In a recent transaction, Douglas L. Soder, the Executive Vice President and President of TTM Technologies Inc. (NASDAQ:TTMI), sold 19,015 shares of the company's common stock. The shares were sold on December 2, 2024, at a weighted average price of $25.00 per share, resulting in a total transaction value of $475,375. The sale comes as TTMI trades near its 52-week high of $25.49, having delivered impressive returns of 66% over the past year. According to InvestingPro analysis, the stock is currently trading above its calculated Fair Value. This sale was conducted under a 10b5-1 Sales Plan, which allows executives to sell a predetermined number of shares at set times or conditions. Following this transaction, Soder now directly owns 185,478 shares of TTM Technologies. The company, with a market capitalization of $2.47 billion, currently trades at a P/E ratio of 36.1. InvestingPro subscribers have access to 14 additional key insights and a comprehensive Pro Research Report, offering deeper analysis of TTMI's valuation and growth prospects.
In other recent news, TTM Technologies has reported robust financial results for the third quarter of 2024. The company's revenue climbed to $616.5 million, a significant rise from the previous year's $572.6 million, primarily due to robust demand in the aerospace and defense sectors and the data center computing market. In addition, TTM Technologies saw a considerable improvement in net income, registering $14.3 million as opposed to a net loss of $37.1 million in Q3 2023.
TTM Technologies has also been making strategic investments, which include new facilities in Penang, Malaysia, and Syracuse, New York. For the fourth quarter, the company anticipates net sales to range from $610 million to $650 million and non-GAAP earnings per diluted share between $0.44 and $0.50. Despite some challenges in the automotive market and high customer concentration in the data center segment, these recent developments highlight TTM Technologies' strategic focus on long-term growth and market resilience.
The aerospace and defense backlog reached a record $1.49 billion, demonstrating strong growth in these markets. However, TTM Technologies acknowledged the difficulty of making forecasts beyond the next two quarters due to market uncertainties. Analysts from various firms have taken note of these developments, providing their assessments and projections for the company's future performance.
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