Michael Reed Webb, the Senior Vice President and Chief Administrative Officer of Rogers Corp (NYSE:ROG), has reported a sale of 416 shares of the company's common stock. The shares were sold at a weighted average price of $108.8176, generating a total of $45,268. Following this transaction, Webb holds 4,400 shares directly. The sale was executed on November 8, as disclosed in a recent SEC filing.
In other recent news, Rogers Corporation reported a mixed financial performance in its Q3 earnings call. Despite a 2% decrease in revenue to $210 million, the company managed to exceed gross margin expectations at 35.2% and saw a rise in adjusted EPS to $0.98 from $0.69 in Q2. However, sales in the EV/HEV, ADAS, and industrial segments have declined.
Rogers Corporation is also investing in a new curamik power substrate factory in China, with expectations to start shipping customer samples in Q4 2024. The company's strong cash position of $146 million is being prioritized for organic growth, potential mergers and acquisitions, and share repurchases.
In terms of future projections, the company's Q4 sales are expected to range between $185 million and $200 million, with a lower guidance for gross margin and adjusted EPS. Full production at the new curamik facility in China is anticipated by mid-2025. These are among the recent developments from Rogers Corporation.
InvestingPro Insights
Rogers Corp (NYSE:ROG) has recently seen insider activity with the sale of shares by its Senior Vice President and Chief Administrative Officer. This transaction comes at a time when the company's financial metrics and market performance present a mixed picture.
According to InvestingPro data, Rogers Corp currently has a market capitalization of $1.93 billion. The company's P/E ratio stands at 38.43, which is considered high and aligns with one of the InvestingPro Tips indicating that Rogers is trading at a high earnings multiple. This valuation suggests that investors are pricing in expectations for future growth, despite the company facing some headwinds.
InvestingPro Tips reveal that Rogers holds more cash than debt on its balance sheet, which is a positive sign for the company's financial health. This strong liquidity position is further supported by another tip stating that liquid assets exceed short-term obligations. These factors may provide the company with financial flexibility during challenging market conditions.
However, the company's recent performance has been less than stellar. Revenue for the last twelve months as of Q3 2024 was $842.5 million, with a revenue growth rate of -9.17%. This decline is consistent with an InvestingPro Tip that analysts anticipate a sales decline in the current year. Despite this, another tip suggests that net income is expected to grow this year, indicating potential for improved profitability.
The stock's performance has been mixed, with a 1-year price total return of -14.8% as of the most recent data. However, more recent trends show some positive momentum, with a 3-month price total return of 4.39%.
For investors seeking a more comprehensive analysis, InvestingPro offers additional insights with 11 more tips available for Rogers Corp. These tips could provide valuable context for understanding the company's position in the current market environment.
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