In recent market activity, TTM Technologies Inc.'s (NASDAQ:TTMI) Executive Vice President and General Counsel, Daniel J. Weber, sold shares of the company's stock. The transaction, which took place on August 14, 2024, involved the sale of 13,000 shares at an average price of $18.50 per share, resulting in a total sale value of $240,500.
The sale was conducted in the open market with prices ranging from $18.50 to $18.51. Following the transaction, Weber's direct ownership in TTM Technologies stands at 107,488 shares.
Investors often monitor insider sales as they may provide insights into an executive's perspective on the company's current valuation and future prospects. It is important to note that insider trading activity can be subject to various motivations and does not necessarily signal a bearish company outlook.
TTM Technologies, headquartered in Santa Ana, California, specializes in the manufacturing of printed circuit boards, a key component in electronic devices. The company's shares are publicly traded on the NASDAQ stock exchange under the ticker symbol TTMI.
The reported transaction was disclosed in a Form 4 filing with the Securities and Exchange Commission, which provides information on trades made by company insiders. Such disclosures are required by law and give the investing public visibility into the trading activities of senior employees and large shareholders.
Shareholders and potential investors can access full details of the transaction upon request, including the specific number of shares sold at each price point within the reported range.
In other recent news, TTM Technologies has been demonstrating a strong financial performance. The company recently reported an 11% increase in Q2 revenues, exceeding both their own guidance and analysts' projections. This impressive performance was largely attributed to robust demand in the Aerospace & Defense sectors, as well as growth in AI-related data center business.
Needham and B.Riley, two financial firms, have maintained their Buy ratings on TTM Technologies, with Needham raising the shares target to $24 and B.Riley to $25.50. The firms' confidence in the company stems from its recent performance and positive future prospects, including anticipated continued strength in key sectors.
TTM Technologies is also making strategic moves to diversify its business model. The company announced expansions including a new facility in Penang, Malaysia, and a proposed facility in Syracuse, New York, aimed at enhancing its aerospace and defense capabilities. These recent developments, along with their strong financial results, reflect TTM Technologies' strategic focus on growth and stability in the competitive technology industry.
InvestingPro Insights
Amid the news of insider trading within TTM Technologies, Inc. (NASDAQ:TTMI), investors are parsing through the data to gauge the company's current financial health and future prospects. To provide a clearer picture, InvestingPro has highlighted some key metrics and tips that are particularly relevant in light of the recent executive stock sale.
An InvestingPro Tip points out that management has been aggressively buying back shares, which could be a sign of confidence in the company's valuation and future performance. This contrasts with the recent insider sale and may suggest a broader strategic approach to capital management.
Moreover, analysts have a positive outlook on the company's profitability, with expectations for net income growth this year and two analysts having revised their earnings upwards for the upcoming period, as per another InvestingPro Tip. This optimism is essential for potential investors considering the company's future earnings potential.
On the data front, TTM Technologies has a market capitalization of $1.92 billion and is trading at a high earnings multiple with a P/E ratio of 111.74. However, when adjusted for the last twelve months as of Q2 2024, the P/E ratio normalizes to 31.03. Despite recent revenue contraction, with a -2.62% change over the last twelve months as of Q2 2024, the quarterly revenue growth shows a promising increase of 10.73% in Q2 2024, indicating potential recovery or growth areas within the company's operations.
It's worth noting that TTM Technologies does not pay a dividend to shareholders, which is a critical consideration for income-focused investors. For those interested in exploring further, there are additional InvestingPro Tips available that can provide more nuanced insights into TTM Technologies' financial health and market position. (https://www.investing.com/pro/TTMI)
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