JPMorgan Chase & Co. cut its position in Comtech Telecommunications Corp. (NASDAQ:CMTL) by 51.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 124,324 shares of the communications equipment provider’s stock after selling 133,724 shares during the period. JPMorgan Chase & Co.’s holdings in Comtech Telecommunications Corp. were worth $1,833,000 at the end of the most recent quarter.
Several other large investors have also made changes to their positions in CMTL. OMERS ADMINISTRATION Corp acquired a new stake in shares of Comtech Telecommunications Corp. during the first quarter worth $159,000. Wells Fargo & Company MN raised its stake in shares of Comtech Telecommunications Corp. by 5.1% in the first quarter. Wells Fargo & Company MN now owns 18,967 shares of the communications equipment provider’s stock worth $280,000 after buying an additional 913 shares during the last quarter. Comerica Bank raised its stake in shares of Comtech Telecommunications Corp. by 5.0% in the fourth quarter. Comerica Bank now owns 24,690 shares of the communications equipment provider’s stock worth $281,000 after buying an additional 1,182 shares during the last quarter. Nine Chapters Capital Management LLC raised its stake in shares of Comtech Telecommunications Corp. by 110.4% in the first quarter. Nine Chapters Capital Management LLC now owns 22,300 shares of the communications equipment provider’s stock worth $329,000 after buying an additional 11,700 shares during the last quarter. Finally, State of Tennessee Treasury Department raised its stake in shares of Comtech Telecommunications Corp. by 17.8% in the first quarter. State of Tennessee Treasury Department now owns 22,521 shares of the communications equipment provider’s stock worth $332,000 after buying an additional 3,399 shares during the last quarter. Hedge funds and other institutional investors own 82.66% of the company’s stock.
Comtech Telecommunications Corp. (NASDAQ:CMTL) opened at 18.58 on Wednesday. The company has a 50 day moving average of $18.09 and a 200 day moving average of $14.23. Comtech Telecommunications Corp. has a 52 week low of $9.52 and a 52 week high of $19.80. The stock has a market capitalization of $437.93 million, a P/E ratio of 37.38 and a beta of 1.94.
Comtech Telecommunications Corp. (NASDAQ:CMTL) last announced its quarterly earnings results on Wednesday, June 7th. The communications equipment provider reported $0.13 EPS for the quarter, beating the consensus estimate of $0.06 by $0.07. The firm had revenue of $127.80 million for the quarter, compared to analyst estimates of $136.68 million. Comtech Telecommunications Corp. had a return on equity of 0.81% and a net margin of 2.02%. The business’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same quarter last year, the firm posted ($0.89) earnings per share. Equities analysts expect that Comtech Telecommunications Corp. will post $0.65 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, August 18th. Stockholders of record on Monday, July 17th will be paid a dividend of $0.10 per share. The ex-dividend date is Thursday, July 13th. This represents a $0.40 annualized dividend and a dividend yield of 2.15%. Comtech Telecommunications Corp.’s dividend payout ratio is currently 80.00%.
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A number of equities research analysts have recently weighed in on CMTL shares. Noble Financial restated a “buy” rating on shares of Comtech Telecommunications Corp. in a report on Friday, June 9th. BMO Capital Markets restated a “buy” rating and issued a $17.00 price objective on shares of Comtech Telecommunications Corp. in a report on Wednesday, June 7th. Zacks Investment Research upgraded shares of Comtech Telecommunications Corp. from a “hold” rating to a “buy” rating and set a $21.00 price objective for the company in a report on Monday. BidaskClub lowered shares of Comtech Telecommunications Corp. from a “strong-buy” rating to a “buy” rating in a report on Sunday. Finally, Northland Securities set a $22.00 price objective on shares of Comtech Telecommunications Corp. and gave the stock a “buy” rating in a report on Monday, July 10th. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $18.50.
About Comtech Telecommunications Corp.
Comtech Telecommunications Corp. designs, develops, produces and markets products, systems and services for communications solutions. The Company operates through two segments: Commercial Solutions and Government Solutions. It offers communications solutions, including command and control technologies, safety and security technologies and enterprise technologies.
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