CTS (NYSE:CTS) Announces Earnings Results

CTS (NYSE:CTS) announced its quarterly earnings results on Tuesday. The electronics maker reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.02, FiscalAI reports. The company had revenue of $137.27 million for the quarter, compared to analyst estimates of $135.86 million. CTS had a net margin of 11.14% and a return on equity of 11.92%.

CTS Trading Down 0.2%

NYSE CTS opened at $55.65 on Tuesday. CTS has a 52 week low of $34.02 and a 52 week high of $56.15. The company has a current ratio of 2.64, a quick ratio of 2.12 and a debt-to-equity ratio of 0.17. The stock has a market cap of $1.62 billion, a P/E ratio of 28.25, a PEG ratio of 1.45 and a beta of 0.89. The company’s fifty day simple moving average is $46.98 and its 200-day simple moving average is $43.14.

Analyst Ratings Changes

Separately, Weiss Ratings reissued a “hold (c)” rating on shares of CTS in a research report on Wednesday, January 21st. One research analyst has rated the stock with a Hold rating, According to MarketBeat.com, the stock has a consensus rating of “Hold”.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CTS. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in CTS by 11.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 70,298 shares of the electronics maker’s stock worth $2,921,000 after purchasing an additional 7,144 shares during the period. Jane Street Group LLC grew its holdings in shares of CTS by 19.0% during the first quarter. Jane Street Group LLC now owns 59,694 shares of the electronics maker’s stock valued at $2,480,000 after purchasing an additional 9,530 shares during the last quarter. Lazard Asset Management LLC lifted its holdings in shares of CTS by 4.3% in the 2nd quarter. Lazard Asset Management LLC now owns 31,664 shares of the electronics maker’s stock worth $1,349,000 after purchasing an additional 1,299 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in CTS by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,904 shares of the electronics maker’s stock valued at $744,000 after buying an additional 785 shares during the last quarter. Finally, Horizon Investments LLC boosted its stake in CTS by 14.0% during the 3rd quarter. Horizon Investments LLC now owns 13,453 shares of the electronics maker’s stock valued at $537,000 after purchasing an additional 1,653 shares during the period. 96.87% of the stock is currently owned by institutional investors.

CTS announced that its board has initiated a share repurchase plan on Friday, November 7th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the electronics maker to reacquire up to 8.5% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

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.