CTS (NYSE:CTS) Updates FY 2024 Earnings Guidance

CTS (NYSE:CTS) updated its FY 2024 earnings guidance on Wednesday. The company provided EPS guidance of 2.100-2.350 for the period, compared to the consensus EPS estimate of 2.230. The company issued revenue guidance of $530.0 million-$570.0 million, compared to the consensus revenue estimate of $551.8 million. CTS also updated its FY24 guidance to $2.10-$2.35 EPS.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on CTS shares. TD Cowen boosted 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 lowered shares of 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.

CTS Stock Performance

CTS stock traded up $1.08 during midday trading on Friday, reaching $49.59. The company had a trading volume of 246,269 shares, compared to its average volume of 146,136. The firm has a market capitalization of $1.53 billion, a PE ratio of 29.17 and a beta of 0.62. The stock has a 50 day moving average price of $45.33 and a 200 day moving average price of $42.78. CTS has a fifty-two week low of $35.50 and a fifty-two week high of $49.67. The company has a quick ratio of 2.67, a current ratio of 3.32 and a debt-to-equity ratio of 0.13.

CTS (NYSE:CTS) last released its quarterly earnings data on Wednesday, May 1st. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.06. CTS had a return on equity of 12.39% and a net margin of 10.06%. The business had revenue of $125.70 million during the quarter, compared to analyst estimates of $126.75 million. During the same quarter in the previous year, the firm posted $0.61 EPS. The business’s revenue for the quarter was down 13.9% compared to the same quarter last year. Analysts anticipate that CTS will post 2.3 earnings per share for the current year.

CTS Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, April 26th. Stockholders of record on Thursday, March 28th were given 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 dividend yield of 0.32%. CTS’s dividend payout ratio is currently 9.41%.

Insider Buying and Selling at CTS

In other news, CEO Kieran M. O’sullivan sold 14,976 shares of the business’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $47.13, for a total transaction 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 legal filing with the SEC, which is accessible through this link. In other news, CEO Kieran M. O’sullivan sold 14,976 shares of the 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 owns 501,637 shares of the company’s stock, valued at $23,642,151.81. 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 27,905 shares of CTS stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $47.11, for a total transaction of $1,314,604.55. Following the sale, the chief executive officer now owns 455,643 shares in the company, valued at $21,465,341.73. The disclosure for this sale can be found here. Insiders sold 62,602 shares of company stock valued at $2,947,896 in the last ninety days. Company insiders own 2.00% of the company’s stock.

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.