Bank of America Corp DE Lowers Position in CTS Co. (NYSE:CTS)

Bank of America Corp DE reduced its position in CTS Co. (NYSE:CTS) by 17.5% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 163,423 shares of the electronics maker’s stock after selling 34,549 shares during the period. Bank of America Corp DE owned 0.54% of CTS worth $8,617,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Raymond James Financial Inc. purchased a new position in shares of CTS in the 4th quarter valued at approximately $15,852,000. Norges Bank acquired a new stake in shares of CTS during the 4th quarter worth approximately $4,439,000. T. Rowe Price Investment Management Inc. grew its stake in shares of CTS by 3.4% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 2,218,002 shares of the electronics maker’s stock worth $116,956,000 after purchasing an additional 73,435 shares during the period. Madison Investment Advisors LLC acquired a new stake in shares of CTS during the 4th quarter worth approximately $3,787,000. Finally, JPMorgan Chase & Co. grew its stake in shares of CTS by 72.5% during the 4th quarter. JPMorgan Chase & Co. now owns 135,969 shares of the electronics maker’s stock worth $7,170,000 after purchasing an additional 57,135 shares during the period. 96.87% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen raised shares of CTS from a “hold” rating to a “buy” rating in a research note on Thursday.

CTS Price Performance

Shares of NYSE CTS opened at $39.63 on Friday. The stock has a market capitalization of $1.18 billion, a price-to-earnings ratio of 20.86 and a beta of 0.76. CTS Co. has a 12 month low of $34.02 and a 12 month high of $59.68. The firm’s 50 day simple moving average is $39.88 and its 200-day simple moving average is $46.90. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.50 and a quick ratio of 1.95.

CTS (NYSE:CTS) last issued its quarterly earnings data on Wednesday, April 30th. The electronics maker reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.05). The firm had revenue of $125.77 million for the quarter, compared to analyst estimates of $128.72 million. CTS had a return on equity of 12.67% and a net margin of 11.27%. Analysts expect that CTS Co. will post 2.28 EPS for the current year.

CTS Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 25th. Investors of record on Friday, June 27th will be paid a $0.04 dividend. The ex-dividend date is Friday, June 27th. This represents a $0.16 dividend on an annualized basis and a yield of 0.40%. CTS’s dividend payout ratio is currently 8.08%.

CTS 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.