Kieran O’Sullivan, the President and CEO of CTS Corp (NYSE:), recently divested a significant portion of his holdings in the company. According to a recent SEC filing, O’Sullivan sold a total of 15,184 shares of common stock over two separate transactions. The stock has shown strong momentum, gaining over 27% year-to-date, and according to InvestingPro data, is currently trading near its 52-week high of $59.68. The sales took place on December 6 and December 9, with share prices ranging from $54.15 to $56.49. The total value of these transactions amounted to $836,385.
These sales were executed under a pre-established 10b5-1 trading plan, which O’Sullivan adopted on August 27, 2024. Following these transactions, O’Sullivan retains ownership of 375,643 shares in the company.
In other recent news, CTS Corporation reported mixed financial outcomes in its third-quarter earnings call for 2024. The company disclosed a 1.6% decrease in revenue year-over-year, totaling $132 million, but an increase in adjusted earnings per share, rising by 17% to $0.63. The company’s diversified markets now account for 52% of total revenue, with aerospace and defense sales surging by 89%, while transportation sales declined by 17%.
CTS Corporation has also successfully completed the acquisition of SyQwest, contributing $3.6 million in sales. The company has revised its full-year revenue guidance to $515 million – $525 million, while adjusted diluted EPS guidance remains unchanged at $2.05 to $2.25.
These recent developments indicate a focus on strategic growth and disciplined acquisitions, despite some softness in certain sectors. In addition, the company anticipates some softness in medical markets in the fourth quarter due to inventory management. The company’s leadership remains committed to maintaining a disciplined financial approach as it navigates these changes.
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