CTS (NYSE:CTS) Issues Quarterly Earnings Results

CTS (NYSE:CTS - Get Free Report) announced its quarterly earnings results on Wednesday. The electronics maker reported $0.47 EPS for the quarter, beating analysts' consensus estimates of $0.41 by $0.06, Briefing.com reports. The firm had revenue of $125.70 million during the quarter, compared to analysts' expectations of $126.75 million. CTS had a net margin of 11.00% and a return on equity of 13.41%. The company's revenue for the quarter was down 13.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.61 earnings per share. 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 $1.09 during midday trading on Thursday, hitting $48.51. The company's stock had a trading volume of 251,450 shares, compared to its average volume of 150,725. CTS has a 1-year low of $35.50 and a 1-year high of $49.02. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.29 and a quick ratio of 2.67. The company has a 50-day moving average price of $45.18 and a two-hundred day moving average price of $42.68. The company has a market cap of $1.49 billion, a price-to-earnings ratio of 25.35 and a beta of 0.62.

CTS Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 26th. Shareholders of record on Thursday, March 28th were paid a $0.04 dividend. This represents a $0.16 annualized dividend and a yield of 0.33%. The ex-dividend date of this dividend was Wednesday, March 27th. CTS's dividend payout ratio (DPR) is 8.33%.

Insiders Place Their Bets

In other CTS news, CFO Ashish Agrawal sold 800 shares of CTS stock in a transaction dated Thursday, April 11th. The shares were sold at an average price of $47.00, for a total value of $37,600.00. Following the completion of the sale, the chief financial officer now owns 127,977 shares in the company, valued at approximately $6,014,919. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other CTS news, CFO Ashish Agrawal sold 800 shares of the firm's stock in a transaction dated Thursday, April 11th. The shares were sold at an average price of $47.00, for a total value of $37,600.00. Following the transaction, the chief financial officer now directly owns 127,977 shares of the company's stock, valued at approximately $6,014,919. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Kieran M. O'sullivan sold 2,064 shares of the firm's stock in a transaction dated Thursday, April 11th. The shares were sold at an average price of $47.00, for a total transaction of $97,008.00. Following the completion of the transaction, the chief executive officer now directly owns 499,498 shares in the company, valued at $23,476,406. The disclosure for this sale can be found here. Insiders sold 62,602 shares of company stock worth $2,947,896 in the last quarter. 2.00% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

CTS has been the subject of a number of research reports. Sidoti cut 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. TD Cowen raised their target price on shares of CTS from $38.00 to $46.00 and gave the stock a "market perform" rating in a research note on Wednesday, February 7th.

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.