In recent transactions, Kieran O'Sullivan, President and CEO of CTS Corp (NYSE:CTS), sold a total of 22,423 shares of the company's common stock. The sales, executed on December 4 and 5, were conducted under a pre-arranged 10b5-1 trading plan. The transaction comes as CTS shares have shown strong momentum, delivering a 36.5% return over the past year, according to InvestingPro data.
The shares were sold at weighted average prices ranging from $54.6026 to $55.4971 per share, resulting in a total transaction value of approximately $1.24 million. Following these transactions, O'Sullivan retains ownership of 390,827 shares in the company.
The sales were part of a planned strategy to manage O'Sullivan's holdings in the company, as outlined in the trading plan adopted on August 27, 2024.
In other recent news, CTS Corporation reported a mixed set of financial results for its third quarter of 2024. The company experienced a slight dip in revenue of 1.6%, totaling $132 million, compared to the same quarter last year. However, adjusted earnings per share saw a rise, increasing by 17% year-over-year to $0.63. The company also adjusted its full-year revenue guidance to range between $515 million and $525 million.
CTS Corporation's diversified markets now account for 52% of total revenue, and the recent acquisition of SyQwest is expected to contribute to future revenue growth. On the downside, transportation sales declined by 17% due to softer demand and regional dynamics.
Despite the mixed results, the company's strong performance in diversified markets and successful acquisition of SyQwest were highlighted. The company's focus remains on cash generation, strategic growth, and disciplined acquisitions. These are the recent developments in the company's financial performance.
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