Shawn A. Powers, the Executive Vice President of Human Resources at TTM Technologies Inc. (NASDAQ:TTMI), recently sold 6,000 shares of the company's common stock. The sale comes as TTM's stock trades near its 52-week high of $25.49, having delivered impressive returns of over 57% year-to-date. The transaction, which took place on December 2, 2024, was conducted at a price of $25 per share, amounting to a total value of $150,000. Following this sale, Powers retains ownership of 89,341 shares in the company. The sale was executed under a pre-established 10b5-1 Sales Plan. According to InvestingPro data, analysts maintain a strong buy consensus with price targets ranging from $25 to $29, suggesting potential upside despite the stock's current valuation at 36x earnings.
In other recent news, TTM Technologies, a global printed circuit board manufacturer, reported a robust Q3 financial performance. The company's revenue surged to $616.5 million, a significant increase from $572.6 million in the same quarter of the previous year. The growth was primarily driven by strong demand in the aerospace and defense sectors, which made up 46% of the revenue, and the data center computing market. The company also reported a notable improvement in net income, posting $14.3 million in contrast to a net loss of $37.1 million in Q3 2023.
The company's strategic growth initiatives include investments in new facilities in Penang, Malaysia, and Syracuse, New York. The aerospace and defense backlog reached a record $1.49 billion with a book-to-bill ratio of 1.20. Despite a weak automotive market and high customer concentration in the data center segment, TTM Technologies anticipates Q4 net sales between $610 million to $650 million and non-GAAP earnings per diluted share of $0.44 to $0.50.
These developments highlight the company's commitment to mitigate the cyclical impacts of the market and position itself for future growth. The company's strong performance in aerospace and defense, coupled with significant investments in new technology and facilities, underscores its strategic focus on long-term growth and market resilience. These are some of the recent highlights from TTM Technologies.
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