In a recent transaction on June 20, TTM Technologies Inc. (NASDAQ:TTMI) executive Douglas L. Soder sold 22,400 shares of the company's common stock, resulting in a total sale value of approximately $426,731. The shares were sold at a weighted average price of $19.0505, with individual transactions occurring within the price range of $19.00 to $19.19.
As outlined in the filing, the sale was conducted under a prearranged 10b5-1 Sales Plan, a trading plan that allows insiders to sell shares over a predetermined period of time, providing them with an affirmative defense against charges of insider trading. The exact number of shares sold at each price point within the specified range can be provided upon request, as stated in the footnotes of the filing.
Following the sale, Soder's remaining ownership in TTM Technologies stands at 214,574 shares of common stock. The company, which specializes in the manufacturing of printed circuit boards and is incorporated in Delaware, has not released any official statement in relation to this transaction.
Investors and followers of TTM Technologies will note that transactions of this nature are not uncommon among executives and are often part of their personal financial planning strategies. The details of the sale, including the total number of shares and the price range, offer insight into the executive’s trading activities and current stake in the company.
"In other recent news, TTM Technologies reported a strong financial performance in the first quarter of 2024, with non-GAAP earnings per share showing significant year-on-year growth and revenues reaching $570.1 million. This was primarily driven by robust demand in the aerospace and defense, and data center computing sectors. The company also announced plans for expansion, including the launch of a new facility in Penang, Malaysia, and a proposed facility in Syracuse, New York, aimed at bolstering its aerospace and defense capabilities.
In addition, Needham maintained a Buy rating on TTM Technologies and increased the shares target to $21 from $19, highlighting the company's continued performance in the Aerospace & Defense (A&D) and Data Center Computing sectors. These sectors contributed to over two-thirds of the company's Q1 revenue, supporting revenue expectations for 2024 despite macroeconomic challenges in other areas of its business.
Furthermore, 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. Mr. 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. With these changes, the company continues to build a foundation for sustained success in the competitive technology industry."
InvestingPro Insights
Amidst the news of executive Douglas L. Soder's recent stock sale, investors in TTM Technologies Inc. (NASDAQ:TTMI) may find the current financial metrics and expert analysis from InvestingPro valuable in assessing the company's market position. With a market capitalization of $1.93 billion, TTM Technologies is navigating through a challenging financial landscape, as indicated by its adjusted P/E ratio for the last twelve months as of Q1 2024, which stands at 39.17.
An interesting note for investors is the company's recent performance in the stock market. Despite a decline in revenue of 8.14% over the last twelve months as of Q1 2024, TTM Technologies has seen a strong return over the last three months, with a price total return of 26.99%. This uptick is approaching the stock's 52-week high, trading at 99.01% of this peak value. Such momentum could be an indicator of market confidence or a response to broader industry trends.
From the perspective of financial health, an InvestingPro Tip highlights that TTM Technologies' liquid assets currently exceed its short-term obligations, which may provide some reassurance to investors concerned about the company's ability to meet its immediate financial liabilities. Moreover, while the company has not been profitable over the last twelve months, analysts predict that TTM Technologies will turn a profit this year, which could be a pivotal point for the company's financial trajectory.
For those interested in deeper analysis, there are additional InvestingPro Tips available that shed light on aspects such as gross profit margins and dividend policies. To explore these further, investors can visit InvestingPro at https://www.investing.com/pro/TTMI and use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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