Kieran O’Sullivan, the President and CEO of CTS Corp (NYSE:), lately divested a good portion of his holdings within the firm. In line with a current SEC submitting, O’Sullivan bought a complete of 15,184 shares of frequent inventory over two separate transactions. The inventory has proven robust momentum, gaining over 27% year-to-date, and in accordance with InvestingPro knowledge, is at the moment buying and selling close to its 52-week excessive of $59.68. The gross sales came about on December 6 and December 9, with share costs starting from $54.15 to $56.49. The whole worth of those transactions amounted to $836,385.
These gross sales have been executed underneath a pre-established 10b5-1 buying and selling plan, which O’Sullivan adopted on August 27, 2024. Following these transactions, O’Sullivan retains possession of 375,643 shares within the firm.
In different current information, CTS Company reported blended monetary outcomes in its third-quarter earnings name for 2024. The corporate disclosed a 1.6% lower in income year-over-year, totaling $132 million, however a rise in adjusted earnings per share, rising by 17% to $0.63. The corporate’s diversified markets now account for 52% of complete income, with aerospace and protection gross sales surging by 89%, whereas transportation gross sales declined by 17%.
CTS Company has additionally efficiently accomplished the acquisition of SyQwest, contributing $3.6 million in gross sales. The corporate has revised its full-year income steering to $515 million – $525 million, whereas adjusted diluted EPS steering stays unchanged at $2.05 to $2.25.
These current developments point out a deal with strategic development and disciplined acquisitions, regardless of some softness in sure sectors. As well as, the corporate anticipates some softness in medical markets within the fourth quarter attributable to stock administration. The corporate’s management stays dedicated to sustaining a disciplined monetary strategy because it navigates these modifications.
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