Municipal Employees Retirement System of Michigan Boosts Holdings in Comtech Telecomm. Corp. (CMTL)
Municipal Employees Retirement System of Michigan grew its holdings in Comtech Telecomm. Corp. (NASDAQ:CMTL) by 409.3% in the 4th quarter, HoldingsChannel reports. The fund owned 45,020 shares of the communications equipment provider’s stock after buying an additional 36,180 shares during the quarter. Municipal Employees Retirement System of Michigan’s holdings in Comtech Telecomm. were worth $996,000 as of its most recent SEC filing.
Several other large investors have also bought and sold shares of CMTL. Renaissance Technologies LLC grew its stake in shares of Comtech Telecomm. by 225.1% during the fourth quarter. Renaissance Technologies LLC now owns 253,250 shares of the communications equipment provider’s stock worth $5,602,000 after purchasing an additional 175,350 shares in the last quarter. Bogle Investment Management L P DE acquired a new position in shares of Comtech Telecomm. during the fourth quarter worth $2,793,000. Goldman Sachs Group Inc. grew its stake in shares of Comtech Telecomm. by 62.1% during the fourth quarter. Goldman Sachs Group Inc. now owns 279,610 shares of the communications equipment provider’s stock worth $6,185,000 after purchasing an additional 107,108 shares in the last quarter. BlackRock Inc. grew its stake in shares of Comtech Telecomm. by 3.0% during the fourth quarter. BlackRock Inc. now owns 3,141,364 shares of the communications equipment provider’s stock worth $69,487,000 after purchasing an additional 92,886 shares in the last quarter. Finally, Acadian Asset Management LLC acquired a new position in shares of Comtech Telecomm. during the fourth quarter worth $1,819,000. Institutional investors and hedge funds own 87.78% of the company’s stock.
In other news, insider Richard L. Burt sold 82,700 shares of the business’s stock in a transaction dated Monday, March 12th. The shares were sold at an average price of $30.46, for a total transaction of $2,519,042.00. Following the transaction, the insider now directly owns 178,315 shares in the company, valued at $5,431,474.90. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 7.00% of the company’s stock.
Comtech Telecomm. (NASDAQ:CMTL) last announced its earnings results on Wednesday, March 7th. The communications equipment provider reported $0.07 EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.15. Comtech Telecomm. had a net margin of 4.87% and a return on equity of 2.20%. The business had revenue of $133.70 million during the quarter, compared to analysts’ expectations of $124.65 million. During the same period in the prior year, the company earned $0.01 earnings per share. The business’s revenue was down 3.8% compared to the same quarter last year. sell-side analysts anticipate that Comtech Telecomm. Corp. will post 0.55 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, May 18th. Stockholders of record on Wednesday, April 18th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Tuesday, April 17th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.33%. Comtech Telecomm.’s dividend payout ratio (DPR) is 36.70%.
A number of equities research analysts recently weighed in on CMTL shares. Zacks Investment Research cut shares of Comtech Telecomm. from a “buy” rating to a “hold” rating in a research report on Wednesday, November 29th. Northland Securities set a $26.00 price target on shares of Comtech Telecomm. and gave the company a “buy” rating in a research report on Sunday, December 10th. BMO Capital Markets boosted their price target on shares of Comtech Telecomm. to $26.00 and gave the company an “outperform” rating in a research report on Friday, December 8th. BidaskClub cut shares of Comtech Telecomm. from a “hold” rating to a “sell” rating in a research report on Thursday, January 25th. Finally, Noble Financial reaffirmed an “average” rating on shares of Comtech Telecomm. in a report on Friday, March 9th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $25.10.
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Comtech Telecomm. Company Profile
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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