CTS (NYSE:CTS) Issues Quarterly Earnings Results, Beats Estimates By $0.06 EPS

CTS (NYSE:CTS) posted its quarterly earnings data on Wednesday. The electronics maker reported $0.47 earnings per share for the quarter, topping 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 analyst estimates of $126.75 million. During the same quarter last year, the business posted $0.61 earnings per share. The company’s revenue 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 Stock Performance

Shares of CTS stock traded up $1.31 during trading on Thursday, hitting $48.73. 119,877 shares of the stock were exchanged, compared to its average volume of 149,078. The stock has a market capitalization of $1.50 billion, a price-to-earnings ratio of 25.35 and a beta of 0.62. The company has a fifty day moving average price of $45.18 and a 200-day moving average price of $42.68. CTS has a 1-year low of $35.50 and a 1-year high of $49.00. 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 Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 26th. Stockholders of record on Thursday, March 28th were paid a dividend of $0.04 per share. The ex-dividend date of this dividend 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%.

Insider Transactions at CTS

In other news, CFO Ashish Agrawal sold 4,504 shares of the business’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $47.10, for a total transaction of $212,138.40. Following the transaction, the chief financial officer now directly owns 128,777 shares in the company, valued at approximately $6,065,396.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Ashish Agrawal sold 4,504 shares of CTS stock in a transaction dated 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 sale, the chief financial officer now owns 128,777 shares of the company’s stock, valued at approximately $6,065,396.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Kieran M. O’sullivan sold 2,064 shares of CTS stock in a transaction dated Thursday, April 11th. The stock was sold at an average price of $47.00, for a total transaction of $97,008.00. Following the sale, the chief executive officer now directly owns 499,498 shares of the company’s stock, valued at approximately $23,476,406. The disclosure for this sale can be found here. Insiders have sold 62,602 shares of company stock worth $2,947,896 in the last ninety days. Insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on CTS. TD Cowen lifted their price target on shares of CTS from $38.00 to $46.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 7th. Sidoti lowered shares of CTS from a “buy” rating to a “neutral” rating and set a $46.00 price target on the stock. in a research note on Wednesday, February 7th.

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.