Kieran O'Sullivan, President and CEO of CTS Corp (NYSE:CTS), a company with a market capitalization of $1.66 billion and a strong year-to-date return of ~27%, sold a significant portion of his holdings in the company, according to a recent SEC filing. According to InvestingPro analysis, CTS currently trades above its Fair Value. On December 2 and 3, O'Sullivan sold a total of 42,393 shares of common stock, generating proceeds of approximately $2.36 million. The sales were executed as part of a pre-arranged 10b5-1 trading plan, with prices ranging from $55.5736 to $55.815 per share. Following these transactions, O'Sullivan retains ownership of 413,250 shares in the company. The stock has demonstrated robust performance with a 38% return over the past year, and InvestingPro data shows the company maintains a "GOOD" financial health score, with liquid assets exceeding short-term obligations. Get access to 8 more exclusive InvestingPro Tips and comprehensive analysis in the Pro Research Report.
In other recent news, CTS Corporation reported a mixed set of financial results for its third quarter of 2024. The company's revenue saw a slight dip of 1.6% compared to the same quarter last year, totaling $132 million, while adjusted earnings per share rose by 17% year-over-year to $0.63. Despite these mixed results, CTS Corporation highlighted a strong performance in diversified markets, which now account for 52% of total revenue.
In addition, the successful acquisition of SyQwest is expected to contribute to future revenue growth. This acquisition has already contributed $3.6 million in sales. However, transportation sales declined by 17% due to softer demand and regional dynamics.
CTS Corporation has also adjusted its full-year revenue guidance to between $515 million and $525 million, while maintaining its adjusted diluted earnings per share guidance at $2.05 to $2.25. While the company anticipates softness in medical markets in the fourth quarter due to inventory management, it remains focused on cash generation, strategic growth, and disciplined acquisitions. These are recent developments in the company's financial performance and strategy.
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