Douglas L. Soder, the Executive Vice President and President of TTM Technologies , Inc. (NASDAQ:TTMI), has sold a portion of his company stock, according to a recent SEC filing. The transaction, which took place on June 26, involved the sale of 15,286 shares at an average price of $20.0292, resulting in a total value of $306,166.
The shares were sold under a 10b5-1 Sales Plan, a trading plan that allows company insiders to sell their shares at predetermined times to avoid accusations of insider trading. The price range for these transactions was between $20.00 and $20.10 per share. After the sale, Soder still retains a substantial stake in the company with 214,207 shares of TTM Technologies' common stock.
TTM Technologies, based in Santa Ana, California, specializes in the manufacturing of printed circuit boards, a fundamental component in electronics. The company's stock is publicly traded, and such transactions by top executives are closely watched by investors as potential indicators of the company's financial health and the executives' confidence in the company's future.
Investors interested in the specifics of the sale can request detailed information from TTM Technologies regarding the number of shares sold at each price point within the provided range.
In other recent news, TTM Technologies has been making significant strides in its business operations. The company recently reported strong financial results for the first quarter of 2024, with non-GAAP earnings per share showing notable year-on-year growth. Revenues reached $570.1 million, driven by robust demand in key markets such as aerospace and defense, and data center computing.
Needham, a renowned firm, maintained a Buy rating on TTM Technologies and increased the shares target to $21 from $19, highlighting the company's continued performance in the Aerospace & Defense (A&D) and Data Center Computing sectors. These sectors contributed to over two-thirds of the company's Q1 revenue, supporting the revenue expectations for 2024.
TTM Technologies has also announced expansion plans, including the launch of a new facility in Penang, Malaysia, and a proposed facility in Syracuse, New York, aimed at enhancing its aerospace and defense capabilities. Additionally, the company announced the appointment of Mr. Wajid Ali, current CFO of Lumentum Holdings (NASDAQ:LITE) Inc., to its Board of Directors, following the retirement of Dr. Dov S. Zakheim.
These recent developments reflect TTM Technologies' strategic focus on diversifying and stabilizing its business model. As the company continues to navigate through challenging market conditions, these moves are expected to contribute to its sustained success in the competitive technology industry.
InvestingPro Insights
Amidst the news of Douglas L. Soder's recent stock sale, investors in TTM Technologies, Inc. (NASDAQ:TTMI) may be looking for deeper insights into the company's financial health and future prospects. According to InvestingPro data, TTM Technologies holds a market capitalization of $1.97 billion, which reflects its standing in the industry. Despite a challenging past twelve months with a negative P/E ratio, the company's forward-looking metrics suggest a shift, as evidenced by an adjusted P/E ratio for the last twelve months as of Q1 2024 at 39.97.
InvestingPro Tips highlight that TTM Technologies is anticipated to experience net income growth this year. This aligns with analysts' predictions that the company will turn profitable within the year, which could be a positive sign for investors considering the recent insider selling activity. Additionally, the company's strong return over the last three months, boasting a 26.01% total price return, demonstrates a robust short-term performance that might instill confidence in its stockholders.
However, potential investors should be aware of the company's weak gross profit margins, currently at 19.08%, which may be a point of concern. Yet, TTM Technologies' liquid assets surpassing short-term obligations suggest a solid liquidity position, which is critical for meeting its immediate financial commitments.
For those seeking more in-depth analysis, there are additional InvestingPro Tips available at https://www.investing.com/pro/TTMI. Moreover, to access the full suite of InvestingPro features, use the coupon code PRONEWS24 to receive an extra 10% off a yearly or biyearly Pro and Pro+ subscription, and discover even more valuable insights into TTM Technologies and other investment opportunities.
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