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

CTS (NYSE:CTS) issued its quarterly earnings results on Wednesday. The electronics maker reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.06, Briefing.com reports. The business had revenue of $125.70 million for the quarter, compared to analyst estimates of $126.75 million. CTS had a return on equity of 13.41% and a net margin of 11.00%. CTS’s quarterly revenue was down 13.9% compared to the same quarter last year. During the same period last year, the company posted $0.61 earnings per share. 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

NYSE:CTS traded up $1.31 during trading hours on Thursday, reaching $48.73. The stock had a trading volume of 119,877 shares, compared to its average volume of 149,078. The stock has a market cap of $1.50 billion, a P/E ratio of 25.35 and a beta of 0.62. CTS has a 12-month low of $35.50 and a 12-month high of $49.00. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.67 and a current ratio of 3.29. The stock has a 50 day simple moving average of $45.18 and a 200 day simple moving average of $42.68.

CTS Dividend Announcement

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

Analyst Upgrades and Downgrades

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

Insider Activity

In other news, CEO Kieran M. O’sullivan sold 14,976 shares of CTS stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $47.13, for a total value of $705,818.88. Following the completion of the transaction, the chief executive officer now directly owns 501,637 shares in the company, valued at $23,642,151.81. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CFO Ashish Agrawal sold 800 shares of the business’s stock in a transaction dated Thursday, April 11th. The stock was sold at an average price of $47.00, for a total value of $37,600.00. Following the completion of the sale, the chief financial officer now owns 127,977 shares of the company’s stock, valued at approximately $6,014,919. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Kieran M. O’sullivan sold 14,976 shares of the business’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $47.13, for a total value of $705,818.88. Following the transaction, the chief executive officer now owns 501,637 shares in the company, valued at approximately $23,642,151.81. The disclosure for this sale can be found here. Over the last three months, insiders sold 62,602 shares of company stock worth $2,947,896. 2.00% of the stock is owned by corporate 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.