Tom Clapprood, President of A&D Radar Systems at TTM Technologies Inc. (NASDAQ:TTMI), recently sold 10,000 shares of the company's common stock. The shares were sold on November 6 at a weighted average price of $25.0743, with prices ranging from $24.94 to $25.45. Following this transaction, Clapprood retains ownership of 44,335 shares. This sale, conducted in the open market, represents a total transaction value of $250,743.
In other recent news, TTM Technologies has reported a strong Q3 performance. The company's revenue increased to $616.5 million, up from $572.6 million in the same quarter the previous year. This growth was mainly driven by the aerospace and defense sectors, which accounted for 46% of the revenue, and the data center computing market. Notably, TTM Technologies also reported a significant improvement in net income, posting $14.3 million, a stark contrast to a net loss of $37.1 million in Q3 2023.
These recent developments also include strategic investments by TTM Technologies, such as new facilities in Penang, Malaysia, and Syracuse, New York. The company projects Q4 net sales to range between $610 million to $650 million and non-GAAP earnings per diluted share of $0.44 to $0.50. However, the company anticipates challenges in forecasting beyond the next two quarters due to market uncertainties.
Despite a weak automotive market and high customer concentration in the data center and computing segment, TTM Technologies' strong performance in aerospace and defense, along with significant investments in new technology and facilities, demonstrates its strategic focus on long-term growth and market resilience.
InvestingPro Insights
The recent insider sale by Tom Clapprood comes at a time when TTM Technologies Inc. (NASDAQ:TTMI) is experiencing significant market momentum. According to InvestingPro data, TTMI has seen a remarkable 78.28% price total return over the past year, with a 35.88% surge in the last month alone. This strong performance has pushed the stock to trade near its 52-week high, with the current price at 99.73% of that peak.
InvestingPro Tips highlight that TTMI's net income is expected to grow this year, and analysts predict the company will remain profitable. This positive outlook is further supported by the fact that three analysts have revised their earnings upwards for the upcoming period, suggesting confidence in the company's near-term prospects.
However, investors should note that TTMI is trading at a relatively high P/E ratio of 37.65, which may indicate that the stock is priced at a premium compared to its earnings. This valuation metric aligns with an InvestingPro Tip indicating that the company is trading at a high earnings multiple.
For those seeking a more comprehensive analysis, InvestingPro offers 16 additional tips for TTMI, providing a deeper understanding of the company's financial health and market position.
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