Jeff Jankowsky, the President of A&D C4Isr at TTM Technologies Inc. (NASDAQ:TTMI), recently sold 5,000 shares of the company's common stock. The transaction, which took place on November 27, was executed at a price of $24.23 per share, amounting to a total value of $121,150. This sale was carried out under a 10b5-1 Sales Plan. Following this transaction, Jankowsky retains ownership of 55,273 shares in the company.
In other recent news, TTM Technologies reported robust financial results for the third quarter of 2024. The company's revenue saw a significant uptick, increasing to $616.5 million from $572.6 million in the same quarter of the previous year. This growth was primarily driven by strong demand in the aerospace and defense sectors, which accounted for 46% of the company's total revenue, as well as the data center computing market. Furthermore, TTM Technologies noted a considerable improvement in net income, posting $14.3 million compared to a net loss of $37.1 million in Q3 2023.
Simultaneously, the company is making strategic investments, including the establishment of new facilities in Penang, Malaysia, and Syracuse, New York. For the fourth quarter, TTM Technologies anticipates net sales to range between $610 million and $650 million, with non-GAAP earnings per diluted share projected to be between $0.44 and $0.50. Despite some challenges in the automotive market and high customer concentration in the data center segment, the company's strong performance in aerospace and defense, coupled with significant investments in new technology and facilities, underscore its strategic focus on long-term growth and market resilience. These are some of the recent developments at TTM Technologies.
InvestingPro Insights
The recent stock sale by Jeff Jankowsky comes at a time when TTM Technologies Inc. (NASDAQ:TTMI) is experiencing strong market performance. According to InvestingPro data, TTMI's stock is trading near its 52-week high, with a price that is 94.7% of its highest point over the past year. This aligns with the company's impressive stock performance, showing a 65.73% total return over the past year and a 53.26% return year-to-date.
InvestingPro Tips highlight that TTMI has seen a strong return over the last month and three months, which may have influenced the timing of Jankowsky's sale. The company's financial health appears robust, with liquid assets exceeding short-term obligations, suggesting a solid balance sheet position.
Despite the stock's recent strength, it's worth noting that TTMI is trading at a high earnings multiple, with a P/E ratio of 35.83. However, this is balanced by the expectation of net income growth this year, as indicated by another InvestingPro Tip. This growth prospect could explain why three analysts have revised their earnings upwards for the upcoming period.
For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for TTMI, providing a deeper understanding of the company's financial position and market outlook.
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