Comtech Telecommunications (NASDAQ:CMTL) Announces Earnings Results, Hits Expectations

Comtech Telecommunications (NASDAQ:CMTL – Get Rating) released its earnings results on Thursday. The communications equipment provider reported ($0.03) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.03), Fidelity Earnings reports. Comtech Telecommunications had a negative net margin of 4.06% and a positive return on equity of 1.02%. The firm had revenue of $122.17 million during the quarter, compared to the consensus estimate of $122.53 million. During the same period in the previous year, the firm earned $0.26 earnings per share. Comtech Telecommunications’s revenue was down 12.3% compared to the same quarter last year. Comtech Telecommunications updated its Q4 2022 guidance to EPS and its FY 2022 guidance to EPS.

NASDAQ CMTL opened at $9.69 on Friday. The company’s fifty day simple moving average is $13.28 and its 200-day simple moving average is $18.38. Comtech Telecommunications has a 52 week low of $8.96 and a 52 week high of $27.70. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.28 and a quick ratio of 0.87.

Several hedge funds and other institutional investors have recently bought and sold shares of CMTL. Morgan Stanley lifted its position in shares of Comtech Telecommunications by 22.9% during the second quarter. Morgan Stanley now owns 109,891 shares of the communications equipment provider’s stock worth $2,655,000 after purchasing an additional 20,467 shares in the last quarter. Royal Bank of Canada raised its holdings in Comtech Telecommunications by 12.9% in the third quarter. Royal Bank of Canada now owns 8,971 shares of the communications equipment provider’s stock valued at $231,000 after acquiring an additional 1,024 shares in the last quarter. BNP Paribas Arbitrage SA raised its holdings in Comtech Telecommunications by 104.1% in the third quarter. BNP Paribas Arbitrage SA now owns 27,689 shares of the communications equipment provider’s stock valued at $709,000 after acquiring an additional 14,122 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Comtech Telecommunications by 4.2% in the third quarter. Bank of New York Mellon Corp now owns 374,577 shares of the communications equipment provider’s stock valued at $9,593,000 after acquiring an additional 14,942 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Comtech Telecommunications by 0.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 303,146 shares of the communications equipment provider’s stock valued at $7,182,000 after acquiring an additional 1,888 shares in the last quarter. 73.67% of the stock is currently owned by institutional investors and hedge funds.

A number of research firms recently issued reports on CMTL. Citigroup lowered their target price on shares of Comtech Telecommunications from $20.00 to $14.00 and set a “neutral” rating for the company in a report on Friday. TheStreet cut shares of Comtech Telecommunications from a “c-” rating to a “d+” rating in a research report on Wednesday, May 4th. Finally, StockNews.com assumed coverage on shares of Comtech Telecommunications in a research report on Thursday, March 31st. They set a “hold” rating on the stock.

About Comtech Telecommunications (Get Rating)

Comtech Telecommunications Corp., together with its subsidiaries, 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 single channel per carrier and time division multiple access 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, such as 911 call handling and mapping solutions that allow cellular carriers and voice over the Internet carriers to deliver emergency calls to public safety emergency call centers.

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