CTS (NYSE:CTS) Issues Earnings Results

CTS (NYSE:CTSGet Free Report) released its quarterly earnings data on Tuesday. The electronics maker reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01, Briefing.com reports. The firm had revenue of $124.69 million for the quarter, compared to analyst estimates of $124.51 million. CTS had a net margin of 11.00% and a return on equity of 13.41%. The business’s quarterly revenue was down 12.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.56 earnings per share. CTS updated its FY24 guidance to $2.10-2.35 EPS and its FY 2024 guidance to 2.100-2.350 EPS.

CTS Stock Performance

CTS opened at $42.75 on Thursday. The company has a quick ratio of 2.60, a current ratio of 3.29 and a debt-to-equity ratio of 0.13. The company has a market cap of $1.33 billion, a price-to-earnings ratio of 22.27 and a beta of 0.61. CTS has a 52-week low of $35.50 and a 52-week high of $49.59. The firm’s fifty day simple moving average is $41.94 and its two-hundred day simple moving average is $41.75.

Hedge Funds Weigh In On CTS

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC lifted its holdings in CTS by 140.3% during the first quarter. Tower Research Capital LLC TRC now owns 728 shares of the electronics maker’s stock valued at $36,000 after purchasing an additional 425 shares in the last quarter. FMR LLC lifted its holdings in CTS by 39.1% during the first quarter. FMR LLC now owns 986 shares of the electronics maker’s stock valued at $49,000 after purchasing an additional 277 shares in the last quarter. Point72 Hong Kong Ltd purchased a new position in CTS during the second quarter valued at $56,000. Lazard Asset Management LLC lifted its stake in shares of CTS by 218.5% in the fourth quarter. Lazard Asset Management LLC now owns 4,112 shares of the electronics maker’s stock worth $162,000 after buying an additional 2,821 shares in the last quarter. Finally, Atria Wealth Solutions Inc. purchased a new position in shares of CTS in the first quarter worth about $214,000. 92.57% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. StockNews.com lowered shares of CTS from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. Sidoti lowered shares of CTS from a “buy” rating to a “neutral” rating and set a $46.00 price target on the stock. in a research report on Wednesday. TD Cowen raised their price target on shares of CTS from $38.00 to $46.00 and gave the company a “market perform” rating in a research report on Wednesday. Finally, Stephens dropped their price target on shares of CTS from $41.00 to $39.00 and set an “equal weight” rating on the stock in a research report on Friday, October 27th.

Check Out Our Latest Research Report on CTS

CTS Company Profile

(Get Free Report)

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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Earnings History for CTS (NYSE:CTS)

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