CTS (NYSE:CTS) Releases Quarterly Earnings Results

CTS (NYSE:CTS – Get Rating) announced its quarterly earnings results on Thursday. The electronics maker reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.14, MarketWatch Earnings reports. The company had revenue of $147.70 million during the quarter, compared to the consensus estimate of $134.15 million. CTS had a positive return on equity of 13.80% and a negative net margin of 8.16%. The company’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.46 earnings per share. CTS updated its FY22 guidance to $2.20-2.45 EPS.

CTS opened at $34.66 on Friday. CTS has a 12-month low of $28.72 and a 12-month high of $39.49. The stock has a market cap of $1.11 billion, a price-to-earnings ratio of -26.87 and a beta of 0.71. The business has a 50 day moving average of $35.24 and a 200-day moving average of $35.12. The company has a quick ratio of 2.10, a current ratio of 2.53 and a debt-to-equity ratio of 0.11.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 22nd. Stockholders of record on Friday, March 18th were given a $0.04 dividend. The ex-dividend date of this dividend was Thursday, March 17th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.46%. CTS’s payout ratio is -12.40%.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. State of Tennessee Treasury Department lifted its position in shares of CTS by 4.4% in the fourth quarter. State of Tennessee Treasury Department now owns 20,248 shares of the electronics maker’s stock valued at $744,000 after buying an additional 852 shares during the last quarter. Parametric Portfolio Associates LLC lifted its position in shares of CTS by 0.6% in the fourth quarter. Parametric Portfolio Associates LLC now owns 173,987 shares of the electronics maker’s stock valued at $6,389,000 after buying an additional 969 shares during the last quarter. California State Teachers Retirement System lifted its holdings in CTS by 2.7% during the 4th quarter. California State Teachers Retirement System now owns 42,257 shares of the electronics maker’s stock worth $1,552,000 after purchasing an additional 1,098 shares during the last quarter. Deutsche Bank AG lifted its holdings in CTS by 6.7% during the 4th quarter. Deutsche Bank AG now owns 20,103 shares of the electronics maker’s stock worth $738,000 after purchasing an additional 1,258 shares during the last quarter. Finally, Credit Suisse AG lifted its holdings in CTS by 6.9% during the 4th quarter. Credit Suisse AG now owns 24,541 shares of the electronics maker’s stock worth $901,000 after purchasing an additional 1,591 shares during the last quarter. 90.03% of the stock is owned by institutional investors.

A number of research analysts recently issued reports on the company. TheStreet downgraded CTS from a “b-” rating to a “c” rating in a report on Tuesday. StockNews.com downgraded CTS from a “strong-buy” rating to a “buy” rating in a report on Wednesday. Sidoti upgraded CTS from a “neutral” rating to a “buy” rating and set a $40.00 price objective for the company in a report on Monday, January 31st. Finally, Zacks Investment Research raised CTS from a “hold” rating to a “buy” rating and set a $40.00 price target for the company in a research report on Friday, March 4th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $31.75.

About CTS (Get Rating)

CTS Corporation manufactures and sells sensors, actuators, and connectivity components in North America, Europe, and Asia. The company provides sensors and actuators for use in passenger or commercial vehicles; connectivity components for telecommunications infrastructure, information technology, and other high-speed applications; switches, temperature sensors, and potentiometers supplied to multiple markets; and fabricated piezoelectric materials and substrates used primarily in medical, industrial, aerospace and defense, and information technology markets.

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