Bastarrica Air A. Jr., Vice President and Controller at Knowles Corp (NYSE:KN), recently executed a sale of 3,762 shares of common stock. The transaction, which took place on November 7, 2024, was conducted at a price of $19.46 per share, amounting to a total sale value of $73,208. Following this transaction, Bastarrica retains ownership of 61,681 shares in the company. The sale was reported in a Form 4 filing with the Securities and Exchange Commission.
In other recent news, Knowles Corporation has reported significant developments. The company's Q3 2024 earnings showed a robust performance, with revenues reaching $143 million, a 32% year-over-year increase, which was driven by strategic acquisitions and organic growth. The company is also transitioning away from the Consumer MEMS Microphone business, expecting to finalize the sale by the end of Q4 2024.
In terms of future expectations, Knowles Corporation projects Q4 revenues to be between $141 million and $151 million, with an EPS projection of $0.26 to $0.30. The company's Medtech & Specialty Audio segment saw a 10% revenue increase, while the Precision Device segment grew by 57%.
In addition to financial results, Knowles Corporation has made significant amendments to its by-laws. These amendments include changes to the procedural mechanics and disclosure requirements for stockholder nominations of directors and the submission of proposals for other business at stockholder meetings. The company is also actively assessing merger and acquisition opportunities that align with its strategic goals.
In line with these developments, Knowles Corporation is planning an Investor Forum for Q1 2025 to outline future growth strategies. Despite some inconsistencies in bookings through distribution partners in the industrial sector, the company expects a recovery by late Q1 or Q2 2025. These are the recent developments from Knowles Corporation.
InvestingPro Insights
While Bastarrica Air A. Jr.'s recent sale of Knowles Corp (NYSE:KN) shares might raise questions, a closer look at the company's performance and market position reveals a more nuanced picture. According to InvestingPro data, Knowles Corp has demonstrated strong financial health and market performance.
The company's market capitalization stands at $1.69 billion, reflecting its substantial presence in the industry. Knowles has shown impressive revenue growth, with a 55.62% increase over the last twelve months as of Q3 2024, reaching $801 million. This growth trajectory is further supported by a robust quarterly revenue growth of 31.82% in Q3 2024.
InvestingPro Tips highlight that Knowles Corp has been trading near its 52-week high, with a significant return of 11.72% over the last week alone. This recent performance aligns with the company's strong return of 16.5% over the past three months, suggesting positive market sentiment.
Furthermore, Knowles Corp's profitability is noteworthy. The company boasts a gross profit margin of 38.48% and an operating income margin of 7.73% for the last twelve months as of Q3 2024. An InvestingPro Tip indicates that analysts predict the company will remain profitable this year, which could explain the recent insider selling as a potential profit-taking move rather than a lack of confidence in the company's prospects.
It's worth noting that while the P/E ratio (adjusted) stands at 37.42, which might seem high, another InvestingPro Tip suggests that the valuation implies a strong free cash flow yield. This could indicate that the company is efficiently generating cash relative to its market value, potentially justifying the higher earnings multiple.
For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for Knowles Corp, providing deeper insights into the company's financial health and market position.
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