CTS (NYSE:CTS) Downgraded by Scotiabank to Hold

Scotiabank downgraded shares of CTS (NYSE:CTS - Free Report) from a strong-buy rating to a hold rating in a report released on Friday morning, Zacks.com reports.

Separately, StockNews.com upgraded shares of CTS from a "hold" rating to a "buy" rating in a research note on Thursday, October 10th. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $43.67.

CTS Stock Up 0.7 %

Shares of CTS stock traded up $0.33 during trading hours on Friday, reaching $47.75. 99,709 shares of the company were exchanged, compared to its average volume of 148,213. 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 stock's fifty day moving average is $47.72 and its 200 day moving average is $49.07. The firm has a market cap of $1.47 billion, a PE ratio of 28.09 and a beta of 0.57. CTS has a 1 year low of $35.50 and a 1 year high of $55.47.

CTS (NYSE:CTS - Get Free Report) last issued its earnings results on Tuesday, July 30th. The electronics maker reported $0.54 EPS for the quarter, topping analysts' consensus estimates of $0.53 by $0.01. The firm had revenue of $130.16 million during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.59 earnings per share. As a group, equities research analysts forecast that CTS will post 2.15 earnings per share for the current year.

CTS Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 25th. Stockholders of record on Friday, September 27th were paid a dividend of $0.04 per share. The ex-dividend date was Friday, September 27th. This represents a $0.16 annualized dividend and a dividend yield of 0.34%. CTS's dividend payout ratio (DPR) is 9.41%.

Institutional Investors Weigh In On CTS

Several hedge funds have recently made changes to their positions in CTS. Pitcairn Co. raised its holdings in CTS by 3.2% during the first quarter. Pitcairn Co. now owns 7,096 shares of the electronics maker's stock worth $332,000 after purchasing an additional 222 shares in the last quarter. Azzad Asset Management Inc. ADV raised its holdings in CTS by 2.2% during the first quarter. Azzad Asset Management Inc. ADV now owns 11,364 shares of the electronics maker's stock worth $532,000 after purchasing an additional 249 shares in the last quarter. Trust Point Inc. raised its holdings in CTS by 2.1% during the third quarter. Trust Point Inc. now owns 12,861 shares of the electronics maker's stock worth $622,000 after purchasing an additional 270 shares in the last quarter. SummerHaven Investment Management LLC raised its holdings in CTS by 1.7% during the second quarter. SummerHaven Investment Management LLC now owns 17,529 shares of the electronics maker's stock worth $887,000 after purchasing an additional 285 shares in the last quarter. Finally, AQR Capital Management LLC raised its holdings in CTS by 5.8% during the second quarter. AQR Capital Management LLC now owns 5,637 shares of the electronics maker's stock worth $285,000 after purchasing an additional 308 shares in 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.