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Benchmark Electronics Inc (NYSE:BHE) director Jeffrey Stephen McCreary has sold a total of 7,073 shares of company stock, according to a recent SEC filing. The transaction occurred on August 26, 2024, with the shares being sold at a price of $42.7 each, resulting in a total value of $302,017.
The sale was made from the reporting person's family trust, as noted in the footnotes of the filing. This transaction has adjusted McCreary's direct holdings in Benchmark Electronics to 42,027 shares following the sale. Additionally, there is an indirect ownership of 200 shares through a spouse, which remains unchanged.
Investors often monitor insider transactions for insights into how executives and directors view the stock's value and prospects. McCreary's sale may attract the attention of the investment community as they analyze the potential implications for the stock's future performance.
Benchmark Electronics, headquartered in Tempe, Arizona, specializes in the manufacturing of printed circuit boards and offers a range of manufacturing and engineering services. Shares of Benchmark Electronics are publicly traded on the New York Stock Exchange under the ticker symbol BHE.
The company has not made any public comments regarding the transaction. Insider sales and purchases are common within publicly traded companies and are required to be disclosed to the SEC in a timely manner. The recent filing provides transparency into the trading activities of Benchmark Electronics' directors and executives.
In other recent news, Benchmark Electronics exceeded their Q2 2024 guidance with total revenues hitting $666 million. This strong performance was primarily driven by the Aerospace & Defense and Semiconductor Capital Equipment sectors. Despite a downturn in other areas, the company's non-GAAP gross margins surpassed 10%, marking the sixth consecutive quarter of year-over-year margin expansion. Benchmark also reported non-GAAP earnings per share of $0.57, above their guidance, and generated over $230 million in free cash flow in the past four quarters.
Looking ahead, Benchmark anticipates Q3 2024 revenues to range between $630 million and $670 million, maintaining non-GAAP gross margins around 10%. While declines were noted in the Medical, Complex Industrials, and Advanced Computing & Communications sectors, the company remains optimistic about future growth, citing new program wins and expansion in low-cost regions as key factors.
On a final note, CEO Jeff Benck emphasized the potential growth in the Semi-Cap business and the Aerospace & Defense segment, highlighting the company's focus on sectors that promise future growth. These are the latest developments for Benchmark Electronics.
InvestingPro Insights
Benchmark Electronics Inc's (NYSE:BHE) recent insider trading activity coincides with notable metrics and analyst sentiments that provide a broader context for investors. As director Jeffrey Stephen McCreary sells a portion of his holdings, potential investors and current shareholders might consider the following real-time data from InvestingPro:
- The company's market capitalization stands at $1.52 billion, reflecting its position in the market.
- Benchmark Electronics has a Price-to-Earnings (P/E) ratio of 22.41, which adjusts to 20.52 when looking at the last twelve months as of Q2 2024, indicating how the stock is valued in relation to its earnings.
- Despite a decrease in revenue growth by -6.7% over the last twelve months as of Q2 2024, the company has experienced a significant price uptick of 39.01% over the past six months, showcasing a positive investor sentiment.
Two InvestingPro Tips that might be particularly relevant to investors in light of the insider sale are:
- Analysts have revised their earnings upwards for the upcoming period, suggesting optimism about the company's future profitability.
- The company has been profitable over the last twelve months and is predicted by analysts to continue this trend into the current year.
These insights, coupled with the recent insider sale, may influence investors' perspectives on the company's stock. For those seeking a deeper analysis, InvestingPro offers more tips on Benchmark Electronics, which can be found at InvestingPro's website. There are currently 9 additional tips available, providing a comprehensive outlook on the company's financial health and stock performance.
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