CTS (NYSE:CTS) Sets New 12-Month High – Here’s Why

CTS Corporation (NYSE:CTS)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $52.80 and last traded at $50.9850, with a volume of 21485 shares trading hands. The stock had previously closed at $51.07.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on CTS shares. Wall Street Zen lowered CTS from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 4th. Weiss Ratings restated a “hold (c)” rating on shares of CTS in a report on Wednesday, January 21st. One analyst has rated the stock with a Hold rating, According to MarketBeat.com, the company presently has a consensus rating of “Hold”.

CTS Stock Performance

The firm’s fifty day moving average price is $45.36 and its 200 day moving average price is $42.49. The firm has a market cap of $1.49 billion, a P/E ratio of 26.12, a price-to-earnings-growth ratio of 1.31 and a beta of 0.91. The company has a debt-to-equity ratio of 0.17, a quick ratio of 2.12 and a current ratio of 2.64.

CTS (NYSE:CTS) last issued its quarterly earnings data on Tuesday, October 28th. The electronics maker reported $0.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.61 by ($0.01). The business had revenue of $142.97 million for the quarter, compared to analysts’ expectations of $136.40 million. CTS had a net margin of 11.14% and a return on equity of 11.92%. Sell-side analysts expect that CTS Corporation will post 2.28 EPS for the current fiscal year.

CTS Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 23rd. Shareholders of record on Friday, December 26th were issued a $0.04 dividend. The ex-dividend date was Friday, December 26th. This represents a $0.16 dividend on an annualized basis and a yield of 0.3%. CTS’s payout ratio is currently 8.12%.

CTS announced that its board has approved a stock buyback plan on Friday, November 7th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the electronics maker to purchase up to 8.5% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its stock is undervalued.

Institutional Investors Weigh In On CTS

Several institutional investors have recently bought and sold shares of CTS. Royal Bank of Canada increased its position in shares of CTS by 11.2% during the first quarter. Royal Bank of Canada now owns 7,036 shares of the electronics maker’s stock worth $292,000 after purchasing an additional 710 shares in the last quarter. SG Americas Securities LLC grew its stake in CTS by 90.9% during the 2nd quarter. SG Americas Securities LLC now owns 6,905 shares of the electronics maker’s stock worth $294,000 after buying an additional 3,287 shares during the last quarter. Entropy Technologies LP acquired a new position in CTS during the 3rd quarter valued at about $341,000. Captrust Financial Advisors boosted its holdings in CTS by 12.1% in the second quarter. Captrust Financial Advisors now owns 8,113 shares of the electronics maker’s stock worth $346,000 after acquiring an additional 876 shares in the last quarter. Finally, AQR Capital Management LLC boosted its holdings in CTS by 19.4% in the first quarter. AQR Capital Management LLC now owns 9,576 shares of the electronics maker’s stock worth $398,000 after acquiring an additional 1,558 shares in the last quarter. 96.87% of the stock is currently owned by institutional investors and hedge funds.

About CTS

CTS Corporation (NYSE:CTS) is a global manufacturer and supplier of electronic components and sensors, headquartered in Lisle, Illinois. Established in 1896 as the Chicago Telephone Supply Company, the firm has evolved over more than a century to become a diversified provider of high-precision products for a wide range of end markets.

The company’s core business encompasses the design, development and production of sensors and actuators, frequency control devices such as quartz crystals and filters, multilayer ceramic capacitors, and inductive components.