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

CTS (NYSE:CTS) released its earnings results on Wednesday. The electronics maker reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.06, Briefing.com reports. CTS had a net margin of 11.00% and a return on equity of 13.41%. The company had revenue of $125.70 million during the quarter, compared to the consensus estimate of $126.75 million. During the same quarter in the previous year, the firm earned $0.61 EPS. The company’s 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 Stock Performance

CTS stock traded up $1.10 on Thursday, reaching $48.52. 114,088 shares of the stock were exchanged, compared to its average volume of 148,979. CTS has a twelve month low of $35.50 and a twelve month high of $49.00. 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 stock has a market cap of $1.49 billion, a PE ratio of 25.35 and a beta of 0.62. The firm has a fifty day moving average price of $45.18 and a two-hundred day moving average price of $42.68.

CTS Announces Dividend

The company also recently disclosed 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 dividend on an annualized basis and a yield of 0.33%. CTS’s dividend payout ratio is currently 8.33%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on CTS. TD Cowen boosted their price objective on shares of CTS from $38.00 to $46.00 and gave the company a “market perform” rating in a research report on Wednesday, February 7th. Sidoti downgraded shares of CTS from a “buy” rating to a “neutral” rating and set a $46.00 price objective for the company. in a research report on Wednesday, February 7th.

Insider Buying and Selling

In other CTS news, CFO Ashish Agrawal sold 4,504 shares of the company’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $47.10, for a total value of $212,138.40. Following the completion of the transaction, the chief financial officer now owns 128,777 shares of the company’s stock, valued at approximately $6,065,396.70. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other CTS news, CFO Ashish Agrawal sold 4,504 shares of the company’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $47.10, for a total value of $212,138.40. Following the completion of the transaction, the chief financial officer now owns 128,777 shares of the company’s stock, valued at approximately $6,065,396.70. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Kieran M. O’sullivan sold 2,064 shares of the company’s stock in a transaction that occurred on Thursday, April 11th. The shares were sold at an average price of $47.00, for a total value of $97,008.00. Following the completion of the transaction, the chief executive officer now directly owns 499,498 shares of the company’s stock, valued at approximately $23,476,406. The disclosure for this sale can be found here. In the last 90 days, insiders sold 62,602 shares of company stock valued at $2,947,896. Insiders own 2.00% of the company’s stock.

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.