In a recent transaction, Dale Martin Knecht, Senior Vice President of Information Technology at TTM Technologies Inc. (NASDAQ:TTMI), sold 20,000 shares of the company's common stock. The shares were sold at a weighted average price of $17.4046, totaling approximately $348,091. The transactions took place in the open market with prices ranging from $17.31 to $17.56.
Following the sale, Knecht retains ownership of 81,392 shares of TTM Technologies, which is known for its manufacturing of printed circuit boards. The sale was executed on August 5, 2024, and was publicly reported in a Form 4 document filed with the Securities and Exchange Commission on August 6, 2024.
The sale comes as part of the regular financial activities of corporate executives, who often sell portions of their stock holdings for personal financial management. The details of the transactions, including the specific prices at which the shares were sold, are available upon request from TTM Technologies, its security holders, or the SEC.
Investors and market watchers often pay close attention to insider transactions as they may provide insights into the executives' perspectives on the company's current valuation and future prospects. However, such transactions are also subject to strict regulations to prevent insider trading and are closely monitored by the SEC.
For those interested in TTM Technologies' stock movements, the company trades under the ticker symbol NASDAQ:TTMI and continues to be a significant player in the electronics manufacturing sector.
In other recent news, TTM Technologies saw robust performance in its Q2 results, with an 11% increase in revenues, exceeding both their guidance and analysts' projections. This growth was attributed to strong demand in the Aerospace & Defense sectors and growth in AI-related data center business. Needham and B.Riley, independent analyst firms, maintained a Buy rating on TTM Technologies, raising their share targets due to the company's strong performance and future growth potential.
Recent developments also include strategic expansions, with a new facility in Penang, Malaysia, and a proposed facility in Syracuse, New York, aimed at enhancing TTM Technologies' aerospace and defense capabilities. In board changes, TTM Technologies welcomed Mr. Wajid Ali, current CFO of Lumentum Holdings (NASDAQ:LITE) Inc., following the retirement of Dr. Dov S. Zakheim.
Looking ahead, both Needham and B.Riley anticipate continued strength in the Aerospace & Defense and AI data center segments, with signs of recovery in other commercial markets adding to the positive outlook for TTM Technologies. This aligns with the Q3 revenue and EPS guidance provided by the company. The analysts project steady growth for TTM Technologies into 2025, signaling confidence in the company's growth trajectory.
InvestingPro Insights
As investors scrutinize the insider sale by Dale Martin Knecht of TTM Technologies Inc. (NASDAQ:TTMI), it's essential to consider the company's performance and market position. According to InvestingPro data, TTM Technologies has a market capitalization of approximately $1.85 billion. The company's P/E ratio stands at a high of 108.86, which signals a high earnings multiple, a point also highlighted by one of the InvestingPro Tips that the stock is trading at a high earnings multiple. This could indicate that investors have high expectations for the company's future growth.
Another critical metric for TTM Technologies is the Price to Book (P/B) ratio, which currently sits at 1.21, suggesting that the stock is reasonably valued with respect to its assets. Additionally, the company's gross profit for the last twelve months as of Q2 2024 is reported at $449.26 million, with a gross profit margin of 19.39%. This aligns with the InvestingPro Tip that the company suffers from weak gross profit margins, which investors may want to consider when evaluating the stock.
Despite the recent insider sale, TTM Technologies is expected to see net income growth this year, and two analysts have revised their earnings upwards for the upcoming period, as per InvestingPro Tips. These could be positive indicators for the company's future financial performance. Moreover, the company's liquid assets exceed short-term obligations, suggesting a healthy liquidity position.
For investors seeking a deeper dive into TTM Technologies' financials and stock performance, there are additional InvestingPro Tips available. As of now, there are six more tips listed on InvestingPro, providing a comprehensive analysis of the company's financial health and market expectations.
With the next earnings date approaching on October 30, 2024, those interested in TTM Technologies may want to keep an eye on the company's performance and analyst expectations. For more detailed insights and tips, interested parties can visit https://www.investing.com/pro/TTMI.
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