Daniel J. Giesecke, Senior Vice President and Chief Operating Officer of Knowles Corp (NYSE:KN), recently sold 323 shares of the company's common stock. The shares were sold at a price of $19.39 each, totaling approximately $6,262. Following this transaction, Giesecke holds 149,717 shares directly. This transaction was executed as part of a Rule 10b5-1 trading plan adopted on May 17, 2024.
In other recent news, Knowles Corporation has reported a substantial 32% year-over-year increase in Q3 2024 earnings, with revenues reaching $143 million. This growth was primarily driven by strategic acquisitions, including the Cornell acquisition, and a 4% organic growth. In addition, the company has projected Q4 revenues to be between $141 million and $151 million, with an EPS projection of $0.26 to $0.30.
Furthermore, Knowles Corporation has undergone significant changes in its corporate governance, amending its by-laws to refine practices and streamline processes. These amendments, unanimously adopted by the company's board of directors, include new procedures for stockholder meetings, director nominations, and other business proposals. A noteworthy amendment requires directorship candidates to be available for an interview by the Board within ten days of a reasonable request.
In other developments, Knowles Corporation is actively assessing merger and acquisition opportunities that align with strategic goals. An Investor Forum is being planned for Q1 2025 to outline future growth strategies. Despite inconsistencies in bookings through distribution partners in the industrial sector, the company expects a recovery by late Q1 or Q2 2025.
InvestingPro Insights
While Daniel J. Giesecke's recent sale of Knowles Corp (NYSE:KN) shares may catch investors' attention, it's important to consider the broader financial picture of the company. According to InvestingPro data, Knowles Corp has a market capitalization of $1.7 billion and has demonstrated strong revenue growth, with a 55.62% increase over the last twelve months as of Q3 2024. This robust growth is complemented by a healthy gross profit margin of 38.48% for the same period.
InvestingPro Tips highlight that Knowles Corp has been profitable over the last twelve months, with analysts predicting continued profitability this year. The company's stock has also shown significant momentum, with a 25.49% price total return over the past year and is currently trading near its 52-week high.
It's worth noting that while the company operates with a moderate level of debt, its liquid assets exceed short-term obligations, indicating a solid financial position. However, investors should be aware that Knowles Corp is trading at a high earnings multiple, with a P/E ratio (adjusted) of 37.53 for the last twelve months as of Q3 2024.
For those interested in 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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