CTS (NYSE:CTS – Get Free Report) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $2.05-2.25 for the period, compared to the consensus earnings per share estimate of $2.27. The company issued revenue guidance of $525-540 million, compared to the consensus revenue estimate of $550.70 million. CTS also updated its FY 2024 guidance to 2.050-2.250 EPS.
Analysts Set New Price Targets
Separately, StockNews.com upgraded shares of CTS from a hold rating to a buy rating in a report on Thursday, June 27th.
Read Our Latest Stock Report on CTS
CTS Stock Up 2.4 %
CTS (NYSE:CTS – Get Free Report) last released its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.54 EPS for the quarter, beating the consensus estimate of $0.53 by $0.01. CTS had a return on equity of 12.39% and a net margin of 10.06%. The company had revenue of $130.16 million during the quarter, compared to the consensus estimate of $133.33 million. During the same quarter in the prior year, the firm posted $0.59 EPS. The firm’s revenue for the quarter was down 10.3% compared to the same quarter last year. Sell-side analysts predict that CTS will post 2.22 EPS for the current fiscal year.
CTS Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Friday, July 26th. Shareholders of record on Friday, June 28th were given a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a yield of 0.33%. The ex-dividend date was Friday, June 28th. CTS’s payout ratio is 9.41%.
Insider Buying and Selling
In related news, SVP Martin Baumeister sold 5,733 shares of CTS stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $52.39, for a total value of $300,351.87. Following the transaction, the senior vice president now directly owns 19,811 shares of the company’s stock, valued at $1,037,898.29. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.00% of the stock is owned by company insiders.
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.
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