T. Rowe Price Associates, Inc. recently announced the acquisition of new stake in CTS Corporation (NYSE:CTS). The institutional investor has increased its shareholding in the Technology company by 5,526.23% to 3.2 million shares with purchase of 3.15 million shares. This fresh investment now brings its stake to 10.05% valued currently at $126.33 million. In addition, T. Rowe Price Investment Manageme raised its holdings by 3.17 million to 3.17 million shares. And The Vanguard Group, Inc. has lifted its position by 2.36% or 51871.0 shares – to 2.25 million shares.
With over 0.34 million CTS Corporation (CTS) shares trading Friday and a closing price of $46.31 on the day, the dollar volume was approximately $15.59 million. The shares have shown a positive half year performance of 31.08% and its price on 01/13/23 gained nearly 1.87%. Currently, there are 31.86M common shares owned by the public and among those 31.21M shares have been available to trade.
Insiders at the company have transacted a total of 28 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 12 of these insider trades were purchases, accounting for 96,072 shares. Insider sales of the common stock occurred on 16 occasions, with total insider shares sold totaling 42,313 shares.
The top 3 mutual fund holders in CTS Corporation are iShares Core S&P Small Cap ETF, T Rowe Price Small Cap Stock Fund, and 1290 VT GAMCO Small Company Value. iShares Core S&P Small Cap ETF owns 2.36 million shares of the company’s stock, all valued at over $92.97 million. The company sold 1752.0 shares recently to bring their total holdings to about 7.40% of the shares outstanding. T Rowe Price Small Cap Stock Fund sold 7100.0 shares to see its total holdings shrink to 1.28 million shares valued at over $50.32 million and representing 4.00% of the shares outstanding. 1290 VT GAMCO Small Company Value now owns shares totaling to 3.14% of the shares outstanding.
Shares of CTS Corporation (NYSE: CTS) opened at $45.00, down -$0.46 from a prior closing price of $45.46. However, the script later moved the day high at 46.31, up 1.87%. The company’s stock has a 5-day price change of 8.86% and 9.04% over the past three months. CTS shares are trading 17.48% year to date (YTD), with the 12-month market performance up to 29.36% higher. It has a 12-month low price of $31.07 and touched a high of $45.46 over the same period. CTS has an average intraday trading volume of 165.26K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 14.47%, 12.90%, and 17.89% respectively.
Institutional ownership of CTS Corporation (NYSE: CTS) shares accounts for 97.50% of the company’s 31.86M shares outstanding. Mutual fund holders own 62.52%, while other institutional holders and individual stakeholders account for 9.27% and 45.23% respectively.
It has a market capitalization of $1.45B and a beta (3y monthly) value of 0.71. The stock’s trailing 12-month PE ratio is 27.75, while the earnings-per-share (ttm) stands at $1.67. The company has a PEG of 2.52 and a Quick Ratio of 2.20 with the debt-to-equity ratio at 0.17. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.87% over the week and 2.59% over the month.
Analysts forecast that CTS Corporation (CTS) will achieve an EPS of $0.56 for the current quarter, $0.64 for the next quarter and $2.66 for 2023. The lowest estimate earnings-per-share for the quarter is $0.55 while analysts give the company a high EPS estimate of $0.58. Comparatively, EPS for the current quarter was $0.49 a year ago. Earnings per share for the fiscal year are expected to decrease by -221.70%, and 5.89% over the next financial year. EPS should grow at an annualized rate of 11.00% over the next five years, compared to -26.60% over the past 5-year period.
Looking at the support for the CTS, a number of firms have released research notes about the stock. Jefferies stated their Hold rating for the stock in a research note on November 22, 2022, with the firm’s price target at $44. Sidoti coverage for the CTS Corporation (CTS) stock in a research note released on July 13, 2022 offered a Buy rating with a price target of $43. Sidoti was of a view on June 02, 2022 that the stock is Neutral, while Sidoti gave the stock Buy rating on January 31, 2022, issuing a price target of $40. Cowen on their part issued Market Perform rating on October 14, 2021.