Franklin Resources Inc. Trims Holdings in CTS Co. (NYSE:CTS)

Posted by on May 30th, 2023

Franklin Resources Inc. trimmed its position in CTS Co. (NYSE:CTS – Get Rating) by 36.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 548,399 shares of the electronics maker’s stock after selling 314,110 shares during the period. Franklin Resources Inc. owned about 1.72% of CTS worth $21,618,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CTS. Quadrant Capital Group LLC lifted its holdings in shares of CTS by 516.8% during the 3rd quarter. Quadrant Capital Group LLC now owns 1,030 shares of the electronics maker’s stock worth $43,000 after acquiring an additional 863 shares during the period. Point72 Hong Kong Ltd purchased a new position in shares of CTS during the 2nd quarter worth about $56,000. Robeco Institutional Asset Management B.V. purchased a new position in shares of CTS during the 3rd quarter worth about $82,000. Allspring Global Investments Holdings LLC lifted its holdings in shares of CTS by 64.1% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,140 shares of the electronics maker’s stock worth $89,000 after acquiring an additional 836 shares during the period. Finally, Tower Research Capital LLC TRC lifted its holdings in shares of CTS by 136.5% during the 3rd quarter. Tower Research Capital LLC TRC now owns 3,030 shares of the electronics maker’s stock worth $126,000 after acquiring an additional 1,749 shares during the period. 95.61% of the stock is currently owned by hedge funds and other institutional investors.

CTS Stock Up 2.7 %

Shares of NYSE:CTS opened at $45.88 on Tuesday. The company has a quick ratio of 2.45, a current ratio of 3.05 and a debt-to-equity ratio of 0.16. CTS Co. has a 52-week low of $31.90 and a 52-week high of $49.59. The company has a 50 day moving average of $44.09 and a two-hundred day moving average of $43.36. The company has a market capitalization of $1.45 billion, a price-to-earnings ratio of 25.35 and a beta of 0.75.

CTS (NYSE:CTS – Get Rating) last issued its quarterly earnings data on Thursday, April 27th. The electronics maker reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.02. CTS had a net margin of 9.86% and a return on equity of 15.45%. The company had revenue of $145.99 million during the quarter, compared to the consensus estimate of $142.89 million. During the same quarter last year, the company earned $0.67 earnings per share. CTS’s revenue for the quarter was down 1.2% on a year-over-year basis. As a group, analysts forecast that CTS Co. will post 2.6 earnings per share for the current fiscal year.

CTS Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 28th. Stockholders of record on Friday, June 30th will be given a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.35%. The ex-dividend date is Thursday, June 29th. CTS’s payout ratio is currently 8.84%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. StockNews.com assumed coverage on shares of CTS in a report on Thursday, May 18th. They set a “buy” rating on the stock. Stephens restated an “equal weight” rating and issued a $41.00 price target on shares of CTS in a report on Wednesday, February 8th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $41.50.

CTS Profile

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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.

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Institutional Ownership by Quarter for CTS (NYSE:CTS)

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