Comtech Telecommunications (NASDAQ:CMTL – Get Rating) announced its quarterly results on Thursday. The communications equipment provider reported ($0.03) earnings per share for the quarter, meeting the consensus estimate of ($0.03), Fidelity Earnings reports. The company posted revenue of $122.17 million in the quarter, compared to $122.53 million expected by analysts. Comtech Telecommunications recorded a negative net margin of 3.77% and a positive return on equity of 1.72%. The company’s revenue decreased by 12.3% compared to the same quarter last year. During the same quarter of the previous year, the company achieved EPS of $0.26. Comtech Telecommunications has updated its fourth quarter 2022 guidance to EPS and its fiscal year 2022 guidance to EPS.
Shares of NASDAQ:CMTL opened at $12.32 on Friday. The company’s 50-day moving average is $13.41 and its 200-day moving average is $18.50. The company has a debt ratio of 0.24, a current ratio of 1.28 and a quick ratio of 0.87. Comtech Telecommunications has a 1-year low of $11.19 and a 1-year high of $27.70. The company has a market capitalization of $326.73 million, a P/E ratio of -12.20 and a beta of 1.55.
A number of hedge funds and other institutional investors have recently changed their holdings in the company. Royal Bank of Canada increased its holdings of Comtech Telecommunications shares by 12.9% during the third quarter. Royal Bank of Canada now owns 8,971 shares of the communications equipment provider valued at $231,000 after acquiring an additional 1,024 shares last quarter. Cubist Systematic Strategies LLC acquired a new stake in Comtech Telecommunications during the 4th quarter for a value of approximately $315,000. MetLife Investment Management LLC increased its stake in Comtech Telecommunications by 42.9% in Q1. MetLife Investment Management LLC now owns 13,790 shares of the communications equipment provider valued at $216,000 after buying an additional 4,139 shares last quarter. Deutsche Bank AG increased its holdings of Comtech Telecommunications shares by 5.5% in the fourth quarter. Deutsche Bank AG now owns 15,480 shares of the communications equipment supplier worth $367,000 after buying 808 more shares in the last quarter. Finally, Vident Investment Advisory LLC bought a new position in shares of Comtech Telecommunications in the fourth quarter at a value of $373,000. 73.67% of the shares are held by institutional investors and hedge funds.
CMTL has been the subject of several recent research reports. StockNews.com launched coverage on Comtech Telecommunications in a research report on Thursday, March 31. They have set a “holding” rating on the stock. Citigroup cut its target price on shares of Comtech Telecommunications from $20.00 to $14.00 in a report on Friday. Finally, TheStreet downgraded shares of Comtech Telecommunications from a “c-” rating to a “d+” rating in a Wednesday, May 4 research report. Four equity research analysts gave the stock a hold rating. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $14.00.
Company Profile Comtech Telecommunications (Get a 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 Business Solutions segment offers satellite ground station technologies, including single channel per carrier and time division multiple access modems, amplifiers, frequency converters and network software for modulating, demodulating and amplify signals, as well as to transport voice, video and/or data over networks; and public safety and location-based technologies, such as 911 call handling and mapping solutions that enable mobile carriers and voice-over-internet carriers to route emergency calls to call centers in public safety emergency.
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