CTS (NYSE:CTS) Releases Earnings Results, Beats Expectations By $0.06 EPS

CTS (NYSE:CTS) posted its earnings results on Wednesday. The electronics maker reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.06, Briefing.com reports. CTS had a return on equity of 13.41% and a net margin of 11.00%. The firm had revenue of $125.70 million for the quarter, compared to analysts’ expectations of $126.75 million. During the same period last year, the firm earned $0.61 EPS. The company’s quarterly 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 Trading Up 2.7 %

CTS stock traded up $1.26 during trading on Thursday, hitting $48.68. The company had a trading volume of 52,411 shares, compared to its average volume of 148,364. CTS has a 1-year low of $35.50 and a 1-year high of $48.73. The company has a current ratio of 3.29, a quick ratio of 2.67 and a debt-to-equity ratio of 0.13. The company’s 50 day simple moving average is $45.18 and its 200-day simple moving average is $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.

CTS Dividend Announcement

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

Insider Activity at CTS

In other CTS news, CFO Ashish Agrawal sold 4,495 shares of the business’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $47.03, for a total value of $211,399.85. Following the completion of the transaction, the chief financial officer now owns 120,278 shares in the company, valued at $5,656,674.34. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CFO Ashish Agrawal sold 4,495 shares of the business’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $47.03, for a total value of $211,399.85. Following the completion of the sale, the chief financial officer now directly owns 120,278 shares of the company’s stock, valued at $5,656,674.34. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Kieran M. O’sullivan sold 2,064 shares of the company’s stock in a transaction dated Thursday, April 11th. The shares were sold at an average price of $47.00, for a total transaction of $97,008.00. Following the completion of the sale, the chief executive officer now directly owns 499,498 shares of the company’s stock, valued at $23,476,406. The disclosure for this sale can be found here. In the last quarter, insiders sold 62,602 shares of company stock worth $2,947,896. Insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

CTS has been the topic of a number of analyst reports. TD Cowen raised their target price on CTS from $38.00 to $46.00 and gave the company 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 target price 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.