CTS (NYSE:CTS) Downgraded by Cowen to Market Perform

CTS (NYSE:CTS) was downgraded by analysts at Cowen from an “outperform” rating to a “market perform” rating in a research note issued to investors on Thursday, The Fly reports.

Separately, Zacks Investment Research lowered shares of CTS from a “buy” rating to a “hold” rating in a research report on Monday, October 4th.

NYSE:CTS opened at $31.30 on Thursday. The company has a quick ratio of 2.10, a current ratio of 2.57 and a debt-to-equity ratio of 0.11. The stock’s 50-day moving average price is $33.37 and its 200-day moving average price is $34.11. CTS has a 52 week low of $24.47 and a 52 week high of $39.49. The stock has a market capitalization of $1.01 billion, a PE ratio of 26.08 and a beta of 0.69.

CTS (NYSE:CTS) last released its earnings results on Monday, July 26th. The electronics maker reported $0.52 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.38 by $0.14. CTS had a net margin of 7.86% and a return on equity of 13.16%. The business had revenue of $129.59 million for the quarter, compared to analyst estimates of $122.47 million. During the same period last year, the company posted $0.16 EPS. The business’s revenue was up 53.9% on a year-over-year basis. Sell-side analysts expect that CTS will post 1.8 earnings per share for the current fiscal year.

Several institutional investors have recently added to or reduced their stakes in CTS. Brown Advisory Inc. lifted its position in CTS by 53.3% in the first quarter. Brown Advisory Inc. now owns 559,960 shares of the electronics maker’s stock valued at $17,392,000 after acquiring an additional 194,749 shares during the last quarter. Millennium Management LLC increased its stake in shares of CTS by 269.0% during the first quarter. Millennium Management LLC now owns 195,191 shares of the electronics maker’s stock worth $6,063,000 after acquiring an additional 142,291 shares during the period. FMR LLC increased its stake in shares of CTS by 14.0% during the first quarter. FMR LLC now owns 769,465 shares of the electronics maker’s stock worth $22,599,000 after acquiring an additional 94,428 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in shares of CTS by 268.8% during the first quarter. Arrowstreet Capital Limited Partnership now owns 123,006 shares of the electronics maker’s stock worth $3,821,000 after acquiring an additional 89,649 shares during the period. Finally, Morgan Stanley increased its stake in shares of CTS by 36.5% during the first quarter. Morgan Stanley now owns 239,402 shares of the electronics maker’s stock worth $7,436,000 after acquiring an additional 64,005 shares during the period. 88.98% of the stock is owned by institutional investors and hedge funds.

About CTS

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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