Scotiabank Downgrades CTS (NYSE:CTS) to Hold

CTS (NYSE:CTS) was downgraded by Scotiabank from a “strong-buy” rating to a “hold” rating in a report released on Friday, Zacks.com reports.

Separately, StockNews.com upgraded CTS from a “hold” rating to a “buy” rating in a research note on Thursday, October 10th. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $43.67.

CTS Stock Up 0.7 %

Shares of CTS stock opened at $47.73 on Friday. The company has a market cap of $1.47 billion, a P/E ratio of 28.08 and a beta of 0.57. The firm has a fifty day moving average of $47.72 and a two-hundred day moving average of $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. CTS has a one year low of $35.50 and a one year high of $55.47.

CTS (NYSE:CTS) last posted its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.01. CTS had a net margin of 10.70% and a return on equity of 11.98%. The firm had revenue of $130.16 million during the quarter, compared to analysts’ expectations of $133.33 million. During the same period in the prior year, the company posted $0.59 earnings per share. The firm’s revenue for the quarter was down 10.3% on a year-over-year basis. On average, analysts forecast that CTS will post 2.15 earnings per share for the current year.

Institutional Investors Weigh In On CTS

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