CTS (NYSE:CTS) Issues FY24 Earnings Guidance

CTS (NYSE:CTS) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $2.10-$2.35 for the period, compared to the consensus estimate of $2.23. The company issued revenue guidance of $530-$570 million, compared to the consensus revenue estimate of $551.79 million. CTS also updated its FY 2024 guidance to 2.100-2.350 EPS.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CTS. Sidoti lowered shares of CTS from a buy rating to a neutral rating and set a $46.00 target price on the stock. in a research note on Wednesday, February 7th. TD Cowen raised their target price on shares of CTS from $38.00 to $46.00 and gave the stock a market perform rating in a report on Wednesday, February 7th.

CTS Stock Performance

Shares of NYSE CTS opened at $49.59 on Friday. The company has a quick ratio of 2.67, a current ratio of 3.32 and a debt-to-equity ratio of 0.13. The firm’s 50-day moving average price is $45.33 and its two-hundred day moving average price is $42.78. CTS has a 52-week low of $35.50 and a 52-week high of $49.67. The stock has a market capitalization of $1.53 billion, a P/E ratio of 29.17 and a beta of 0.62.

CTS (NYSE:CTS) last issued its earnings results on Wednesday, May 1st. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.06. The firm had revenue of $125.70 million for the quarter, compared to analysts’ expectations of $126.75 million. CTS had a net margin of 10.06% and a return on equity of 12.39%. CTS’s revenue was down 13.9% on a year-over-year basis. During the same quarter last year, the company posted $0.61 earnings per share. As a group, sell-side analysts forecast that CTS will post 2.3 earnings per share for the current year.

CTS Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 26th. Stockholders of record on Thursday, March 28th were issued a dividend of $0.04 per share. 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 dividend payout ratio (DPR) is presently 9.41%.

Insider Activity

In other news, CEO Kieran M. O’sullivan sold 14,976 shares of CTS stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $47.13, for a total transaction of $705,818.88. Following the sale, 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 related news, CEO Kieran M. O’sullivan sold 27,905 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $47.11, for a total transaction of $1,314,604.55. Following the transaction, the chief executive officer now owns 455,643 shares in the company, valued at $21,465,341.73. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Kieran M. O’sullivan sold 14,976 shares of the firm’s stock in a transaction that occurred on Thursday, March 28th. The shares were 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 in the company, valued at approximately $23,642,151.81. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 62,602 shares of company stock valued at $2,947,896. Insiders own 2.00% of the company’s stock.

CTS Company 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.