In recent market activity, Jeff Jankowsky, the President of A&D C4Isr at TTM Technologies Inc (NASDAQ:TTMI), executed a significant stock sale. On June 26, Jankowsky sold 10,000 shares of the company's common stock, resulting in a total transaction value of approximately $200,415.
The shares were sold at a weighted average price of $20.0415, with individual transactions occurring within a price range of $20.00 to $20.11. Following the sale, Jankowsky's remaining stake in TTM Technologies consists of 60,273 shares of common stock.
Investors often monitor insider trades, such as this sale, for insights into executive confidence and company performance. The sale by Jankowsky was carried out in accordance with a pre-arranged 10b5-1 Sales Plan, a trading plan that allows company insiders to sell shares over a predetermined period of time, providing an affirmative defense against accusations of trading on non-public material information.
TTM Technologies, headquartered in Santa Ana, California, specializes in the manufacturing of printed circuit boards, a key component in various electronic devices. The company's stock trading symbol on the NASDAQ is TTMI.
The transactions were publicly disclosed in a Form 4 filing with the Securities and Exchange Commission, dated June 27, with full details available upon request from TTM Technologies or the SEC.
In other recent news, TTM Technologies has been making significant strides in its business. The company reported strong Q1 financial results with non-GAAP earnings per share showing substantial year-on-year growth and revenues hitting $570.1 million. These figures were driven by solid demand in key sectors such as aerospace and defense, and data center computing. On the heels of this, Needham has maintained a Buy rating on TTM Technologies and raised the shares target to $21 from $19, citing the company's continued performance in these sectors as a key factor.
TTM Technologies also revealed plans for expansion, including the launch of a new facility in Penang, Malaysia, and a proposed facility in Syracuse, New York. These new developments aim to enhance the company's aerospace and defense capabilities. In addition, the company appointed Mr. Wajid Ali, current CFO of Lumentum Holdings (NASDAQ:LITE) Inc., to its Board of Directors, following the retirement of Dr. Dov S. Zakheim. Mr. Ali's financial expertise and experience in the technology sector are expected to bolster the company's future endeavors.
These recent developments underscore TTM Technologies' strategic focus on diversifying and stabilizing its business model, thus creating a foundation for sustained success in the competitive technology industry.
InvestingPro Insights
In light of the recent insider transaction at TTM Technologies Inc (NASDAQ:TTMI), where President of A&D C4Isr Jeff Jankowsky sold shares, potential investors and current shareholders may be keen on understanding the company's financial health and market performance. According to InvestingPro data, TTM Technologies has a market capitalization of approximately $1.99 billion, reflecting its standing in the industry.
One of the notable InvestingPro Tips is that analysts are predicting profitability for TTMI in the upcoming year, which could be an encouraging sign for those concerned about the insider selling activity. Additionally, the company has been trading near its 52-week high, with a price 97.31% of that peak, indicating strong recent performance in the stock market.
InvestingPro data also shows that TTM Technologies has experienced a strong return over the last three months, with a 26.01% total price return, outpacing many competitors. This performance is despite a year-over-year revenue decline of 8.14% in the last twelve months as of Q1 2024. However, quarter-over-quarter, the company managed to grow its revenue by 4.72%.
For individuals looking to delve deeper into TTM Technologies' financials and performance metrics, InvestingPro offers a comprehensive suite of additional tips. There are currently 7 more InvestingPro Tips available that can help investors make well-informed decisions. These tips can be accessed by visiting https://www.investing.com/pro/TTMI and using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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