CTS (NYSE:CTS) Updates FY 2024 Earnings Guidance

CTS (NYSE:CTS) issued an update on its FY 2024 earnings guidance on Wednesday morning. 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.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CTS. TD Cowen lifted their price target 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 target price for the company. in a research note on Wednesday, February 7th.

CTS Stock Performance

NYSE CTS traded up $1.08 during trading hours on Friday, hitting $49.59. The company had a trading volume of 246,269 shares, compared to its average volume of 146,136. The business has a 50 day moving average of $45.33 and a 200-day moving average of $42.78. The company has a market cap of $1.53 billion, a PE ratio of 29.17 and a beta of 0.62. CTS has a 1-year low of $35.50 and a 1-year high of $49.67. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.67 and a current ratio of 3.32.

CTS (NYSE:CTS) last announced its 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 during the quarter, compared to analysts’ expectations of $126.75 million. CTS had a return on equity of 12.39% and a net margin of 10.06%. The business’s revenue was down 13.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.61 EPS. As a group, equities research analysts expect that CTS will post 2.3 EPS for the current year.

CTS Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 26th. Stockholders of record on Thursday, March 28th were issued a $0.04 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.32%. CTS’s payout ratio is 9.41%.

Insider Activity at CTS

In related news, CEO Kieran M. O’sullivan sold 14,976 shares of the firm’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $47.13, for a total transaction of $705,818.88. Following the transaction, the chief executive officer now owns 501,637 shares of the company’s stock, valued at $23,642,151.81. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other CTS news, CFO Ashish Agrawal sold 800 shares of the company’s stock in a transaction on Thursday, April 11th. The shares were sold at an average price of $47.00, for a total transaction of $37,600.00. Following the completion of the transaction, the chief financial officer now owns 127,977 shares in the company, valued at approximately $6,014,919. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Kieran M. O’sullivan sold 14,976 shares of CTS stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $47.13, for a total transaction of $705,818.88. Following the completion of the sale, the chief executive officer now directly owns 501,637 shares in the company, valued at approximately $23,642,151.81. The disclosure for this sale can be found here. Insiders sold a total of 62,602 shares of company stock worth $2,947,896 in the last 90 days. 2.00% of the stock is owned by insiders.

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.