Jeff Benck, President and CEO of Benchmark Electronics Inc . (NYSE:BHE), has sold 6,000 shares of the company's common stock, according to a recent SEC filing. The shares were sold at a price of $45.31 each, resulting in a total transaction value of $271,860. The transaction comes as BHE's stock has delivered an impressive 79% return over the past year, with the current trading price at $47.84. According to InvestingPro analysis, the company appears overvalued at current levels. Following this sale, Benck retains ownership of 418,173 shares, worth approximately $20 million at current market prices. The transaction was executed under a pre-existing plan in compliance with Rule 10b5-1(c). InvestingPro data shows BHE maintains high shareholder yield, with 8 additional key insights available to subscribers through comprehensive insider trading analysis and Pro Research Reports.
In other recent news, Benchmark Electronics Inc. reported strong Q3 results with revenues of $658 million, surpassing expectations. The company also recorded a non-GAAP earnings per share of $0.57, maintaining a non-GAAP gross margin above 10% for the fourth consecutive quarter. Needham, an analyst firm, maintained a Buy rating on Benchmark and raised the stock's price target to $48, following the company's robust quarterly performance.
Despite facing some sector-specific challenges, the company experienced a year-over-year increase of 13% in its semiconductor capital equipment sector and expects to return to double-digit growth in its Aerospace and Defense sector in Q4. Meanwhile, declines were noted in its industrial, medical, and advanced computing and communications sectors.
Looking ahead, Benchmark projects Q4 revenue to be between $640 million and $680 million, with earnings per share ranging from $0.53 to $0.59. The company also plans to continue its positive free cash flow, projecting over $130 million for the year. These recent developments have been noted by various analyst firms, indicating a positive outlook for the company's future performance.
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