CTS Co. (NYSE:CTS) Sees Significant Decrease in Short Interest

CTS Co. (NYSE:CTS) was the target of a significant decline in short interest in the month of June. As of June 15th, there was short interest totalling 1,000,000 shares, a decline of 10.7% from the May 31st total of 1,120,000 shares. Based on an average daily volume of 147,500 shares, the short-interest ratio is currently 6.8 days. Currently, 3.3% of the shares of the company are short sold.

Insider Buying and Selling

In other news, SVP Martin Baumeister sold 5,733 shares of the company’s stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $52.39, for a total transaction of $300,351.87. Following the completion of the transaction, the senior vice president now directly owns 19,811 shares in the company, valued at $1,037,898.29. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, SVP Martin Baumeister sold 5,733 shares of the business’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $52.39, for a total transaction of $300,351.87. Following the transaction, the senior vice president now owns 19,811 shares in the company, valued at approximately $1,037,898.29. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Ashish Agrawal sold 800 shares of the stock in a transaction dated Thursday, April 11th. The shares were sold at an average price of $47.00, for a total transaction of $37,600.00. Following the completion of the sale, the chief financial officer now owns 127,977 shares of the company’s stock, valued at approximately $6,014,919. The disclosure for this sale can be found here. In the last 90 days, insiders sold 48,780 shares of company stock valued at $2,326,765. Insiders own 2.30% of the company’s stock.

Institutional Trading of CTS

Hedge funds have recently modified their holdings of the stock. Parallel Advisors LLC lifted its holdings in CTS by 245.5% during the 4th quarter. Parallel Advisors LLC now owns 577 shares of the electronics maker’s stock worth $25,000 after buying an additional 410 shares in the last quarter. Central Pacific Bank Trust Division bought a new position in CTS in the first quarter valued at about $46,000. Quadrant Capital Group LLC boosted its holdings in CTS by 25.8% in the fourth quarter. Quadrant Capital Group LLC now owns 1,636 shares of the electronics maker’s stock valued at $72,000 after acquiring an additional 336 shares during the last quarter. Handelsbanken Fonder AB bought a new stake in CTS during the 4th quarter worth about $209,000. Finally, Perpetual Ltd bought a new stake in CTS during the 1st quarter worth about $211,000. 96.87% of the stock is owned by institutional investors.

CTS Price Performance

CTS stock traded up $0.58 during midday trading on Wednesday, reaching $49.87. 53,941 shares of the company’s stock traded hands, compared to its average volume of 151,463. The company has a quick ratio of 2.71, a current ratio of 3.32 and a debt-to-equity ratio of 0.13. The company has a market cap of $1.54 billion, a price-to-earnings ratio of 29.34 and a beta of 0.60. The company has a 50-day simple moving average of $51.10 and a two-hundred day simple moving average of $46.49. CTS has a 1-year low of $35.50 and a 1-year high of $54.73.

CTS (NYSE:CTS) last announced its earnings results on Wednesday, May 1st. The electronics maker reported $0.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.06. The company had revenue of $125.70 million during the quarter, compared to analyst estimates of $126.75 million. CTS had a return on equity of 12.39% and a net margin of 10.06%. The firm’s quarterly revenue was down 13.9% compared to the same quarter last year. During the same period last year, the company posted $0.61 earnings per share. On average, analysts anticipate that CTS will post 2.25 earnings per share for the current year.

CTS Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 26th. Stockholders of record on Friday, June 28th will be given a dividend of $0.04 per share. The ex-dividend date is Friday, June 28th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.32%. CTS’s payout ratio is 9.41%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded CTS from a “hold” rating to a “buy” rating in a research report on Thursday, June 27th.

About CTS

CTS Corporation manufactures and sells sensors, actuators, and connectivity components in North America, Europe, and Asia. The company provides encoders, rotary position sensors, slide potentiometers, industrial and commercial rotary potentiometers. It also provides non-contacting, and contacting pedals; and eBrake pedals.