Jeffrey Niew, President and CEO of Knowles Corp (NYSE:KN), recently executed a significant stock transaction. On November 6, Niew sold 157,699 shares of Knowles Corp common stock, amounting to approximately $2.99 million. The shares were sold at a weighted average price of $18.98, with individual transactions ranging from $18.70 to $19.26.
In a related transaction on the same day, Niew acquired 157,699 shares through the exercise of non-qualified stock options at a price of $14.29 per share. Following these transactions, Niew's direct ownership stands at 820,698 shares.
In other recent news, Knowles Corporation reported a strong Q3 2024 performance with revenues reaching $143 million, marking a 32% year-over-year increase. This growth was driven by strategic acquisitions and 4% organic growth. The company also announced a transition away from the Consumer MEMS Microphone business, with a sale expected to finalize by the end of Q4 2024. The corporation projects Q4 revenues to be between $141 million and $151 million, with an EPS projection of $0.26 to $0.30.
Furthermore, Knowles Corporation has amended its by-laws, refining corporate governance practices. The key changes include a clarification about special stockholder meetings and revised procedural mechanics for stockholder nominations of directors. The company also introduced a requirement for directorship candidates to be available for an interview within ten days following a reasonable request.
In addition to these recent developments, Knowles Corporation is actively assessing merger and acquisition opportunities that align with strategic goals. The company 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.
InvestingPro Insights
Recent data from InvestingPro sheds additional light on Knowles Corp's financial position and market performance, providing context to CEO Jeffrey Niew's recent stock transactions.
As of the latest available data, Knowles Corp boasts a market capitalization of $1.7 billion. The company's revenue for the last twelve months as of Q3 2024 reached $801 million, with an impressive revenue growth of 55.62% over the same period. This strong top-line performance is complemented by a healthy gross profit margin of 38.48%.
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 and a robust 16.5% over the past three months. These metrics align with the timing of CEO Niew's stock sale, suggesting he may be capitalizing on the company's strong market performance.
Additionally, InvestingPro Tips indicate that analysts predict the company will be profitable this year, and it has been profitable over the last twelve months. This positive outlook is further supported by the fact that two analysts have revised their earnings upwards for the upcoming period.
For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for Knowles Corp, providing a deeper understanding of the company's financial health and market position.
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