CTS Corporation (CTS) Sets New 1-Year High on Strong Earnings

Shares of CTS Corporation (NYSE:CTS) hit a new 52-week high during mid-day trading on Thursday following a stronger than expected earnings report. The company traded as high as $26.15 and last traded at $26.20, with a volume of 44,202 shares changing hands. The stock had previously closed at $25.35.

The electronics maker reported $0.31 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.29 by $0.02. The business had revenue of $106.20 million for the quarter, compared to analyst estimates of $105.56 million. CTS Corporation had a net margin of 7.49% and a return on equity of 11.54%. The company’s revenue was up 6.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.28 EPS.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 3rd. Stockholders of record on Friday, September 29th will be issued a dividend of $0.04 per share. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $0.16 annualized dividend and a dividend yield of 0.61%. CTS Corporation’s payout ratio is currently 17.58%.

Separately, BidaskClub upgraded shares of CTS Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, August 8th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $24.50.

Hedge funds have recently made changes to their positions in the company. Victory Capital Management Inc. purchased a new position in shares of CTS Corporation during the 1st quarter worth about $123,000. SG Americas Securities LLC lifted its holdings in shares of CTS Corporation by 7.5% during the 1st quarter. SG Americas Securities LLC now owns 6,463 shares of the electronics maker’s stock worth $138,000 after acquiring an additional 449 shares during the period. Mason Street Advisors LLC lifted its holdings in shares of CTS Corporation by 7.0% during the 1st quarter. Mason Street Advisors LLC now owns 7,661 shares of the electronics maker’s stock worth $163,000 after acquiring an additional 502 shares during the period. Cigna Investments Inc. New purchased a new position in shares of CTS Corporation during the 2nd quarter worth about $227,000. Finally, OppenheimerFunds Inc. lifted its holdings in shares of CTS Corporation by 35.1% during the 1st quarter. OppenheimerFunds Inc. now owns 13,811 shares of the electronics maker’s stock worth $294,000 after acquiring an additional 3,585 shares during the period. Institutional investors and hedge funds own 93.36% of the company’s stock.

The company has a market cap of $864.49 million, a price-to-earnings ratio of 28.81 and a beta of 1.22. The firm has a 50-day moving average of $24.27 and a 200 day moving average of $22.32.

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About CTS Corporation

CTS Corporation is a manufacturer of sensors, electronic components and actuators. The Company designs, manufactures and sells a line of sensors, electronic components and actuators primarily to original equipment manufacturers (OEMs) for the transportation, industrial, medical, information technology, defense and aerospace, and communications markets.

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