Plexus Corp (NASDAQ:PLXS) CEO Todd P. Kelsey has sold a total of 2,000 shares of company stock, according to a recent Form 4 filing with the Securities and Exchange Commission. The transactions, which took place on June 3, 2024, resulted in a total sale value of over $219,863.
The sales were executed in two separate transactions with prices ranging from $109.00 to $110.525 per share. In the first transaction, Kelsey sold 673 shares at a weighted average price of $109.0477, while in the second transaction, 1,327 shares were sold at an average price of $110.3802. These sales were carried out under a pre-arranged Rule 10b5-1 trading plan, which was adopted on May 11, 2023.
Following the transactions, the CEO still owns 100,338 shares of Plexus Corp, indicating a strong ongoing stake in the company's future. Plexus, headquartered in Neenah, Wisconsin, is known for its expertise in the printed circuit boards industry and plays a significant role in the manufacturing sector.
Investors and the market often look to insider transactions as a signal of the executives' confidence in the company's prospects. With these recent sales, stakeholders may keep a close eye on Plexus Corp's performance and any future transactions by its CEO or other insiders.
In other recent news, Plexus Corp. has reported a robust fiscal second quarter for 2024, demonstrating significant growth prospects. The company announced $255 million in new program wins, contributing to an anticipated 9% to 12% revenue compound annual growth rate. Plexus Corp. also generated $65 million in free cash flow during the quarter and expects to achieve a 5.5% GAAP operating margin by fiscal 2025.
Looking ahead, the company projects revenues of $960 million to $1 billion for the third quarter, with a non-GAAP operating margin between 5.2% and 5.6%. Despite a decrease in qualified manufacturing opportunities, Plexus Corp. has seen strong performance in the Healthcare/Life Sciences sector with $109 million in wins and expects revenue growth in the Aerospace and Defense sector to exceed fiscal 2023.
In addition to its financial performance, Plexus Corp. emphasized its commitment to sustainability, announcing the upcoming release of their annual sustainability report. These are among the recent developments in the company's operations.
InvestingPro Insights
As Plexus Corp (NASDAQ:PLXS) navigates the market, CEO Todd P. Kelsey's recent stock sale has prompted investors to take a closer look at the company's financial health and future prospects. In light of these events, InvestingPro provides valuable insights and data metrics that may shed light on the company's current position and expectations:
InvestingPro data indicates that Plexus Corp has a market capitalization of approximately $2.94 billion, with a P/E ratio of 29.35. Notably, the company's adjusted P/E ratio for the last twelve months as of Q2 2024 stands at 22.5, reflecting market sentiment about its earnings potential. Furthermore, Plexus has experienced a revenue decline of 6.44% over the same period, which may be a factor for investors to consider.
Despite this, Plexus has demonstrated strong price performance, with a 15.81% return over the last three months and a 17.54% return over the past year. The stock is currently trading near its 52-week high, at 94.34% of the peak price, which may suggest a level of investor confidence in the company's trajectory. Additionally, Plexus does not pay a dividend, which could influence the investment strategies of income-focused shareholders.
An InvestingPro Tip highlights that two analysts have revised their earnings estimates upwards for the upcoming period, which may indicate potential growth on the horizon. Moreover, the stock is known for its low price volatility, offering a more stable investment option in comparison to more turbulent securities.
For investors seeking a comprehensive understanding of Plexus Corp's performance and potential, InvestingPro offers additional tips and insights. There are 9 more InvestingPro Tips available, which can be accessed through the platform. To enhance your investment research, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
As stakeholders consider the implications of executive stock sales and the company's financial data, these InvestingPro Insights can serve as a valuable resource for making informed investment decisions.
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