Catherine A. Gridley, Executive Vice President and President of Aerospace and Defense Business Unit at TTM Technologies Inc. (NASDAQ:TTMI), recently sold 5,000 shares of the company's common stock. The shares were sold in the open market on November 6, at a weighted average price of $25.1455, totaling approximately $125,727. Following this transaction, Gridley owns 115,296 shares of TTM Technologies.
The shares were sold in multiple transactions at prices ranging from $25.04 to $25.26. Gridley has committed to providing detailed information about the sales to TTM Technologies, any of its security holders, or the Securities and Exchange Commission upon request.
In other recent news, TTM Technologies reported robust financial results for the third quarter of 2024, with a significant revenue increase to $616.5 million, up from $572.6 million in the same quarter of the previous year. This growth was largely driven by strong demand in the aerospace and defense sectors, which constituted 46% of the revenue, and the data center computing market. The company also reported a substantial improvement in net income, with a notable turnaround to $14.3 million from a net loss of $37.1 million in Q3 2023.
Among other recent developments, TTM Technologies is making strategic investments in new facilities in Penang, Malaysia, and Syracuse, New York. The company also anticipates Q4 net sales to range between $610 million and $650 million, with non-GAAP earnings per diluted share expected to be between $0.44 and $0.50.
Despite the overall growth, the company reported a 25% decrease in quarterly revenue from the 787 builds. Challenges are also anticipated in forecasting beyond the next two quarters due to market uncertainties. However, the company's strategic initiatives, including expansion of its manufacturing capabilities, reflect its commitment to long-term growth and market resilience.
InvestingPro Insights
The recent stock sale by Catherine A. Gridley comes at a time when TTM Technologies Inc. (NASDAQ:TTMI) is experiencing significant market momentum. According to InvestingPro data, TTMI has shown impressive price performance, with a 79.77% total return over the past year and a 37.02% return in the last month alone. This strong upward trend is further evidenced by the stock trading at 99.1% of its 52-week high, suggesting investor confidence in the company's prospects.
InvestingPro Tips highlight that TTMI's net income is expected to grow this year, and analysts predict the company will remain profitable. This positive outlook is supported by the company's solid financial performance, with revenue of $2.36 billion in the last twelve months as of Q3 2023, representing a 3.51% growth.
However, investors should note that TTMI is trading at a relatively high P/E ratio of 37.65, which may indicate that the stock is priced at a premium compared to its earnings. This valuation metric should be considered alongside the company's growth prospects and market position.
For those interested in a deeper analysis, InvestingPro offers 16 additional tips for TTMI, providing a comprehensive view of the company's financial health and market position. These insights can be particularly valuable for investors looking to understand the context of insider transactions like Gridley's stock sale.
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