CTS (NYSE:CTS) Releases FY 2024 Earnings Guidance

CTS (NYSE:CTS) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 2.100-2.350 for the period, compared to the consensus estimate of 2.230. The company issued revenue guidance of $530.0 million-$570.0 million, compared to the consensus revenue estimate of $551.8 million. CTS also updated its FY24 guidance to $2.10-$2.35 EPS.

CTS Trading Up 2.2 %

NYSE:CTS traded up $1.08 during mid-day trading on Friday, reaching $49.59. The company’s stock had a trading volume of 246,269 shares, compared to its average volume of 146,136. CTS has a twelve month low of $35.50 and a twelve month high of $49.67. The company’s fifty day simple moving average is $45.33 and its two-hundred day simple moving average is $42.78. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.32 and a quick ratio of 2.67. The stock has a market cap of $1.53 billion, a P/E ratio of 29.17 and a beta of 0.62.

CTS (NYSE:CTS) last released its quarterly earnings data on Wednesday, May 1st. The electronics maker reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.06. CTS had a return on equity of 12.39% and a net margin of 10.06%. The business had revenue of $125.70 million during the quarter, compared to the consensus estimate of $126.75 million. During the same period in the prior year, the firm posted $0.61 EPS. The business’s revenue for the quarter was down 13.9% on a year-over-year basis. On average, equities analysts predict that CTS will post 2.3 EPS for the current year.

CTS Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, April 26th. Stockholders of record on Thursday, March 28th were paid a $0.04 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.32%. CTS’s dividend payout ratio (DPR) is currently 9.41%.

Wall Street Analyst Weigh In

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

Insider Activity at CTS

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

About CTS

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.