CTS (NYSE:CTS) Announces Quarterly Earnings Results

CTS (NYSE:CTS) released its quarterly earnings data on Wednesday. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.06, Briefing.com reports. CTS had a net margin of 11.00% and a return on equity of 13.41%. The company had revenue of $125.70 million during the quarter, compared to the consensus estimate of $126.75 million. During the same quarter in the prior year, the firm posted $0.61 earnings per share. CTS’s revenue for the quarter was down 13.9% on a year-over-year basis. CTS updated its FY24 guidance to $2.10-$2.35 EPS and its FY 2024 guidance to 2.100-2.350 EPS.

CTS Price Performance

Shares of CTS stock traded up $1.26 during trading hours on Thursday, hitting $48.68. The company’s stock had a trading volume of 52,411 shares, compared to its average volume of 148,364. CTS has a twelve month low of $35.50 and a twelve month high of $48.73. The business has a fifty day moving average of $45.18 and a 200-day moving average of $42.68. The stock has a market cap of $1.50 billion, a price-to-earnings ratio of 25.20 and a beta of 0.62. The company has a current ratio of 3.29, a quick ratio of 2.67 and a debt-to-equity ratio of 0.13.

CTS Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 26th. Stockholders of record on Thursday, March 28th were given a $0.04 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $0.16 annualized dividend and a dividend yield of 0.33%. CTS’s dividend payout ratio is presently 8.33%.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on CTS shares. Sidoti downgraded shares of CTS from a “buy” rating to a “neutral” rating and set a $46.00 price objective for the company. in a research note on Wednesday, February 7th. TD Cowen increased their price target on shares of CTS from $38.00 to $46.00 and gave the stock a “market perform” rating in a report on Wednesday, February 7th.

Insider Buying and Selling

In related news, CFO Ashish Agrawal sold 4,504 shares of the firm’s stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $47.10, for a total transaction of $212,138.40. Following the sale, the chief financial officer now owns 128,777 shares in the company, valued at $6,065,396.70. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CEO Kieran M. O’sullivan sold 27,905 shares of the firm’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $47.11, for a total value of $1,314,604.55. Following the transaction, the chief executive officer now owns 455,643 shares of the company’s stock, valued at approximately $21,465,341.73. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Ashish Agrawal sold 4,504 shares of the firm’s stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $47.10, for a total transaction of $212,138.40. Following the completion of the transaction, the chief financial officer now directly owns 128,777 shares in the company, valued at approximately $6,065,396.70. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 62,602 shares of company stock worth $2,947,896. 2.00% of the stock is owned by insiders.

CTS Company Profile

CTS Corporation manufactures and sells sensors, actuators, and connectivity components in North America, Europe, and Asia. The company provides encoders, rotary position sensors, slide potentiometers, industrial and commercial rotary potentiometers. It also provides non-contacting, and contacting pedals; and eBrake pedals.