CTS (NYSE:CTS) Announces Quarterly Earnings Results

CTS (NYSE:CTS) issued its quarterly earnings results on Tuesday. The electronics maker reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.06, Zacks reports. The business had revenue of $132.42 million for the quarter. CTS had a return on equity of 11.98% and a net margin of 10.70%. During the same period in the previous year, the company posted $0.54 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 Stock Performance

NYSE CTS traded up $1.03 on Wednesday, hitting $50.76. 213,569 shares of the company’s stock traded hands, compared to its average volume of 148,927. The firm’s 50-day moving average price is $47.77 and its two-hundred day moving average price is $49.14. The firm has a market capitalization of $1.56 billion, a PE ratio of 29.48 and a beta of 0.57. The company has a current ratio of 3.41, a quick ratio of 2.85 and a debt-to-equity ratio of 0.12. CTS has a 1-year low of $35.50 and a 1-year high of $55.47.

CTS Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Friday, September 27th were issued a $0.04 dividend. The ex-dividend date was Friday, September 27th. This represents a $0.16 annualized dividend and a yield of 0.32%. CTS’s dividend payout ratio (DPR) is presently 9.41%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Scotiabank downgraded CTS from a “strong-buy” rating to a “hold” rating in a report on Friday, October 25th. StockNews.com raised shares of CTS from a “hold” rating to a “buy” rating in a report on Thursday, October 10th.

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.