Catherine A. Gridley, the Executive Vice President and Aerospace & Defense Business Unit President at TTM Technologies , Inc. (NASDAQ:TTMI), has sold 10,000 shares of the company's common stock. The transaction, which took place on August 5, 2024, was executed at a weighted average price of $17.494 per share, resulting in a total value of $174,940.
The shares were sold in a series of open market transactions at prices ranging from $17.01 to $17.79. Following the sale, Gridley's direct ownership in the company stands at 120,296 shares of common stock.
Investors often monitor insider transactions as they can provide insights into how executives perceive the company's future prospects. The sale by a high-ranking executive such as Gridley may attract attention from the investment community, as it represents a significant change in her investment position.
TTM Technologies, a leading manufacturer of printed circuit boards, has not commented on the transaction. The details of the sale, including the price range and the total number of shares sold at each price point, are available upon request to interested parties, including TTM Technologies, its security holders, or the staff of the Securities and Exchange Commission.
The sale was confirmed by a signature from Daniel J. Weber, Attorney-in-Fact, on August 6, 2024. Investors and analysts following TTM Technologies will continue to observe insider transaction activity for potential indications of the company's financial health and strategic direction.
In other recent news, TTM Technologies has seen a series of positive developments. Needham and B.Riley, two independent analyst firms, maintained a Buy rating on the company and increased their share targets, attributing this to the company's robust performance in the Aerospace & Defense and AI-related data center sectors. These sectors contributed significantly to the company's Q2 revenue, which saw an 11% increase, surpassing both their guidance and analysts' projections.
In addition, TTM Technologies announced strategic expansions, including a new facility in Penang, Malaysia, and a proposed facility in Syracuse, New York, aimed at enhancing its aerospace and defense capabilities. The company also welcomed Mr. Wajid Ali, current CFO of Lumentum Holdings (NASDAQ:LITE) Inc., to its Board following the retirement of Dr. Dov S. Zakheim.
These recent developments reflect TTM Technologies' strategic focus on diversifying and stabilizing its business model, setting a foundation for sustained success in the competitive technology industry. The firm's reiteration of the Buy rating and the increased price target reflect a positive outlook on the company's future performance and stock value.
InvestingPro Insights
As investors digest the news of Catherine A. Gridley's stock sale in TTM Technologies (NASDAQ:TTMI), it's important to consider the company's financial health and future prospects. According to InvestingPro data, TTM Technologies has a market capitalization of approximately $1.85 billion, with a high P/E ratio of 108.68, which adjusts to 30.54 when looking at the last twelve months as of Q2 2024. This suggests that investors have high earnings expectations from the company despite the recent stock price volatility.
One of the key InvestingPro Tips indicates that analysts are optimistic about TTM Technologies' potential, as two analysts have revised their earnings upwards for the upcoming period. This is a positive signal for investors looking for growth opportunities, especially considering that the company is expected to be profitable this year, as per another InvestingPro Tip. Moreover, despite a recent dip in stock price with a -14.27% return over the last week, TTM Technologies' liquid assets exceed its short-term obligations, providing a cushion for operational needs.
For those interested in further insights, there are additional InvestingPro Tips available, which can offer more in-depth analysis of TTM Technologies' financials and market position. The company's revenue growth witnessed a quarterly increase of 10.73% in Q2 2024, while it faced a slight decline of -2.62% over the last twelve months as of Q2 2024. These mixed signals underscore the importance of staying informed on both the challenges and opportunities the company may face.
For further analysis and more InvestingPro Tips on TTM Technologies, investors can visit InvestingPro TTM Technologies, which lists a total of 9 additional tips that can help in making informed investment decisions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.