Sidoti Lowers CTS Corp. (CTS) to Neutral
CTS Corp. (NYSE:CTS) was downgraded by investment analysts at Sidoti from a “buy” rating to a “neutral” rating in a research note issued to investors on Tuesday.
Several other research firms have also recently commented on CTS. B. Riley initiated coverage on CTS Corp. in a research note on Tuesday, November 15th. They issued a “buy” rating and a $22.00 target price on the stock. TheStreet cut CTS Corp. from a “buy” rating to a “hold” rating in a research note on Friday, October 28th.
Shares of CTS Corp. (NYSE:CTS) traded down 2.01% during trading on Tuesday, reaching $21.95. 36,952 shares of the company traded hands. The stock’s 50 day moving average price is $18.53 and its 200-day moving average price is $18.49. CTS Corp. has a 12 month low of $12.87 and a 12 month high of $22.80. The stock has a market cap of $719.08 million, a P/E ratio of 57.76 and a beta of 1.22.
CTS Corp. (NYSE:CTS) last posted its earnings results on Friday, October 28th. The company reported $0.28 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.24 by $0.04. The company earned $99.70 million during the quarter, compared to analyst estimates of $97.54 million. CTS Corp. had a return on equity of 11.19% and a net margin of 3.20%. The company’s revenue for the quarter was up 10.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.23 EPS. On average, equities research analysts expect that CTS Corp. will post $1.05 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 27th. Stockholders of record on Friday, December 23rd will be paid a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.71%. The ex-dividend date of this dividend is Wednesday, December 21st. CTS Corp.’s dividend payout ratio is currently 43.24%.
Large investors have recently made changes to their positions in the company. SG Americas Securities LLC bought a new stake in shares of CTS Corp. during the third quarter worth about $101,000. Mason Street Advisors LLC bought a new stake in shares of CTS Corp. during the second quarter worth about $115,000. Municipal Employees Retirement System of Michigan boosted its stake in shares of CTS Corp. by 1.7% in the third quarter. Municipal Employees Retirement System of Michigan now owns 7,270 shares of the company’s stock worth $135,000 after buying an additional 120 shares in the last quarter. Acrospire Investment Management LLC boosted its stake in shares of CTS Corp. by 197.6% in the second quarter. Acrospire Investment Management LLC now owns 7,831 shares of the company’s stock worth $140,000 after buying an additional 5,200 shares in the last quarter. Finally, BlackRock Inc. boosted its stake in shares of CTS Corp. by 261.1% in the second quarter. BlackRock Inc. now owns 9,352 shares of the company’s stock worth $168,000 after buying an additional 6,762 shares in the last quarter. Institutional investors own 92.14% of the company’s stock.
About CTS Corp.
CTS Corporation (CTS) is a global 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 automotive, communications, defense and aerospace, medical, industrial and computer markets.
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