CTS (NYSE:CTS) Updates FY 2022 Earnings Guidance

CTS (NYSE:CTSGet Rating) issued an update on its FY 2022 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of $2.20-$2.45 for the period, compared to the consensus estimate of $2.16. The company issued revenue guidance of $550.00 million-$580.00 million, compared to the consensus revenue estimate of $551.47 million.

Shares of NYSE:CTS opened at $36.03 on Tuesday. The company’s 50-day simple moving average is $35.22. The company has a quick ratio of 2.08, a current ratio of 2.54 and a debt-to-equity ratio of 0.10. The firm has a market cap of $1.16 billion, a price-to-earnings ratio of -34.98 and a beta of 0.67. CTS has a 1 year low of $28.72 and a 1 year high of $39.49.

CTS (NYSE:CTSGet Rating) last issued its quarterly earnings results on Thursday, April 28th. The electronics maker reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.14. The company had revenue of $147.70 million for the quarter, compared to the consensus estimate of $134.15 million. CTS had a positive return on equity of 14.93% and a negative net margin of 6.32%. CTS’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.46 earnings per share. On average, equities analysts predict that CTS will post 2.33 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 22nd. Investors of record on Friday, March 18th were given a dividend of $0.04 per share. The ex-dividend date of this dividend was Thursday, March 17th. This represents a $0.16 dividend on an annualized basis and a yield of 0.44%. CTS’s payout ratio is -15.53%.

A number of equities research analysts have recently weighed in on the company. Sidoti raised CTS from a neutral rating to a buy rating and set a $40.00 price objective for the company in a research note on Monday, January 31st. StockNews.com raised CTS from a buy rating to a strong-buy rating in a report on Friday. TheStreet downgraded CTS from a b- rating to a c rating in a report on Tuesday, April 26th. Finally, Zacks Investment Research downgraded CTS from a buy rating to a hold rating in a report on Tuesday, May 3rd. Two research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of Buy and an average price target of $31.75.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Morgan Stanley lifted its stake in CTS by 8.0% in the 3rd quarter. Morgan Stanley now owns 196,889 shares of the electronics maker’s stock valued at $6,085,000 after buying an additional 14,644 shares in the last quarter. Millennium Management LLC grew its stake in shares of CTS by 151.9% during the third quarter. Millennium Management LLC now owns 50,997 shares of the electronics maker’s stock valued at $1,576,000 after acquiring an additional 30,751 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of CTS by 3.6% during the third quarter. Bank of New York Mellon Corp now owns 396,639 shares of the electronics maker’s stock worth $12,261,000 after purchasing an additional 13,831 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in CTS by 186.4% in the fourth quarter. JPMorgan Chase & Co. now owns 43,742 shares of the electronics maker’s stock worth $1,607,000 after acquiring an additional 28,467 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of CTS by 1.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 313,359 shares of the electronics maker’s stock valued at $11,507,000 after buying an additional 5,869 shares during the last quarter. Institutional investors own 91.02% of the company’s stock.

CTS Company Profile (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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