Amphenol Corp (NYSE:APH) President and CEO Richard Norwitt recently sold a substantial amount of the company's Class A Common Stock, according to a filing with the Securities and Exchange Commission. On October 29, Norwitt sold a total of 1,190,000 shares across two transactions, generating approximately $82.2 million. The sale prices ranged from $68.81 to $69.93 per share.
In addition to these sales, Norwitt exercised stock options to acquire 1,190,000 shares at a price of $18.23 each, totaling approximately $21.7 million. Following these transactions, Norwitt holds 931,836 shares indirectly through the Norwitt Family Trust and 3,968 shares directly through his IRA.
In other recent news, Amphenol Corporation (NYSE:APH) has reported record-breaking Q3 sales of $4.39 billion, marking a 26% year-over-year increase, and earnings per share of $0.50. The company's robust performance was driven by strong growth across multiple market segments, particularly in IT datacom, which saw a 60% increase due to high demand for AI applications. Analysts from Truist Securities and BofA Securities responded positively to these developments, raising the stock price target for Amphenol to $82.00 and $74.00 respectively. TD Cowen also maintained its Hold rating on the stock, acknowledging Amphenol's sustained organic growth and solid booking-to-billing ratios.
Amphenol's Board of Directors has approved a Q4 2024 dividend of $0.165 per share. This dividend declaration follows the company's established pattern of quarterly dividend payments, reflecting the company's ongoing financial strategies and commitment to providing shareholder value.
Additionally, the acquisition of the Andrew business is set to be finalized in the first quarter of 2025, a move that is expected to contribute to the company's growth. These are the latest developments in the company's operations.
InvestingPro Insights
Amphenol Corp's recent stock performance and financial metrics provide additional context to CEO Richard Norwitt's significant stock sale. According to InvestingPro data, Amphenol's stock has shown impressive momentum, with a 71.17% total return over the past year and a 38.78% return year-to-date. The company is currently trading near its 52-week high, with its price at 94.26% of the highest point reached in the past year.
Financially, Amphenol appears robust with a market capitalization of $80.94 billion and strong revenue growth. The company reported a 26.24% quarterly revenue growth in Q3 2024, demonstrating its ability to expand in the competitive Electronic Equipment, Instruments & Components industry.
InvestingPro Tips highlight Amphenol's consistent dividend performance, having raised its dividend for 12 consecutive years and maintained payments for 20 years. This track record aligns with the company's solid financial position, as liquid assets exceed short-term obligations, and it operates with a moderate level of debt.
However, investors should note that Amphenol is trading at a high P/E ratio of 36.7, which may indicate the stock is priced at a premium relative to its earnings. This valuation metric could be a factor in Norwitt's decision to sell a portion of his holdings.
For readers interested in a more comprehensive analysis, InvestingPro offers 13 additional tips for Amphenol, providing deeper insights into the company's financial health and market position.
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