Harvey Partners LLC Sells 29,500 Shares of CTS Co. (NYSE:CTS)

Harvey Partners LLC lowered its position in CTS Co. (NYSE:CTS) by 7.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 347,000 shares of the electronics maker’s stock after selling 29,500 shares during the quarter. CTS comprises about 1.9% of Harvey Partners LLC’s portfolio, making the stock its 26th largest position. Harvey Partners LLC’s holdings in CTS were worth $16,788,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. Trust Point Inc. lifted its holdings in CTS by 2.1% during the 3rd quarter. Trust Point Inc. now owns 12,861 shares of the electronics maker’s stock valued at $622,000 after purchasing an additional 270 shares during the last quarter. SummerHaven Investment Management LLC lifted its position in CTS by 1.7% during the second quarter. SummerHaven Investment Management LLC now owns 17,529 shares of the electronics maker’s stock valued at $887,000 after acquiring an additional 285 shares during the last quarter. AQR Capital Management LLC lifted its holdings in CTS by 5.8% during the second quarter. AQR Capital Management LLC now owns 5,637 shares of the electronics maker’s stock valued at $285,000 after purchasing an additional 308 shares in the last quarter. GAMMA Investing LLC increased its position in CTS by 132.5% during the third quarter. GAMMA Investing LLC now owns 586 shares of the electronics maker’s stock worth $28,000 after purchasing an additional 334 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in shares of CTS by 3.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 15,372 shares of the electronics maker’s stock valued at $778,000 after acquiring an additional 444 shares during the period. 96.87% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on CTS shares. StockNews.com downgraded shares of CTS from a “buy” rating to a “hold” rating in a report on Thursday, November 7th. Scotiabank downgraded shares of CTS from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 25th.

CTS Price Performance

Shares of NYSE CTS opened at $56.39 on Tuesday. CTS Co. has a 1-year low of $39.15 and a 1-year high of $59.68. The firm has a market capitalization of $1.70 billion, a P/E ratio of 29.06 and a beta of 0.60. The firm’s 50-day moving average price is $51.13 and its 200-day moving average price is $50.26. The company has a current ratio of 2.46, a quick ratio of 1.91 and a debt-to-equity ratio of 0.19.

CTS (NYSE:CTS) last announced its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.06. The business had revenue of $132.42 million during the quarter. CTS had a net margin of 11.66% and a return on equity of 12.39%. During the same quarter in the prior year, the business earned $0.54 EPS. Equities research analysts anticipate that CTS Co. will post 2.15 earnings per share for the current fiscal year.

CTS Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Friday, December 27th will be paid a $0.04 dividend. The ex-dividend date is Friday, December 27th. This represents a $0.16 dividend on an annualized basis and a yield of 0.28%. CTS’s payout ratio is currently 8.25%.

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.