CTS Co. (NYSE:CTS – Get Rating) announced a quarterly dividend on Thursday, May 12th, Zacks reports. Investors of record on Friday, June 17th will be paid a dividend of 0.04 per share by the electronics maker on Wednesday, June 22nd. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.44%. The ex-dividend date is Thursday, June 16th.
CTS has a payout ratio of 6.3% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect CTS to earn $2.30 per share next year, which means the company should continue to be able to cover its $0.16 annual dividend with an expected future payout ratio of 7.0%.
Shares of NYSE CTS opened at $36.15 on Friday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.08 and a current ratio of 2.54. The firm has a market capitalization of $1.16 billion, a price-to-earnings ratio of -35.10 and a beta of 0.67. The stock has a 50 day moving average price of $35.28 and a 200 day moving average price of $35.49. CTS has a 52-week low of $28.72 and a 52-week high of $39.49.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in CTS. Norges Bank acquired a new position in shares of CTS in the 4th quarter valued at $11,849,000. BlackRock Inc. increased its position in shares of CTS by 2.2% in the 4th quarter. BlackRock Inc. now owns 5,173,881 shares of the electronics maker’s stock valued at $189,983,000 after acquiring an additional 113,504 shares during the period. Goldman Sachs Group Inc. increased its position in shares of CTS by 3.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,521,723 shares of the electronics maker’s stock valued at $55,877,000 after acquiring an additional 51,319 shares during the period. Vanguard Group Inc. increased its position in shares of CTS by 2.4% in the 1st quarter. Vanguard Group Inc. now owns 2,203,937 shares of the electronics maker’s stock valued at $77,887,000 after acquiring an additional 51,223 shares during the period. Finally, Millennium Management LLC grew its position in CTS by 151.9% during the 3rd quarter. Millennium Management LLC now owns 50,997 shares of the electronics maker’s stock worth $1,576,000 after purchasing an additional 30,751 shares during the period. 91.02% of the stock is currently owned by hedge funds and other institutional investors.
Several analysts have recently commented on CTS shares. 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. Zacks Investment Research lowered CTS from a “buy” rating to a “hold” rating in a report on Tuesday, May 3rd. StockNews.com upgraded CTS from a “buy” rating to a “strong-buy” rating in a report on Friday, May 6th. Finally, TheStreet lowered CTS from a “b-” rating to a “c” rating in a report on Tuesday, April 26th. Two investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, CTS has an average rating of “Buy” and a consensus price target of $31.75.
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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