TTM Technologies , Inc. (NASDAQ:TTMI) President C&C, Robert P. Farrell, has recently sold a significant number of shares in the company. According to the latest SEC filing, Farrell sold 5,159 shares of common stock at a weighted average price of $18.9911, netting a total of $97,975. The transactions were executed on June 24, 2024, and were reported in a Form 4 document filed with the Securities and Exchange Commission.
The shares sold by Farrell were part of a planned sale under a 10b5-1 Sales 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. This plan is often utilized to avoid any potential accusations of insider trading. The prices at which the shares were sold ranged from $18.72 to $19.28.
In addition to the sales, the filing also disclosed that Farrell disposed of 2,364 shares at the same weighted average price of $18.9911 to cover tax liabilities related to the vesting of Restricted Stock Units (RSUs). This transaction amounted to a total of $44,894.
Following these transactions, Farrell's remaining direct ownership in TTM Technologies stands at 22,958 shares of common stock. TTM Technologies, headquartered in Santa Ana, California, is a leading manufacturer of printed circuit boards, a crucial component in electronic devices.
Investors and followers of TTM Technologies often monitor insider transactions as they can provide valuable insights into the company's financial health and the confidence that executives have in the company's future. The sales by a high-ranking executive like Farrell can be of particular interest to the market.
The filing did not disclose any further plans for stock sales by Farrell or any other executives at TTM Technologies. Shareholders and potential investors are advised to keep an eye on future filings for any changes in insider ownership that might affect their investment decisions.
In other recent news, TTM Technologies has reported strong financial results for the first quarter of 2024. The company's non-GAAP earnings per share showed significant year-on-year growth, with revenues reaching $570.1 million, driven by solid demand in key sectors such as aerospace and defense, and data center computing. Needham has maintained a Buy rating on TTM Technologies and increased the shares target to $21 from $19, highlighting the company's continued performance in these sectors.
In addition to financial growth, TTM Technologies has seen significant organizational changes. Mr. Wajid Ali, current CFO of Lumentum Holdings (NASDAQ:LITE) Inc., has been appointed to its Board of Directors following the retirement of Dr. Dov S. Zakheim. Ali's extensive financial background is expected to benefit TTM's future endeavors.
Furthermore, TTM Technologies has announced plans for expansion, 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. These recent developments reflect TTM Technologies' strategic focus on diversifying and stabilizing its business model.
InvestingPro Insights
As TTM Technologies (NASDAQ:TTMI) navigates the dynamic landscape of electronic components manufacturing, recent insider transactions have drawn attention to the company's financials and market performance. The company's market capitalization stands at a robust $2.04 billion, reflecting investor confidence in its scale and stability within the industry. Despite a challenging environment marked by a slight revenue decline of 8.14% over the last twelve months as of Q1 2024, TTM Technologies has shown a quarterly revenue growth of 4.72% in Q1 2024, indicating a potential turnaround in sales performance.
While TTM Technologies has faced profitability challenges, with a negative net income over the last twelve months, the company's stock has experienced a significant rally, with a 31.98% return over the last three months. This surge in stock price has brought the share value close to its 52-week high, trading at 99.75% of this peak. This could signal market optimism for the company's prospects, as analysts predict a return to profitability this year.
An InvestingPro Tip highlights that TTM Technologies' liquid assets exceed its short-term obligations, suggesting a strong liquidity position that could support operational needs and strategic initiatives. Additionally, despite weak gross profit margins, which stand at 19.08%, the company's solid return over the recent months may reflect investor confidence in its ability to navigate market challenges and capitalize on growth opportunities.
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