MetLife Investment Management LLC Increases Stock Holdings in CTS Co. (NYSE:CTS)

Posted by Defense World Staff on Mar 2nd, 2023

MetLife Investment Management LLC lifted its position in CTS Co. (NYSE:CTS – Get Rating) by 6.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 16,817 shares of the electronics maker’s stock after purchasing an additional 956 shares during the quarter. MetLife Investment Management LLC owned about 0.05% of CTS worth $700,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Price T Rowe Associates Inc. MD grew its holdings in shares of CTS by 1.9% in the second quarter. Price T Rowe Associates Inc. MD now owns 3,150,545 shares of the electronics maker’s stock valued at $107,276,000 after purchasing an additional 59,524 shares during the period. Vanguard Group Inc. increased its position in shares of CTS by 2.4% during the first quarter. Vanguard Group Inc. now owns 2,203,937 shares of the electronics maker’s stock valued at $77,887,000 after acquiring an additional 51,223 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of CTS by 0.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,554,613 shares of the electronics maker’s stock valued at $64,752,000 after acquiring an additional 14,311 shares during the period. Brown Advisory Inc. lifted its holdings in shares of CTS by 2.1% in the 2nd quarter. Brown Advisory Inc. now owns 1,288,470 shares of the electronics maker’s stock worth $43,872,000 after acquiring an additional 26,104 shares during the last quarter. Finally, State Street Corp boosted its position in shares of CTS by 1.9% during the 2nd quarter. State Street Corp now owns 1,097,019 shares of the electronics maker’s stock worth $37,397,000 after purchasing an additional 20,369 shares during the period. Hedge funds and other institutional investors own 95.61% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Jefferies Financial Group began coverage on CTS in a research report on Tuesday, November 22nd. They set a “hold” rating and a $44.00 price target for the company. Stephens reiterated an “equal weight” rating and set a $41.00 price target on shares of CTS in a research note on Wednesday, February 8th. Finally, StockNews.com lowered shares of CTS from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, February 8th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $41.50.

Insider Activity

In related news, CEO Kieran M. O’sullivan sold 15,979 shares of the business’s stock in a transaction that occurred on Thursday, February 2nd. The stock was sold at an average price of $47.00, for a total transaction of $751,013.00. Following the completion of the sale, the chief executive officer now owns 481,807 shares in the company, valued at $22,644,929. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CEO Kieran M. O’sullivan sold 2,746 shares of the business’s stock in a transaction that occurred on Monday, January 23rd. The stock was sold at an average price of $47.00, for a total transaction of $129,062.00. Following the completion of the sale, the chief executive officer now owns 498,035 shares in the company, valued at $23,407,645. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Kieran M. O’sullivan sold 15,979 shares of the business’s stock in a transaction that occurred on Thursday, February 2nd. The stock was sold at an average price of $47.00, for a total value of $751,013.00. Following the sale, the chief executive officer now owns 481,807 shares of the company’s stock, valued at approximately $22,644,929. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 18,759 shares of company stock worth $881,673. 2.00% of the stock is currently owned by insiders.

CTS Stock Up 2.6 %

CTS stock opened at $44.43 on Thursday. The company’s 50 day moving average price is $43.70 and its 200 day moving average price is $42.43. The firm has a market capitalization of $1.41 billion, a price-to-earnings ratio of 23.89 and a beta of 0.73. CTS Co. has a fifty-two week low of $31.90 and a fifty-two week high of $48.18. The company has a debt-to-equity ratio of 0.17, a quick ratio of 2.34 and a current ratio of 2.89.

CTS (NYSE:CTS – Get Rating) last announced its quarterly earnings data on Tuesday, February 7th. The electronics maker reported $0.56 EPS for the quarter, meeting analysts’ consensus estimates of $0.56. The company had revenue of $142.28 million for the quarter, compared to the consensus estimate of $148.56 million. CTS had a net margin of 10.15% and a return on equity of 16.14%. The company’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.49 EPS. On average, equities research analysts anticipate that CTS Co. will post 2.55 EPS for the current fiscal year.

CTS Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 28th. Stockholders of record on Friday, March 31st will be given a dividend of $0.04 per share. The ex-dividend date is Thursday, March 30th. This represents a $0.16 annualized dividend and a dividend yield of 0.36%. CTS’s dividend payout ratio is currently 8.60%.

About CTS

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CTS Corp. engages in the design and manufacture of sensors, connectivity components, and actuators. Its products include controls, pedals, piezo sensing products, sensors, switches, transducers, electromagnetic and radio frequency interference filters, capacitors, frequency control, resistors, piezo microactuators, and rotary microactuators.