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

CTS (NYSE:CTS) posted its quarterly earnings results on Wednesday. The electronics maker reported $0.47 EPS for the quarter, beating the consensus estimate of $0.41 by $0.06, Briefing.com reports. CTS had a return on equity of 12.39% and a net margin of 10.06%. The firm had revenue of $125.70 million during the quarter, compared to analysts’ expectations of $126.75 million. During the same quarter last year, the firm earned $0.61 earnings per share. The business’s revenue for the quarter 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 2.2 %

CTS stock traded up $1.08 during midday trading on Friday, hitting $49.59. 246,246 shares of the company’s stock were exchanged, compared to its average volume of 151,836. The business has a 50-day simple moving average of $45.24 and a two-hundred day simple moving average of $42.72. The company has a current ratio of 3.32, a quick ratio of 2.67 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $1.53 billion, a PE ratio of 29.17 and a beta of 0.62. CTS has a 1-year low of $35.50 and a 1-year high of $49.67.

CTS Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 26th. Shareholders 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 yield of 0.32%. CTS’s dividend payout ratio (DPR) is 9.41%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on CTS shares. TD Cowen increased their price target on CTS from $38.00 to $46.00 and gave the company a “market perform” rating in a report on Wednesday, February 7th. Sidoti cut CTS from a “buy” rating to a “neutral” rating and set a $46.00 target price for the company. in a research note on Wednesday, February 7th.

Insiders Place Their Bets

In other news, CFO Ashish Agrawal sold 4,495 shares of CTS stock in a transaction on Wednesday, May 1st. The stock was 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 legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CFO Ashish Agrawal sold 4,495 shares of CTS stock in a transaction on Wednesday, May 1st. The stock was 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 directly owns 120,278 shares in the company, valued at $5,656,674.34. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Kieran M. O’sullivan sold 14,976 shares of CTS stock in a transaction on Thursday, March 28th. The shares were 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 owns 501,637 shares of the company’s stock, valued at $23,642,151.81. The disclosure for this sale can be found here. Insiders sold a total of 62,602 shares of company stock valued at $2,947,896 over the last quarter. 2.00% of the stock is owned by 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.