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Last €16.19 EUR
Change Today +0.27 / 1.70%
Volume 0.0
XT1 On Other Exchanges
New York
As of 2:11 AM 08/28/15 All times are local (Market data is delayed by at least 15 minutes).

cts corp (XT1) Snapshot

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52 Week High
07/23/15 - €17.66
52 Week Low
10/13/14 - €12.08
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cts corp (XT1) Details

CTS Corporation designs, manufactures, and sells a range of sensors, electronic components, and actuators primarily to original equipment manufacturers. It offers automotive sensors and actuators used in commercial or consumer vehicles; electronic components used in communications infrastructure and computer markets; components used in computer and other high-speed applications, switches, resistor networks, and potentiometers; and fabricated piezoelectric materials and substrates used primarily in medical, industrial defense and aerospace, and computer markets. The company markets its products through its sales engineers, independent manufacturers' representatives, and distributors. It operates in China, Germany, Japan, Scotland, Singapore, India, Taiwan, and the United States. CTS Corporation was founded in 1896 and is based in Elkhart, Indiana.

2,948 Employees
Last Reported Date: 02/24/15
Founded in 1896

cts corp (XT1) Top Compensated Officers

Chairman, Chief Executive Officer, President ...
Total Annual Compensation: $657.0K
Chief Financial Officer, Vice President and T...
Total Annual Compensation: $281.0K
Compensation as of Fiscal Year 2014.

cts corp (XT1) Key Developments

CTS Corporation Approves Third Quarter Dividend, Payable on 30 October 2015

The board of directors of CTS Corporation approved the third quarter dividend of USD 0.04 per share. This dividend will be paid on 30 October 2015 to shareholders of record at the close of business on 25 September 2015.

CTS Corporation Announces Executive Changes

On August 17, 2015, Robert J. Patton, Vice President, General Counsel and Secretary of CTS Corporation notified the Company of his intention to leave the Company. Mr. Patton's last day with the Company was August 17, 2015. Upon Mr. Patton's leaving, Luis Francisco Machado agreed to serve as Vice President, General Counsel and Secretary of the Company. Prior to joining the Company, Mr. Machado served as Senior Vice President, Legal and Assistant Secretary of L Brands Inc. and as Associate General Counsel and Assistant Secretary of Wm. Wrigley Jr. Company.

CTS Corporation Enters into Five-Year Credit Agreement

On August 10, 2015, CTS Corporation entered into a five-year Credit Agreement with BMO Harris Bank N.A., as L/C Issuer and Administrative Agent; BMO Capital Markets, as Sole Book Runner and Co-Lead Arranger; and Bank of America, Co-Lead Arranger and Syndication Agent; Wells Fargo Bank N.A., as Documentation Agent; PNC Bank, National Association; and The Northern Trust Company. The Credit Agreement provides for a revolving credit facility of $200 million, which may be increased by $100 million at the request of the company, subject to Administrative Agent’s approval. The company’s new unsecured credit facility replaces the prior $200 million unsecured credit facility, which could be increased by $100 million at the request of the company. The prior Credit Agreement by and among CTS Corporation, Harris N.A., as L/C Issuer and Administrative Agent; BMO Capital Markets, as Sole Book Runner and Co-Lead Arranger; Bank of America, N.A., as Co-Lead Arranger and Syndication Agent; PNC Bank, National Association; Wells Fargo, N.A., as Documentation Agent; and The Northern Trust Company was due to expire on January 10, 2017. Borrowings of $93 million under the Prior Credit Agreement were refinanced under the Credit Agreement and the Prior Credit Agreement was terminated as of August 10, 2015. The revolving credit facility provided under the Credit Agreement includes a swing line sublimit of $15 million and a letter of credit sublimit of $10 million. Borrowings on the revolving credit facility bear interest, at the Company’s option, at the base rate plus the applicable margin for base rate loans or LIBOR plus the applicable margin for LIBOR loans. The base rate is the greater of Harris N.A.’s prime commercial rate, the Federal funds rate plus 0.5%, and the L1BOR Quoted Rate for that day plus 1.00%. The base rate margin may range from 0.00% to 1.00% based on the company’s total leverage ratio. The LIBOR margin may range from 1.00% to 2.00% based on the company’s total leverage ratio. The company pays a letter of credit issuance fee of 0.125% and a letter of credit participation fee quarterly based on the applicable margin for L1BOR loans. The company pays a commitment fee quarterly on the unused portion of the revolving credit facility. The commitment fee may range from 0.20% to 0.40% based on the company’s total leverage ratio. The Credit Agreement contains customary covenants including limitations on the ability of the company and its subsidiaries to incur debt, make certain investments, make acquisitions, incur liens, dispose of assets, and make non-cash distributions to its shareholders. These limitations are subject to significant exceptions as set in the Credit Agreement. The Credit Agreement requires that the company maintain a maximum total leverage ratio of 3.5 to 1 and a minimum fixed charge coverage ratio of 1.25 to 1. Borrowings under the Credit Agreement are guaranteed by the company and certain of its subsidiaries. The Credit Agreement provides for customary events of default, including failure to pay any principal or interest when due, failure to comply with covenants, false representations or cross defaults. If an event of default occurs, the lenders under the Credit Agreement will be entitled to take various actions, including the acceleration of amounts due under the Credit Agreement.


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Valuation XT1 Industry Range
Price/Earnings 15.6x
Price/Sales 1.5x
Price/Book 2.0x
Price/Cash Flow 15.1x
TEV/Sales 0.9x

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