CTS (NYSE:CTS) Posts Earnings Results, Beats Estimates By $0.01 EPS

CTS (NYSE:CTS) issued its earnings results on Tuesday. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.01, Briefing.com reports. The firm had revenue of $130.16 million for the quarter, compared to analysts’ expectations of $133.33 million. CTS had a return on equity of 11.98% and a net margin of 10.70%. The business’s revenue was down 10.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.59 earnings per share. CTS updated its FY24 guidance to $2.05-2.25 EPS and its FY 2024 guidance to 2.050-2.250 EPS.

CTS Trading Down 3.5 %

CTS stock traded down $1.71 during mid-day trading on Friday, hitting $46.71. The company’s stock had a trading volume of 106,481 shares, compared to its average volume of 156,130. CTS has a one year low of $35.50 and a one year high of $55.47. The stock has a market cap of $1.42 billion, a PE ratio of 28.48 and a beta of 0.59. The company has a 50 day moving average of $51.56 and a 200-day moving average of $47.72. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.71 and a current ratio of 3.41.

CTS Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 26th. Stockholders of record on Friday, June 28th were paid a dividend of $0.04 per share. The ex-dividend date was Friday, June 28th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.34%. CTS’s dividend payout ratio is 9.41%.

Insider Activity

In other CTS news, SVP Martin Baumeister sold 5,733 shares of the company’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $52.39, for a total value of $300,351.87. Following the transaction, the senior vice president now directly owns 19,811 shares in the company, valued at approximately $1,037,898.29. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

Separately, StockNews.com lowered CTS from a “buy” rating to a “hold” rating in a research report on Wednesday.

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.