CTS (NYSE:CTS) Updates FY24 Earnings Guidance

CTS (NYSE:CTS) updated its FY24 earnings guidance on Wednesday. The company provided EPS guidance of $2.10-$2.35 for the period, compared to the consensus EPS estimate of $2.23. The company issued revenue guidance of $530-$570 million, compared to the consensus revenue estimate of $551.79 million. CTS also updated its FY 2024 guidance to 2.100-2.350 EPS.

CTS Stock Up 2.2 %

Shares of CTS opened at $49.59 on Friday. The company has a current ratio of 3.32, a quick ratio of 2.67 and a debt-to-equity ratio of 0.13. The firm has a market cap of $1.53 billion, a P/E ratio of 29.17 and a beta of 0.62. The stock’s 50 day moving average is $45.33 and its two-hundred day moving average is $42.78. CTS has a 12 month low of $35.50 and a 12 month high of $49.67.

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

CTS Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 26th. Investors of record on Thursday, March 28th were given 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 dividend yield of 0.32%. CTS’s dividend payout ratio (DPR) is presently 9.41%.

Analyst Upgrades and Downgrades

CTS has been the topic of several research analyst reports. TD Cowen lifted their price objective on CTS from $38.00 to $46.00 and gave the stock a market perform rating in a report on Wednesday, February 7th. Sidoti cut CTS from a buy rating to a neutral rating and set a $46.00 price target for the company. in a research report on Wednesday, February 7th.

Insider Buying and Selling

In other CTS news, CEO Kieran M. O’sullivan sold 27,905 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $47.11, for a total value of $1,314,604.55. Following the completion of the sale, the chief executive officer now owns 455,643 shares in the company, valued at approximately $21,465,341.73. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other CTS news, CEO Kieran M. O’sullivan sold 27,905 shares of the company’s stock in a transaction 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 completion of the sale, the chief executive officer now directly owns 455,643 shares in the company, valued at approximately $21,465,341.73. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Ashish Agrawal sold 4,504 shares of CTS stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $47.10, for a total value of $212,138.40. Following the transaction, the chief financial officer now owns 128,777 shares in the company, valued at approximately $6,065,396.70. The disclosure for this sale can be found here. Over the last three months, insiders have sold 62,602 shares of company stock worth $2,947,896. 2.00% of the stock is owned by insiders.

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.