American International Group Inc. Cuts Holdings in CTS Co. (NYSE:CTS)


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American International Group Inc. trimmed its holdings in shares of CTS Co. (NYSE:CTS) by 2.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 21,483 shares of the electronics maker’s stock after selling 537 shares during the period. American International Group Inc. owned approximately 0.07% of CTS worth $738,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Vantage Consulting Group Inc purchased a new position in shares of CTS in the 4th quarter worth $26,000. Veriti Management LLC purchased a new position in shares of CTS in the 4th quarter worth $57,000. Bessemer Group Inc. purchased a new position in shares of CTS in the 4th quarter worth $69,000. Cornerstone Investment Partners LLC purchased a new position in shares of CTS in the 4th quarter worth $237,000. Finally, ProShare Advisors LLC purchased a new position in shares of CTS in the 4th quarter worth $263,000. Hedge funds and other institutional investors own 93.22% of the company’s stock.

Shares of CTS stock opened at $30.89 on Thursday. CTS Co. has a one year low of $18.17 and a one year high of $37.26. The stock’s fifty day moving average is $32.07 and its 200 day moving average is $30.82. The stock has a market cap of $999.23 million, a P/E ratio of 33.58 and a beta of 0.79. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.34 and a current ratio of 2.77.

CTS (NYSE:CTS) last announced its earnings results on Monday, February 8th. The electronics maker reported $0.43 EPS for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.09. CTS had a return on equity of 8.51% and a net margin of 7.16%. The company had revenue of $123.02 million for the quarter, compared to analysts’ expectations of $116.89 million. During the same period last year, the firm earned $0.37 EPS. CTS’s revenue for the quarter was up 6.9% compared to the same quarter last year. Analysts predict that CTS Co. will post 1.03 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, April 23rd. Investors of record on Friday, March 19th will be issued a $0.04 dividend. The ex-dividend date of this dividend is Thursday, March 18th. This represents a $0.16 dividend on an annualized basis and a yield of 0.52%. CTS’s dividend payout ratio is currently 11.03%.

Separately, Zacks Investment Research upgraded CTS from a “hold” rating to a “buy” rating and set a $36.00 price target on the stock in a research note on Thursday, March 4th.

CTS Profile

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

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Institutional Ownership by Quarter for CTS (NYSE:CTS)

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