Tony Sanchez, the Vice President and Corporate Controller of TTM Technologies Inc. (NASDAQ:TTMI), a leading manufacturer of printed circuit boards, has recently sold a significant amount of company stock. The transactions, which took place on June 24, 2024, were disclosed in a legal filing with the Securities and Exchange Commission.
Sanchez sold a total of 6,940 shares of TTM Technologies stock at an average price of $18.9969, netting a total of $131,838 from the sale. These shares were sold in multiple transactions with prices ranging from $18.72 to $19.26. The sale was conducted under a prearranged 10b5-1 trading plan, which allows company insiders to set up a predetermined plan to sell stocks at a time when they are not in possession of material non-public information.
In addition to the sale, Sanchez also disposed of 3,979 shares to cover tax liabilities associated with the vesting of Restricted Stock Units (RSUs). This transaction was valued at $75,588, with the shares also priced at an average of $18.9969.
Following these transactions, Sanchez's direct holdings in TTM Technologies decreased, but he still owns 21,502 shares of the company's common stock. The sales were part of a planned strategy for personal financial management and do not necessarily indicate a lack of confidence in the company's future performance.
TTM Technologies, headquartered in Santa Ana, California, continues to be a significant player in the electronics manufacturing services industry. The company's financial performance and strategic decisions are closely watched by investors who are interested in the sector's growth and stability.
Investors and analysts often monitor insider transactions as they can provide insights into an executive's view of the company's valuation and future prospects. However, it is also common for executives to sell shares for reasons such as diversification, estate planning, or liquidity needs, which are not necessarily related to their outlook on the company's future.
The details provided in the SEC filing ensure transparency and allow shareholders to stay informed about the actions of the company's executives.
In other recent news, TTM Technologies has experienced significant developments. The company reported robust Q1 2024 financial results, with non-GAAP earnings per share showing notable year-on-year growth and revenues reaching $570.1 million. This success was driven by strong demand in key markets such as aerospace and defense, and data center computing.
Analyst firm Needham maintained a Buy rating on TTM Technologies and raised the shares target from $19 to $21, highlighting the company's continued performance in the Aerospace & Defense (A&D) and Data Center Computing sectors. These sectors reportedly contributed to over two-thirds of the company's Q1 revenue, supporting revenue expectations for 2024 despite macroeconomic challenges.
TTM Technologies also revealed 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. In addition to financial growth, TTM Technologies 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.
Ali's extensive financial background and experience in the technology sector are expected to be beneficial to TTM's future endeavors. These recent developments reflect TTM Technologies' strategic focus on diversifying and stabilizing its business model, as the company continues to build a foundation for sustained success in the competitive technology industry.
InvestingPro Insights
Amid the recent insider transactions at TTM Technologies Inc. (NASDAQ:TTMI), investors may find additional context in the company's financial data and market performance. According to InvestingPro data, TTM Technologies has a market capitalization of approximately $2.04 billion USD, with a notable P/E ratio (adjusted for the last twelve months as of Q1 2024) of 40.53. This suggests that while the company has faced challenges, there may be expectations of future earnings growth factored into its valuation.
InvestingPro Tips indicate that TTM Technologies is expected to see net income growth this year, which could be a factor in the decision-making process for insiders and investors alike. Furthermore, despite weak gross profit margins of 19.08% in the last twelve months as of Q1 2024, the company has strong liquid assets that exceed its short-term obligations, providing financial flexibility.
Investors should note that the company does not pay dividends, which may influence the attractiveness of the stock for those seeking regular income. Additionally, TTM Technologies has experienced a strong return over the last three months, with a total price return of 31.98%, and is trading near its 52-week high, at 99.75% of this peak price.
For those interested in a deeper analysis, there are more InvestingPro Tips available, which can be accessed for TTM Technologies at https://www.investing.com/pro/TTMI. To gain full access to these insights, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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