CTS Corp (NYSE:CTS) CFO Agrawal Ashish has recently sold a significant number of company shares, according to the latest filings with the Securities and Exchange Commission. Over a series of transactions spanning from April 29 to May 1, Ashish disposed of a total of 7,699 shares at prices ranging from $47.00 to $47.0325, resulting in an aggregate sale amount exceeding $362,000.
The sales were executed under a prearranged 10b5-1 trading plan, which allows company insiders to establish predetermined trading arrangements for selling stocks at a time when they are not in possession of material non-public information. This plan had been adopted by Ashish on June 2, 2023.
On April 29, the CFO sold 1,604 shares at a price of $47.00 per share. The following day, Ashish sold another 1,600 shares with a weighted average price slightly higher at $47.0056. The transactions on this day took place at various prices between $47.00 and $47.04. Lastly, on May 1, a larger batch of 4,495 shares was sold at an average price of $47.0325, with individual sales ranging from $47.00 to $47.09.
After these transactions, the SEC filing indicated that Agrawal Ashish still holds 120,278 shares of CTS Corp. The company, known for its expertise in the manufacturing of printed circuit boards, has its headquarters in Lisle, Illinois.
Investors often monitor insider buying and selling activities as they may provide insights into the executive's view of the company's current valuation and future prospects. While the sale of shares by a CFO could be interpreted in various ways, the use of a 10b5-1 plan suggests that the transactions were pre-planned and not necessarily based on any recent developments within the company or its market environment.
InvestingPro Insights
Amidst the news of CTS Corp's (NYSE:CTS) CFO Agrawal Ashish selling a portion of his company shares, it's important for investors to consider the broader financial context of the company. According to InvestingPro data, CTS Corp holds a market capitalization of approximately $1.46 billion. The company's P/E ratio, a key indicator of its valuation, is currently standing at 24.66, with an adjusted P/E ratio for the last twelve months as of Q4 2023 at 22.2. This valuation metric suggests that while the company may be trading at a higher price relative to its earnings, investors are showing confidence in its future growth potential.
Moreover, CTS Corp's commitment to returning value to shareholders is evident through its impressive track record of maintaining dividend payments for 54 consecutive years, a testament to its financial stability and reliability. This is complemented by the fact that the company is trading near its 52-week high, with its price at the previous close at $45.75, which is 98.87% of the 52-week high. This level of performance is noteworthy for investors looking for companies with strong share price momentum.
For those considering a deeper dive into CTS Corp's financials and future outlook, it's worth noting that there are additional InvestingPro Tips available. These tips provide further insights into the company's share buyback activities, cash position relative to debt, and liquidity, among other factors. To explore these insights, investors can visit InvestingPro for CTS Corp, where a total of 8 tips are currently listed. Additionally, for those interested in a comprehensive analysis, use the coupon code PRONEWS24 to get an extra 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.
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