CTS Co. (NYSE:CTS) Sees Large Increase in Short Interest

CTS Co. (NYSE:CTS) was the target of a large growth in short interest in June. As of June 30th, there was short interest totalling 647,900 shares, a growth of 45.3% from the May 30th total of 445,900 shares. Based on an average trading volume of 148,600 shares, the short-interest ratio is currently 4.4 days. Currently, 2.0% of the shares of the stock are short sold.

A number of institutional investors have recently made changes to their positions in CTS. Norges Bank bought a new position in CTS in the 4th quarter valued at $11,757,000. Assenagon Asset Management S.A. bought a new position in CTS in the 1st quarter valued at $4,552,000. FMR LLC grew its position in CTS by 14.0% in the 1st quarter. FMR LLC now owns 769,465 shares of the electronics maker’s stock valued at $22,599,000 after acquiring an additional 94,428 shares during the last quarter. First Trust Advisors LP bought a new position in CTS in the 4th quarter valued at $1,845,000. Finally, Bank of Montreal Can grew its position in CTS by 1,477.0% in the 1st quarter. Bank of Montreal Can now owns 61,108 shares of the electronics maker’s stock valued at $1,794,000 after acquiring an additional 57,233 shares during the last quarter. 94.29% of the stock is currently owned by institutional investors.

NYSE:CTS traded down $0.16 during midday trading on Thursday, hitting $27.13. 75,500 shares of the company traded hands, compared to its average volume of 151,277. The firm has a fifty day moving average price of $27.57. CTS has a 12-month low of $24.07 and a 12-month high of $38.00. The stock has a market cap of $917.65 million, a price-to-earnings ratio of 17.73 and a beta of 1.29. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.48 and a quick ratio of 2.05.

CTS (NYSE:CTS) last released its quarterly earnings results on Thursday, April 25th. The electronics maker reported $0.39 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.02. The company had revenue of $117.60 million for the quarter, compared to analyst estimates of $115.90 million. CTS had a return on equity of 14.21% and a net margin of 9.78%. CTS’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.34 EPS. On average, analysts anticipate that CTS will post 1.6 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 26th. Shareholders of record on Friday, June 21st will be given a $0.04 dividend. This represents a $0.16 annualized dividend and a yield of 0.59%. The ex-dividend date of this dividend is Thursday, June 20th. CTS’s dividend payout ratio (DPR) is presently 10.46%.

Several research firms recently weighed in on CTS. Zacks Investment Research lowered i3 Verticals from a “hold” rating to a “sell” rating in a report on Friday, March 15th. Gabelli restated a “hold” rating on shares of Rockwell Automation in a report on Friday, April 26th. Cowen began coverage on Littelfuse in a report on Tuesday, May 21st. They set an “outperform” rating and a $210.00 price target on the stock. Finally, ValuEngine lowered Intersect ENT from a “buy” rating to a “hold” rating in a report on Monday.

CTS Company Profile

CTS Corporation designs, manufactures, and sells a range of sensors, electronic components, and actuators primarily to original equipment manufacturers for the aerospace and defense, industrial, information technology, medical, telecommunications, and transportation markets. It offers sensors and actuators for use in passenger or consumer vehicles; electronic components for use in telecommunications infrastructure, information technology and other high-speed applications, switches, and potentiometers supplied to various markets; and fabricated piezoelectric materials and substrates used primarily in medical, industrial, aerospace and defense, and information technology markets.

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