China chip stocks rally on self-reliance bets, Nvidia scrutiny
Shawn A. Powers, the Executive Vice President of Human Resources at TTM Technologies Inc. (NASDAQ:TTMI), recently sold shares of the company's stock. According to a recent SEC filing, Powers disposed of 6,400 shares on November 15, 2024. The shares were sold at a weighted average price of $23.7412, totaling approximately $151,943. This transaction was conducted under a 10b5-1 Sales Plan, which allows insiders to set up a predetermined plan to sell stocks. Following this transaction, Powers retains ownership of 95,341 shares in the company.
In other recent news, TTM Technologies reported a robust Q3 performance with strategic growth. The company's revenue increased to $616.5 million, a significant rise from $572.6 million in the same quarter last year, attributed to strong demand in the aerospace and defense sectors and the data center computing market. Additionally, TTM Technologies reported a substantial turnaround in net income, posting $14.3 million against a net loss of $37.1 million in Q3 2023.
The company's aerospace and defense backlog reached a record $1.49 billion, indicating potential future revenue. TTM Technologies is also making strategic investments, including new facilities in Penang, Malaysia, and Syracuse, New York. The company anticipates Q4 net sales to range from $610 million to $650 million and non-GAAP earnings per diluted share of $0.44 to $0.50.
Despite a weak automotive market and high customer concentration in the data center and computing segment, TTM Technologies' 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 recent developments suggest TTM Technologies is leveraging its strategic initiatives and solid balance sheet to navigate market uncertainties and position itself for future growth.
InvestingPro Insights
As TTM Technologies Inc. (NASDAQ:TTMI) experiences insider selling activity, investors may find additional context in the company's recent financial performance and market valuation. According to InvestingPro data, TTM Technologies has a market capitalization of $2.39 billion and is trading at a P/E ratio of 30.6, based on the last twelve months as of Q3 2024.
The company has shown positive momentum, with a strong return of 60.93% over the past year and 27.16% over the last six months. This performance aligns with an InvestingPro Tip indicating that TTM Technologies has experienced a "high return over the last year." Additionally, the company's revenue growth of 7.68% in Q3 2024 suggests ongoing business expansion.
Despite the recent insider sale, there are positive signals for potential investors. An InvestingPro Tip notes that "3 analysts have revised their earnings upwards for the upcoming period," which could indicate optimism about the company's near-term prospects. Moreover, TTM Technologies is "trading at a low P/E ratio relative to near-term earnings growth," with a PEG ratio of 0.11, potentially signaling an undervalued stock.
For readers interested in a more comprehensive analysis, InvestingPro offers 12 additional tips for TTM Technologies, providing a deeper understanding of the company's financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.