Shawn A. Powers, the Executive Vice President of Human Resources at TTM Technologies Inc. (NASDAQ:TTMI), sold 7,000 shares of company stock in the open market on August 23, 2024. The transaction was executed at a single price of $20.50 per share, totaling $143,500.
The sale was reported in a recent filing with the Securities and Exchange Commission. Following the transaction, Powers still owns a total of 101,741 shares in the company, which specializes in the manufacturing of printed circuit boards.
Investors often monitor insider sales as they can provide insights into an executive's perspective on the company's current valuation and future prospects. However, it's important to note that insider transactions can be subject to various motivations and may not always be indicative of the company's operational performance or stock potential.
TTM Technologies has not issued any official statement regarding the transaction, and as of now, the sale appears to be a routine trading activity. The company's shares continue to be traded on the NASDAQ, where investors and stakeholders can stay updated on its stock performance.
In other recent news, TTM Technologies demonstrated strong performance in its second-quarter results, with an 11% increase in revenue, surpassing both the company's guidance and analysts' projections. This impressive performance is attributed to robust demand in the Aerospace & Defense sectors and growth in AI-related data center business. Needham maintained a Buy rating on TTM Technologies and raised the share target to $24, reflecting confidence in the company's growth trajectory.
Similarly, B.Riley also maintained a Buy rating and increased the price target to $25.50, highlighting the company's growth potential. TTM Technologies' Q2 earnings per share also topped their guidance range, further indicating the strength of the company's financial performance.
In addition to these financial achievements, TTM Technologies has announced strategic expansions, including a new facility in Penang, Malaysia, and a proposed facility in Syracuse, New York. These developments aim to enhance its aerospace and defense capabilities. The company also welcomed Mr. Wajid Ali, current CFO of Lumentum Holdings (NASDAQ:LITE) Inc., to its Board.
These are among the recent developments for TTM Technologies, which continues to make strides in the market. With continued strength anticipated in the Aerospace & Defense and AI data center segments, the company's future prospects remain positive.
InvestingPro Insights
Following the recent insider sale by Shawn A. Powers, Executive Vice President of Human Resources at TTM Technologies Inc. (NASDAQ:TTMI), investors may be keen to understand the broader financial context of the company. According to InvestingPro data, TTM Technologies has a market capitalization of approximately $2.08 billion, with a relatively high price-to-earnings (P/E) ratio of 122.4, suggesting a premium valuation by the market. However, when adjusted for the last twelve months as of Q2 2024, the P/E ratio stands at a more moderate 34.26.
The company's stock has experienced a significant 27.48% price increase over the last six months, indicating robust investor confidence. This aligns with one of the InvestingPro Tips that highlights a large price uptick in the same period. Moreover, the company's revenue growth for Q2 2024 on a quarterly basis is positive at 10.73%, which may reflect the company's ability to increase sales despite broader market challenges.
An InvestingPro Tip worth noting is that analysts have revised their earnings estimates upwards for the upcoming period, which could be a positive signal for future financial performance. Additionally, TTM Technologies is expected to be profitable this year, as indicated by the company's profitable track record over the last twelve months. It's also important to mention that TTM Technologies does not pay a dividend, which could influence investment decisions for income-focused shareholders.
For those interested in a deeper analysis, InvestingPro offers additional insights and tips on TTM Technologies, which can be found at https://www.investing.com/pro/TTMI. These tips provide further context for investors considering the company's stock amidst recent insider trading activity.
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