CTS (NYSE:CTS) Shares Gap Up After Earnings Beat

Shares of CTS Corporation (NYSE:CTS) gapped up prior to trading on Tuesday following a stronger than expected earnings report. The stock had previously closed at $53.92, but opened at $59.96. CTS shares last traded at $56.19, with a volume of 19,047 shares trading hands.

The electronics maker reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.12. The company had revenue of $149.58 million during the quarter, compared to analyst estimates of $145.95 million. CTS had a net margin of 12.37% and a return on equity of 13.48%.

CTS Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 23rd. Shareholders of record on Friday, September 25th were issued a $0.04 dividend. The ex-dividend date of this dividend was Friday, September 25th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.3%. CTS’s dividend payout ratio (DPR) is presently 6.72%.

Analyst Upgrades and Downgrades

CTS has been the topic of a number of research analyst reports. Lake Street Capital started coverage on CTS in a report on Wednesday, September 2nd. They set a “buy” rating and a $67.00 price target on the stock. Weiss Ratings upgraded CTS from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, October 8th. Zacks Research lowered CTS from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 29th. Barrington Research assumed coverage on CTS in a research report on Thursday, September 10th. They issued an “outperform” rating and a $80.00 target price for the company. Finally, Wall Street Zen upgraded shares of CTS from a “hold” rating to a “buy” rating in a research note on Sunday, September 27th. Three analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, CTS currently has a consensus rating of “Moderate Buy” and a consensus target price of $73.50.

Institutional Trading of CTS

Several large investors have recently modified their holdings of the company. BlackRock Inc. bought a new stake in shares of CTS during the 2nd quarter valued at $293,472,000. Bank of New York Mellon Corp purchased a new position in shares of CTS during the second quarter valued at about $14,716,000. Jupiter Topco LLC bought a new stake in CTS in the 2nd quarter worth approximately $11,762,000. Bank of America Corp DE bought a new position in shares of CTS during the 2nd quarter valued at approximately $9,746,000. Finally, Heartland Advisors Inc. purchased a new position in shares of CTS in the second quarter valued at $7,034,000. Institutional investors own 96.87% of the company’s stock.

CTS Stock Performance

The business’s fifty day moving average is $57.67 and its two-hundred day moving average is $56.92. The stock has a market capitalization of $1.62 billion, a PE ratio of 23.89, a price-to-earnings-growth ratio of 1.25 and a beta of 0.99. The company has a quick ratio of 2.07, a current ratio of 2.61 and a debt-to-equity ratio of 0.10.

CTS Company Profile

CTS Corporation (NYSE: CTS) is a designer and manufacturer of sensors, actuators, and electronic components for original equipment manufacturers and industrial customers. The company develops custom-engineered solutions that help measure, control, and manage electrical and mechanical functions in a range of products and systems.

Its offerings include position, pressure, temperature, and motion sensors; piezoelectric and electronic components; switches, controls, and actuators; and other sensing and mechatronic products.