Dean A. Foate, Chairman of the Board at Plexus Corp (NASDAQ:PLXS), recently sold shares in the company totaling approximately $1.64 million. The transactions, documented in a recent SEC filing, occurred on November 25 and 26, 2024. Foate sold 2,093 shares at prices ranging from $163.00 to $163.945 per share, 6,807 shares at prices between $164.05 and $164.565, and an additional 1,100 shares at prices from $163.00 to $163.19. Following these transactions, Foate retains ownership of 106,080 shares in the company.
In other recent news, Plexus Corp has demonstrated robust financial performance with a 3% year-over-year increase in FQ4 revenue, surpassing its own guidance. The company's adjusted earnings per share (EPS) also exceeded the high end of its guidance, benefiting from stronger gross and operating margins. Investment firm Needham has increased its price target for Plexus Corp to $162.00, maintaining a Buy rating.
Simultaneously, KeyBanc initiated coverage on Plexus with a Sector Weight rating, recognizing the company's design capabilities and strategic market positioning. Plexus also secured over $500 million in contracts in the healthcare life sciences sector over the past four quarters.
Benchmark, another financial advisory firm, maintained a Buy rating for Plexus Corp and raised its price target to $150. Despite challenges like the ongoing Boeing (NYSE:BA) strike, new initiatives in the Space and Semiconductor Capital Equipment sectors are anticipated to offset impacts. These are among the recent developments for Plexus Corp.
InvestingPro Insights
The recent share sale by Plexus Corp's Chairman Dean A. Foate comes at a time when the company's stock is trading near its 52-week high, as indicated by InvestingPro data. With a market capitalization of $4.46 billion, Plexus has seen impressive returns, with a 54.19% price total return over the past year and a substantial 42.41% return in the last six months alone.
InvestingPro Tips highlight that Plexus is currently trading at a high earnings multiple, with a P/E ratio of 40.27. This valuation suggests that investors have high expectations for the company's future growth. Despite this, it's worth noting that Plexus suffers from weak gross profit margins, which stood at 9.56% for the last twelve months as of Q4 2024.
The company's financial health appears stable, with InvestingPro Tips indicating that Plexus operates with a moderate level of debt. This financial position, combined with the company's profitability over the last twelve months and analysts' predictions of continued profitability, may contribute to investor confidence.
For readers interested in a more comprehensive analysis, InvestingPro offers 13 additional tips for Plexus Corp, providing a deeper insight into the company's financial position and market performance.
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