CTS (NYSE:CTS) Rating Lowered to Hold at Scotiabank

Scotiabank cut shares of CTS (NYSE:CTS) from a strong-buy rating to a hold rating in a research note published on Friday morning, Zacks.com reports.

Separately, StockNews.com raised CTS from a “hold” rating to a “buy” rating in a research report on Thursday, October 10th. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $43.67.

CTS Stock Up 0.7 %

CTS stock opened at $47.73 on Friday. CTS has a fifty-two week low of $35.50 and a fifty-two week high of $55.47. The company’s 50 day moving average price is $47.72 and its 200 day moving average price is $49.06. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.85 and a current ratio of 3.41. The firm has a market capitalization of $1.47 billion, a price-to-earnings ratio of 28.08 and a beta of 0.57.

CTS (NYSE:CTS) last announced its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The business had revenue of $130.16 million for the quarter, compared to analyst estimates of $133.33 million. CTS had a net margin of 10.70% and a return on equity of 11.98%. The company’s revenue was down 10.3% on a year-over-year basis. During the same period last year, the business earned $0.59 EPS. On average, equities research analysts anticipate that CTS will post 2.15 EPS for the current fiscal year.

CTS Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Friday, September 27th were paid a $0.04 dividend. The ex-dividend date was Friday, September 27th. This represents a $0.16 annualized dividend and a yield of 0.34%. CTS’s dividend payout ratio is presently 9.41%.

Institutional Trading of CTS

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in CTS by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 2,805,735 shares of the electronics maker’s stock worth $131,280,000 after buying an additional 33,636 shares during the last quarter. Earnest Partners LLC grew its position in shares of CTS by 3.0% during the second quarter. Earnest Partners LLC now owns 1,735,534 shares of the electronics maker’s stock worth $87,870,000 after acquiring an additional 50,632 shares during the last quarter. Wasatch Advisors LP grew its position in shares of CTS by 160.3% during the first quarter. Wasatch Advisors LP now owns 963,954 shares of the electronics maker’s stock worth $45,103,000 after acquiring an additional 593,641 shares during the last quarter. Tributary Capital Management LLC increased its holdings in shares of CTS by 0.3% in the 2nd quarter. Tributary Capital Management LLC now owns 308,078 shares of the electronics maker’s stock valued at $15,598,000 after acquiring an additional 902 shares during the period. Finally, Heartland Advisors Inc. raised its position in CTS by 1.7% in the 1st quarter. Heartland Advisors Inc. now owns 212,455 shares of the electronics maker’s stock valued at $9,941,000 after purchasing an additional 3,509 shares during the last quarter. Institutional investors and hedge funds own 96.87% of the company’s stock.

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.