TTM Technologies Inc. (NASDAQ:TTMI) has reported that its Executive Vice President and Chief Operating Officer, Philip Titterton, sold a significant portion of company stock on June 24th, according to a recent SEC filing. The executive divested 21,910 shares at an average price of $18.9909, totaling over $416,000.
This transaction was carried out under a prearranged 10b5-1 trading plan, which allows company insiders to set up a trading schedule in advance to sell stocks at a predetermined time. This is a common practice that helps insiders avoid accusations of trading on nonpublic information.
The sale occurred in multiple transactions with prices ranging from $18.72 to $19.29 per share. Following this sale, Titterton still owns a substantial amount of TTM Technologies stock, with 157,528 shares remaining in his possession.
In addition to the sale, Titterton also disposed of 10,179 shares at the same average price of $18.9909 to cover tax liabilities related to the vesting of Restricted Stock Units (RSUs). This transaction amounted to a total of approximately $193,308.
TTM Technologies, based in Santa Ana, California, specializes in the manufacturing of printed circuit boards, a crucial component in electronics. The company's stock transactions are closely watched by investors as they can provide insight into the confidence that executives have in their firm's future prospects.
Investors and analysts often monitor insider sales as part of their due diligence, as they may suggest various strategic moves or personal financial decisions by the company's executives. However, it's important to note that insider selling does not necessarily indicate a lack of confidence in the company's prospects.
The transactions have been duly reported in compliance with SEC regulations, and detailed information regarding the specific prices for each share sold is available upon request from TTM Technologies.
In other recent news, TTM Technologies has been the focus of several significant developments. Needham has maintained a Buy rating on the company and raised the shares target from $19 to $21, highlighting TTM Technologies' robust performance in the Aerospace & Defense and Data Center Computing sectors. These sectors have reportedly contributed to over two-thirds of the company's Q1 revenue, supporting the revenue expectations for 2024.
Furthermore, TTM Technologies reported strong financial results for the first quarter of 2024, with non-GAAP earnings per share showing notable year-on-year growth. Revenues reached $570.1 million, driven by solid demand in key markets such as aerospace and defense, and data center computing.
In terms of expansion, TTM Technologies has launched a new facility in Penang, Malaysia, and proposed a facility in Syracuse, New York, aimed at enhancing its aerospace and defense capabilities.
In addition to these developments, TTM Technologies announced the appointment of Mr. Wajid Ali, current CFO of Lumentum Holdings (NASDAQ:LITE) Inc., to its Board of Directors, following the retirement of Dr. Dov S. Zakheim. Ali's extensive financial background and experience in the technology sector are expected to be beneficial to TTM's future endeavors. These recent developments reflect TTM Technologies' strategic focus on diversifying and stabilizing its business model.
InvestingPro Insights
As TTM Technologies Inc. (NASDAQ:TTMI) makes headlines with insider stock transactions, investors are keen on understanding the company's financial health and future prospects. According to InvestingPro data, TTM Technologies has a market capitalization of approximately $2.04 billion, reflecting the size and scale of the company within the industry.
The company's current P/E ratio stands at -829.58, suggesting that investors have been willing to pay a premium despite the company not showing profitability over the last twelve months. However, this picture is expected to change, as one of the InvestingPro Tips indicates that net income is anticipated to grow this year, aligning with analysts' predictions that the company will be profitable in the current fiscal year.
Another important financial metric for TTM Technologies is the revenue growth in the last quarter (Q1 2024), which increased by 4.72%. This figure is particularly relevant for investors looking for signs of short-term operational improvement. Additionally, the company's strong return over the last three months, with a price total return of 31.98%, suggests a robust performance in the stock market, which is also echoed by the stock trading near its 52-week high.
While the gross profit margins have been identified as weak, with a margin of 19.08%, the company's liquid assets exceed its short-term obligations, providing some financial stability. This is a key consideration for investors gauging the company's ability to meet its immediate financial commitments.
For those interested in a deeper analysis, InvestingPro offers additional tips for TTM Technologies, which can be found at https://www.investing.com/pro/TTMI. There are a total of 8 InvestingPro Tips available for TTM Technologies, providing a comprehensive view of the company's financial landscape. Readers can take advantage of these insights and use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, enriching their investment strategy with expert data and analysis.
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