CTS (NYSE:CTS) Issues FY 2024 Earnings Guidance

CTS (NYSE:CTS) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 2.100-2.350 for the period, compared to the consensus earnings per share estimate of 2.230. The company issued revenue guidance of $530.0 million-$570.0 million, compared to the consensus revenue estimate of $551.8 million. CTS also updated its FY24 guidance to $2.10-$2.35 EPS.

CTS Stock Performance

Shares of NYSE CTS traded up $1.08 during midday trading on Friday, reaching $49.59. 246,269 shares of the stock were exchanged, compared to its average volume of 146,136. The company has a quick ratio of 2.67, a current ratio of 3.32 and a debt-to-equity ratio of 0.13. The firm has a 50-day simple moving average of $45.33 and a two-hundred day simple moving average of $42.78. CTS has a twelve month low of $35.50 and a twelve month high of $49.67. The firm has a market cap of $1.53 billion, a price-to-earnings ratio of 29.17 and a beta of 0.62.

CTS (NYSE:CTS) last released its quarterly earnings results on Wednesday, May 1st. The electronics maker reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.06. CTS had a return on equity of 12.39% and a net margin of 10.06%. The company had revenue of $125.70 million during the quarter, compared to analysts’ expectations of $126.75 million. During the same quarter in the prior year, the firm posted $0.61 EPS. CTS’s quarterly revenue was down 13.9% compared to the same quarter last year. As a group, analysts anticipate that CTS will post 2.3 EPS for the current fiscal year.

CTS Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 26th. Shareholders of record on Thursday, March 28th were paid a dividend of $0.04 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $0.16 annualized dividend and a yield of 0.32%. CTS’s dividend payout ratio (DPR) is currently 9.41%.

Analysts Set New Price Targets

CTS has been the subject of several recent research reports. TD Cowen increased their price target on CTS from $38.00 to $46.00 and gave the company a market perform rating in a report on Wednesday, February 7th. Sidoti downgraded CTS from a buy rating to a neutral rating and set a $46.00 target price for the company. in a research note on Wednesday, February 7th.

Insider Buying and Selling

In other news, CFO Ashish Agrawal sold 4,495 shares of the firm’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $47.03, for a total value of $211,399.85. Following the sale, the chief financial officer now directly owns 120,278 shares in the company, valued at approximately $5,656,674.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Ashish Agrawal sold 4,495 shares of the stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $47.03, for a total value of $211,399.85. Following the transaction, the chief financial officer now owns 120,278 shares in the company, valued at approximately $5,656,674.34. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Kieran M. O’sullivan sold 27,905 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $47.11, for a total value of $1,314,604.55. Following the sale, the chief executive officer now owns 455,643 shares of the company’s stock, valued at approximately $21,465,341.73. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 62,602 shares of company stock worth $2,947,896. Company insiders own 2.00% of the company’s stock.

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.