New York State Teachers Retirement System reduced its position in CTS Co. (NYSE:CTS) by 2.7% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 94,163 shares of the electronics maker’s stock after selling 2,628 shares during the period. New York State Teachers Retirement System’s holdings in CTS were worth $2,597,000 as of its most recent SEC filing.
A number of other institutional investors have also recently made changes to their positions in CTS. Norges Bank bought a new stake in CTS in the fourth quarter valued at about $11,757,000. Assenagon Asset Management S.A. bought a new stake in CTS in the first quarter valued at about $4,552,000. FMR LLC increased its holdings in CTS by 14.0% in the first quarter. FMR LLC now owns 769,465 shares of the electronics maker’s stock valued at $22,599,000 after buying an additional 94,428 shares during the last quarter. Bank of Montreal Can increased its holdings in CTS by 1,477.0% in the first quarter. Bank of Montreal Can now owns 61,108 shares of the electronics maker’s stock valued at $1,794,000 after buying an additional 57,233 shares during the last quarter. Finally, Tributary Capital Management LLC increased its holdings in CTS by 14.1% in the first quarter. Tributary Capital Management LLC now owns 442,294 shares of the electronics maker’s stock valued at $12,990,000 after buying an additional 54,564 shares during the last quarter. 94.49% of the stock is owned by hedge funds and other institutional investors.
CTS stock traded down $0.81 during midday trading on Monday, reaching $28.85. The company had a trading volume of 1,614 shares, compared to its average volume of 142,127. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.60 and a quick ratio of 2.15. The stock’s 50 day moving average price is $28.62. CTS Co. has a fifty-two week low of $24.07 and a fifty-two week high of $37.10. The stock has a market cap of $968.96 million, a price-to-earnings ratio of 18.90 and a beta of 1.28.
CTS (NYSE:CTS) last issued its earnings results on Thursday, July 25th. The electronics maker reported $0.40 EPS for the quarter, beating the Zacks’ consensus estimate of $0.38 by $0.02. CTS had a return on equity of 13.92% and a net margin of 10.72%. The company had revenue of $120.68 million during the quarter, compared to the consensus estimate of $115.10 million. During the same period in the previous year, the firm posted $0.39 earnings per share. CTS’s quarterly revenue was up 2.3% compared to the same quarter last year. As a group, analysts anticipate that CTS Co. will post 1.59 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, July 26th. Shareholders of record on Friday, June 21st were paid a $0.04 dividend. The ex-dividend date of this dividend was Thursday, June 20th. This represents a $0.16 dividend on an annualized basis and a yield of 0.55%. CTS’s payout ratio is currently 10.46%.
CTS has been the subject of several research analyst reports. Cowen initiated coverage on CTS in a report on Tuesday, May 21st. They issued an “outperform” rating and a $34.00 price objective for the company. Zacks Investment Research lowered CTS from a “hold” rating to a “sell” rating in a report on Monday, July 29th. ValuEngine raised CTS from a “sell” rating to a “hold” rating in a report on Monday, July 22nd. Finally, Gabelli reissued a “hold” rating on shares of CTS in a report on Friday, April 26th.
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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