In a recent transaction on September 23, Cheryl L. Shavers, a director at Knowles Corp (NYSE:KN), sold 12,579 shares of company stock for a total value of approximately $217,490. The shares were sold at an average price of $17.29, with individual transactions occurring at prices ranging from $17.22 to $17.36.
This sale has adjusted Shavers' holding in the company to a total of 48,933 shares of Knowles Corp common stock. The transaction details, including the range of prices at which the stock was sold, were disclosed in compliance with the Securities and Exchange Commission's regulations.
Investors often observe the trading behavior of company insiders such as directors, as their actions can provide insights into their perspective on the company's future performance. However, these transactions can be motivated by a variety of factors and may not necessarily be indicative of the company's operational health or future stock performance.
Knowles Corp, headquartered in Itasca, Illinois, operates in the household audio and video equipment industry. The company's business address and the mailing address for Cheryl Shavers are both located at 1151 Maplewood Drive, Itasca, IL, 60143.
In other recent news, Knowles Corporation has been the focus of several significant developments. The company recently reported a strong second quarter in 2024, with revenues reaching $205 million, marking an 18% increase year-over-year. This growth was largely attributed to a substantial 55% revenue surge in the Precision Devices segment, while the Medtech & Specialty Audio segment and Consumer MEMS Microphone business also experienced growth of 4% and 9% respectively.
In a strategic move, Knowles sold its Consumer MEMS Microphone (CMM) business to Syntiant Corp for $150 million, a decision applauded by Baird, which subsequently raised the price target for Knowles' stock. The transaction is expected to bolster Knowles' financial standing and reshape the company's focus.
Additionally, Knowles' MIL-PRF-55681 capacitors have met the stringent standards of the Defense Logistics Agency for defense and aerospace applications, earning a place on the U.S. Department of Defense's Qualified Products List. In other company news, Erania Brackett has resigned from the Knowles Corporation Board of Directors following a change in her principal employment. These are the recent developments for Knowles Corporation.
InvestingPro Insights
As investors evaluate the recent insider selling by Cheryl L. Shavers at Knowles Corp (NYSE:KN), it's useful to consider the company's financial health and market position. According to InvestingPro data, Knowles Corp currently has a market capitalization of $1.55 billion and a negative P/E ratio of -8.19, reflecting investor concerns about profitability. Despite this, the company has shown a revenue growth of 14.27% over the last twelve months as of Q2 2024, indicating an expanding business.
One of the InvestingPro Tips suggests that management has been aggressively buying back shares, which can be a sign of confidence in the company's future and often supports the stock price. Additionally, analysts predict that the company will be profitable this year, which if realized, could shift the sentiment surrounding the stock.
It's also worth noting that the company's liquid assets exceed its short-term obligations, which provides financial stability and flexibility. This could be a reassuring factor for investors considering the recent insider transactions. For those interested in deeper analysis, there are additional InvestingPro Tips available that provide further insights into Knowles Corp's financial metrics and market performance.
Investors looking to make informed decisions about Knowles Corp can find more InvestingPro Tips by visiting https://www.investing.com/pro/KN, with a total of 7 detailed tips listed to aid in their investment research.
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