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In a recent transaction, John S. Anderson, the Senior Vice President & CFO of Knowles Corp (NYSE:KN), sold 10,444 shares of the company's common stock. The sale was executed at a price of $18.5 per share, resulting in a total value of $193,214. This transaction was conducted in accordance with a pre-arranged trading plan, known as a Rule 10b5-1 trading plan, which Anderson had adopted on May 15, 2024.
Knowles Corp, recognized for its expertise in the household audio and video equipment sector, has its shares publicly traded under the ticker symbol KN on the New York Stock Exchange. The company's corporate headquarters are located at 1151 Maplewood Drive, Itasca, Illinois.
The Form 4 filing revealed that following the sale, Anderson still holds a substantial amount of Knowles Corp stock, with 211,200 shares remaining in his possession. The transaction took place on August 23, 2024, and was officially filed with the Securities and Exchange Commission on August 27, 2024.
Investors often keep an eye on insider transactions as they can provide insights into how the company's top executives view the stock's value and prospects. However, it is important to note that such transactions do not necessarily indicate future performance and may be subject to various personal financial considerations.
The filing was signed on behalf of John Anderson by Robyn B. Martin, indicating a power of attorney arrangement for the transaction. Such filings are standard procedure for publicly traded companies and their executives, providing transparency to the market and ensuring that all regulatory requirements are met.
"In other recent news, Knowles Corporation announced its robust second quarter performance for 2024, with revenues reaching $205 million, marking an 18% increase year-over-year. The company's Precision Devices segment saw a significant 55% revenue surge, while the Medtech & Specialty Audio segment and Consumer MEMS Microphone business grew by 4% and 9% respectively. In addition to these financial results, Knowles also made strategic moves by repurchasing $25 million of shares and reducing its debt by $34 million. The company projects Q3 revenues to be in the range of $210 million to $220 million, a 23% year-over-year rise.
In other developments, Knowles capacitors have qualified for manufacturing and testing in the United States, meeting the Defense Logistics Agency's stringent standards for defense and aerospace applications. These capacitors will now be listed on the U.S. Department of Defense's Qualified Products List, which is expected to streamline the procurement process for government projects.
Lastly, Knowles is actively considering acquisitions while aiming to maintain modest debt levels, as indicated during the recent earnings call. This is part of the company's ongoing efforts to drive shareholder value and position itself for future success."
InvestingPro Insights
As we delve into the insider transaction involving John S. Anderson, the Senior Vice President & CFO of Knowles Corp (NYSE:KN), it's crucial to consider the broader financial landscape of the company. Knowles Corp's market capitalization stands at approximately $1.62 billion, reflecting the market's current valuation of the company. Despite a negative P/E ratio of -8.55, indicating that the company has not been profitable over the last twelve months, analysts are optimistic, predicting profitability for Knowles Corp in the current fiscal year. This aligns with an InvestingPro Tip highlighting that the company's liquid assets surpass its short-term obligations, suggesting a strong liquidity position.
Investors monitoring the company's performance will also note the revenue growth of 14.27% over the last twelve months as of Q2 2024, with a quarterly increase of 18.32% in the same period. This growth trajectory is complemented by a gross profit margin of 38.15%, which provides insights into the company's efficiency in managing its cost of goods sold.
Another InvestingPro Tip to consider is that management has been actively engaging in share buybacks, which can be an indicator of the leadership's confidence in the company's future prospects and a potential signal of undervaluation to investors. It is worth noting that Knowles Corp does not pay dividends, which could influence the investment strategies of income-focused shareholders.
For those interested in further analysis and tips, InvestingPro offers additional insights on Knowles Corp, including a total of 5 InvestingPro Tips to help investors make more informed decisions. To explore these tips and more detailed metrics, visit https://www.investing.com/pro/KN.
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