The company had revenue of $139.38 million during the quarter, compared to the consensus estimate of $140.55 million. Comtech Telecommunications had a negative net margin of 14.54% and a positive return on equity of 3.34%. The company’s quarterly revenue was up 3.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.05 EPS. Sell-side analysts predict that Comtech Telecommunications Corp. will post 1 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 20th. Stockholders of record on Wednesday, July 21st will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.87%. The ex-dividend date is Tuesday, July 20th. Comtech Telecommunications’s dividend payout ratio (DPR) is 51.95%.

About Comtech Telecommunications (NASDAQ:CMTL)

Comtech Telecommunications Corp. designs, develops, produces, and markets products, systems, and services for communications solutions in the United States and internationally. It operates in two segments, Commercial Solutions and Government Solutions. The Commercial Solutions segment offers satellite ground station technologies, including modems, amplifiers, frequency converters, and network software to modulate, demodulate, and amplify signals, as well as to carry voice, video, and/or data over networks; and public safety and location technologies covering 911 call routing solutions that allow cellular carriers and over the Internet carriers to deliver emergency calls to public safety emergency call centers.

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