CTS Co. (NYSE:CTS) Sees Significant Growth in Short Interest

CTS Co. (NYSE:CTS) was the recipient of a significant increase in short interest during the month of September. As of September 30th, there was short interest totalling 743,800 shares, an increase of 62.3% from the September 15th total of 458,300 shares. Approximately 2.4% of the shares of the stock are short sold. Based on an average daily trading volume, of 149,200 shares, the days-to-cover ratio is presently 5.0 days.

Shares of CTS stock opened at $25.75 on Friday. The company has a market capitalization of $830.90 million, a price-to-earnings ratio of 39.02 and a beta of 0.80. CTS has a 1-year low of $17.92 and a 1-year high of $34.29. The company has a current ratio of 3.40, a quick ratio of 2.84 and a debt-to-equity ratio of 0.35. The stock’s fifty day simple moving average is $22.19 and its 200-day simple moving average is $21.41.

CTS (NYSE:CTS) last issued its earnings results on Friday, July 31st. The electronics maker reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.07 by $0.09. The company had revenue of $84.20 million for the quarter, compared to the consensus estimate of $88.93 million. CTS had a return on equity of 8.25% and a net margin of 5.13%. The firm’s quarterly revenue was down 30.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.40 EPS. On average, sell-side analysts predict that CTS will post 0.8 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Friday, September 25th will be issued a $0.04 dividend. The ex-dividend date is Thursday, September 24th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.62%. CTS’s dividend payout ratio is 11.03%.

Institutional investors and hedge funds have recently modified their holdings of the company. Tudor Investment Corp Et Al acquired a new position in shares of CTS in the 2nd quarter valued at about $222,000. Grantham Mayo Van Otterloo & Co. LLC increased its holdings in shares of CTS by 37.6% in the 2nd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 99,600 shares of the electronics maker’s stock valued at $1,996,000 after purchasing an additional 27,200 shares during the period. Bank of Montreal Can grew its stake in shares of CTS by 11.7% in the 2nd quarter. Bank of Montreal Can now owns 180,121 shares of the electronics maker’s stock valued at $3,323,000 after buying an additional 18,926 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in shares of CTS by 48.4% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 16,403 shares of the electronics maker’s stock valued at $408,000 after buying an additional 5,350 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its stake in shares of CTS by 42.9% in the 3rd quarter. Assenagon Asset Management S.A. now owns 171,500 shares of the electronics maker’s stock valued at $3,778,000 after buying an additional 51,451 shares in the last quarter. Institutional investors own 92.61% of the company’s stock.

CTS has been the topic of several recent research reports. Zacks Investment Research upgraded shares of CTS from a “sell” rating to a “hold” rating in a research report on Monday, October 5th. ValuEngine lowered shares of CTS from a “hold” rating to a “sell” rating in a research report on Thursday, September 3rd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $29.00.

About CTS

CTS Corporation designs, manufactures, and sells a range of sensors, electronic components, and actuators primarily to original equipment manufacturers for the aerospace and defense, industrial, information technology, medical, telecommunications, and transportation markets. It offers sensors and actuators for use in passenger or consumer vehicles; electronic components for use in telecommunications infrastructure, information technology and other high-speed applications, switches, and potentiometers supplied to various markets; and fabricated piezoelectric materials and substrates used primarily in medical, industrial, aerospace and defense, and information technology markets.

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