CTS (NYSE:CTS) Announces Earnings Results, Beats Expectations By $0.02 EPS

CTS (NYSE:CTS) posted its earnings results on Tuesday. The electronics maker reported $0.62 EPS for the quarter, topping the consensus estimate of $0.60 by $0.02, FiscalAI reports. CTS had a net margin of 11.14% and a return on equity of 11.92%. The firm had revenue of $137.27 million for the quarter, compared to the consensus estimate of $135.86 million.

CTS Stock Down 0.2%

Shares of CTS stock opened at $55.65 on Tuesday. CTS has a 12 month low of $34.02 and a 12 month high of $56.15. The company has a quick ratio of 2.12, a current ratio of 2.64 and a debt-to-equity ratio of 0.17. The firm has a market cap of $1.62 billion, a PE ratio of 28.25, a price-to-earnings-growth ratio of 1.45 and a beta of 0.89. The stock has a 50 day moving average of $46.98 and a 200-day moving average of $43.14.

CTS declared that its Board of Directors has approved a stock buyback program on Friday, November 7th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the electronics maker to repurchase up to 8.5% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On CTS

Large investors have recently bought and sold shares of the stock. Horizon Investments LLC grew its position in CTS by 14.0% in the 3rd quarter. Horizon Investments LLC now owns 13,453 shares of the electronics maker’s stock worth $537,000 after purchasing an additional 1,653 shares during the last quarter. Entropy Technologies LP acquired a new stake in CTS during the third quarter worth about $341,000. Captrust Financial Advisors increased its stake in CTS by 12.1% during the second quarter. Captrust Financial Advisors now owns 8,113 shares of the electronics maker’s stock valued at $346,000 after acquiring an additional 876 shares during the period. Lazard Asset Management LLC raised its holdings in CTS by 4.3% in the 2nd quarter. Lazard Asset Management LLC now owns 31,664 shares of the electronics maker’s stock valued at $1,349,000 after acquiring an additional 1,299 shares in the last quarter. Finally, Jane Street Group LLC lifted its position in shares of CTS by 19.0% in the 1st quarter. Jane Street Group LLC now owns 59,694 shares of the electronics maker’s stock worth $2,480,000 after acquiring an additional 9,530 shares during the period. 96.87% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “hold (c)” rating on shares of CTS in a research note on Wednesday, January 21st. One research analyst has rated the stock with a Hold rating, According to MarketBeat.com, CTS has a consensus rating of “Hold”.

About CTS

CTS Corporation (NYSE:CTS) is a global manufacturer and supplier of electronic components and sensors, headquartered in Lisle, Illinois. Established in 1896 as the Chicago Telephone Supply Company, the firm has evolved over more than a century to become a diversified provider of high-precision products for a wide range of end markets.

The company’s core business encompasses the design, development and production of sensors and actuators, frequency control devices such as quartz crystals and filters, multilayer ceramic capacitors, and inductive components.