CTS (NYSE:CTS) Updates FY 2024 Earnings Guidance

CTS (NYSE:CTS) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 2.050-2.250 for the period, compared to the consensus EPS estimate of 2.210. The company issued revenue guidance of $515.0 million-$525.0 million, compared to the consensus revenue estimate of $526.6 million. CTS also updated its FY24 guidance to $2.05-2.25 EPS.

Analysts Set New Price Targets

A number of analysts have recently weighed in on CTS shares. Scotiabank lowered CTS from a “strong-buy” rating to a “hold” rating in a research note on Friday. StockNews.com upgraded CTS from a “hold” rating to a “buy” rating in a research report on Thursday, October 10th.

CTS Stock Up 1.6 %

CTS traded up $0.79 during trading hours on Tuesday, hitting $49.33. 85,323 shares of the company’s stock were exchanged, compared to its average volume of 147,961. The company has a quick ratio of 2.85, a current ratio of 3.41 and a debt-to-equity ratio of 0.12. The stock’s 50-day moving average is $47.72 and its two-hundred day moving average is $49.11. The stock has a market cap of $1.52 billion, a price-to-earnings ratio of 28.55 and a beta of 0.57. CTS has a 1-year low of $35.50 and a 1-year high of $55.47.

CTS (NYSE:CTS) last issued its earnings results on Tuesday, July 30th. The electronics maker reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. The business had revenue of $130.16 million for the quarter, compared to the consensus estimate of $133.33 million. CTS had a net margin of 10.70% and a return on equity of 11.98%. The firm’s revenue for the quarter was down 10.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.59 earnings per share. Sell-side analysts predict that CTS will post 2.15 earnings per share for the current fiscal year.

CTS Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Stockholders of record on Friday, September 27th were issued a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.32%. The ex-dividend date was Friday, September 27th. CTS’s dividend payout ratio is presently 9.41%.

CTS Company Profile

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.