CTS (NYSE:CTS) Releases FY24 Earnings Guidance

CTS (NYSE:CTS) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $2.10-$2.35 for the period, compared to the consensus estimate of $2.23. The company issued revenue guidance of $530-$570 million, compared to the consensus revenue estimate of $551.79 million.

CTS Price Performance

Shares of NYSE CTS opened at $45.78 on Wednesday. The stock has a market cap of $1.40 billion, a PE ratio of 23.84 and a beta of 0.61. CTS has a fifty-two week low of $35.50 and a fifty-two week high of $47.90. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.67 and a current ratio of 3.29. The stock has a fifty day moving average of $45.13 and a 200-day moving average of $42.64.

CTS (NYSE:CTS) last announced its quarterly earnings results on Tuesday, February 6th. The electronics maker reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.01. The company had revenue of $124.69 million during the quarter, compared to analysts’ expectations of $124.51 million. CTS had a return on equity of 13.41% and a net margin of 11.00%. The firm’s quarterly revenue was down 12.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.56 earnings per share. Equities research analysts anticipate that CTS will post 2.3 earnings per share for the current year.

CTS Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 26th. Investors of record on Thursday, March 28th were paid a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a yield of 0.35%. The ex-dividend date of this dividend was Wednesday, March 27th. CTS’s dividend payout ratio is 8.33%.

Analyst Ratings Changes

Several research firms recently issued reports on CTS. TD Cowen lifted their price objective on CTS from $38.00 to $46.00 and gave the company a market perform rating in a research note on Wednesday, February 7th. Sidoti lowered CTS from a buy rating to a neutral rating and set a $46.00 price target for the company. in a research note on Wednesday, February 7th.

Insider Activity

In related news, CEO Kieran M. O’sullivan sold 2,064 shares of the business’s stock in a transaction dated Thursday, April 11th. The stock was sold at an average price of $47.00, for a total transaction of $97,008.00. Following the transaction, the chief executive officer now owns 499,498 shares in the company, valued at approximately $23,476,406. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CEO Kieran M. O’sullivan sold 2,064 shares of the business’s stock in a transaction that occurred on Thursday, April 11th. The stock was sold at an average price of $47.00, for a total value of $97,008.00. Following the sale, the chief executive officer now directly owns 499,498 shares of the company’s stock, valued at approximately $23,476,406. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Kieran M. O’sullivan sold 14,976 shares of the company’s stock in a transaction that occurred on Thursday, March 28th. The shares were 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 directly owns 501,637 shares in the company, valued at $23,642,151.81. The disclosure for this sale can be found here. In the last quarter, insiders sold 22,419 shares of company stock valued at $1,056,090. Insiders own 2.30% 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.