CTS (NYSE:CTS) Shares Gap Down to $31.30

CTS Co. (NYSE:CTS)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $31.30, but opened at $30.58. CTS shares last traded at $28.64, with a volume of 270 shares trading hands.

A number of brokerages have commented on CTS. Cowen cut CTS from an “outperform” rating to a “market perform” rating and lowered their target price for the company from $40.00 to $34.00 in a report on Thursday. Zacks Investment Research cut CTS from a “buy” rating to a “hold” rating in a report on Monday, October 4th.

The firm has a fifty day moving average price of $33.37 and a 200-day moving average price of $34.11. The company has a quick ratio of 2.10, a current ratio of 2.57 and a debt-to-equity ratio of 0.11. The firm has a market cap of $979.30 million, a price-to-earnings ratio of 23.87 and a beta of 0.69.

CTS (NYSE:CTS) last posted its quarterly earnings data on Monday, July 26th. The electronics maker reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.14. CTS had a return on equity of 13.16% and a net margin of 7.86%. The business had revenue of $129.59 million for the quarter, compared to analysts’ expectations of $122.47 million. During the same quarter last year, the firm earned $0.16 earnings per share. The business’s revenue was up 53.9% on a year-over-year basis. Equities research analysts anticipate that CTS Co. will post 1.8 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 5th. Stockholders of record on Friday, October 1st will be issued a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a dividend yield of 0.53%. The ex-dividend date is Thursday, September 30th. CTS’s dividend payout ratio (DPR) is 14.29%.

Several hedge funds have recently bought and sold shares of CTS. FMR LLC boosted its holdings in shares of CTS by 14.0% during the first quarter. FMR LLC now owns 769,465 shares of the electronics maker’s stock worth $22,599,000 after purchasing an additional 94,428 shares during the last quarter. Swiss National Bank boosted its holdings in shares of CTS by 1.1% during the first quarter. Swiss National Bank now owns 66,400 shares of the electronics maker’s stock worth $2,062,000 after purchasing an additional 700 shares during the last quarter. Russell Investments Group Ltd. raised its position in shares of CTS by 71.8% in the 1st quarter. Russell Investments Group Ltd. now owns 69,407 shares of the electronics maker’s stock worth $2,154,000 after buying an additional 29,011 shares during the period. New York State Common Retirement Fund raised its position in shares of CTS by 5.4% in the 1st quarter. New York State Common Retirement Fund now owns 29,200 shares of the electronics maker’s stock worth $907,000 after buying an additional 1,500 shares during the period. Finally, Acadian Asset Management LLC raised its position in shares of CTS by 136.2% in the 1st quarter. Acadian Asset Management LLC now owns 20,416 shares of the electronics maker’s stock worth $635,000 after buying an additional 11,773 shares during the period. Institutional investors and hedge funds own 88.98% of the company’s stock.

About CTS (NYSE:CTS)

CTS Corp. engages in the design and manufacture of sensors, connectivity components, and actuators. Its products include controls, pedals, piezo sensing products, sensors, switches, transducers, electromagnetic and radio frequency interference filters, capacitors, frequency control, resistors, piezo microactuators, and rotary microactuators.

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