Bank of New York Mellon Corp decreased its stake in Comtech Telecomm. Corp. (NASDAQ:CMTL) by 0.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 411,257 shares of the communications equipment provider’s stock after selling 3,315 shares during the period. Bank of New York Mellon Corp owned about 1.74% of Comtech Telecomm. worth $13,111,000 at the end of the most recent quarter.
A number of other large investors also recently modified their holdings of the stock. BlackRock Inc. increased its position in Comtech Telecomm. by 7.6% in the 2nd quarter. BlackRock Inc. now owns 3,438,804 shares of the communications equipment provider’s stock valued at $109,631,000 after acquiring an additional 242,849 shares during the period. Principal Financial Group Inc. increased its position in Comtech Telecomm. by 2.7% in the 1st quarter. Principal Financial Group Inc. now owns 188,177 shares of the communications equipment provider’s stock valued at $5,625,000 after acquiring an additional 4,898 shares during the period. Chicago Equity Partners LLC increased its position in Comtech Telecomm. by 5.0% in the 2nd quarter. Chicago Equity Partners LLC now owns 131,735 shares of the communications equipment provider’s stock valued at $4,200,000 after acquiring an additional 6,265 shares during the period. Bank of Montreal Can increased its position in Comtech Telecomm. by 32.1% in the 2nd quarter. Bank of Montreal Can now owns 87,798 shares of the communications equipment provider’s stock valued at $2,799,000 after acquiring an additional 21,332 shares during the period. Finally, Robeco Institutional Asset Management B.V. increased its position in Comtech Telecomm. by 499.7% in the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 49,361 shares of the communications equipment provider’s stock valued at $1,573,000 after acquiring an additional 41,130 shares during the period. 88.89% of the stock is owned by institutional investors and hedge funds.
CMTL has been the subject of several recent research reports. TheStreet cut shares of Comtech Telecomm. from a “b-” rating to a “c+” rating in a research report on Thursday, November 15th. Zacks Investment Research cut shares of Comtech Telecomm. from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 28th. ValuEngine cut shares of Comtech Telecomm. from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, September 4th. BidaskClub cut shares of Comtech Telecomm. from a “hold” rating to a “sell” rating in a research report on Wednesday, October 24th. Finally, BMO Capital Markets increased their price objective on shares of Comtech Telecomm. from $37.00 to $40.00 and gave the stock an “outperform” rating in a research report on Friday, September 28th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company. Comtech Telecomm. currently has a consensus rating of “Hold” and an average target price of $35.17.
In related news, Director Edwin Kantor sold 1,000 shares of the stock in a transaction on Thursday, October 4th. The shares were sold at an average price of $34.55, for a total transaction of $34,550.00. Following the transaction, the director now directly owns 1,500 shares of the company’s stock, valued at $51,825. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider John Branscum sold 1,510 shares of the stock in a transaction on Monday, October 15th. The stock was sold at an average price of $31.94, for a total transaction of $48,229.40. Following the transaction, the insider now directly owns 45,323 shares in the company, valued at $1,447,616.62. The disclosure for this sale can be found here. Over the last three months, insiders have sold 4,010 shares of company stock worth $133,779. 7.30% of the stock is owned by insiders.
CMTL opened at $28.44 on Friday. Comtech Telecomm. Corp. has a twelve month low of $20.25 and a twelve month high of $36.94. The company has a quick ratio of 1.24, a current ratio of 1.69 and a debt-to-equity ratio of 0.29. The firm has a market cap of $597.88 million, a PE ratio of 37.92, a PEG ratio of 5.19 and a beta of 1.54.
Comtech Telecomm. (NASDAQ:CMTL) last posted its quarterly earnings data on Thursday, December 6th. The communications equipment provider reported $0.18 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.05) by $0.23. Comtech Telecomm. had a net margin of 5.22% and a return on equity of 3.67%. The company had revenue of $160.80 million during the quarter, compared to analysts’ expectations of $129.30 million. During the same period in the prior year, the company posted ($0.07) earnings per share. Comtech Telecomm.’s revenue for the quarter was up 32.2% compared to the same quarter last year. As a group, research analysts anticipate that Comtech Telecomm. Corp. will post 0.96 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, February 15th. Investors of record on Wednesday, January 16th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.41%. The ex-dividend date of this dividend is Tuesday, January 15th. Comtech Telecomm.’s dividend payout ratio is presently 53.33%.
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Comtech Telecomm. Profile
Comtech Telecommunications Corp. designs, develops, produces, and markets products, systems, and services for communications solutions. The company's Commercial Solutions segment offers ground-based equipment, including single channel per carrier modems and solid-state amplifiers that facilitate the transmission of voice, video, and data over satellite links; and traveling wave tube amplifiers, such as high power narrow-band amplifiers used to amplify signals from satellite earth stations, as well as safety and security technologies.
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