In a recent transaction, Todd P. Kelsey, the Chief Executive Officer of Plexus Corp (NASDAQ:PLXS), sold a significant amount of company stock, totaling over $1.2 million. The sale took place through two separate transactions on different dates.
On May 29, 2024, Kelsey sold 10,061 shares of Plexus Corp common stock at an average price of $110.47 per share. This transaction was part of his holdings in the company's 401(k) retirement plan. Following this sale, Kelsey no longer held any shares in his 401(k). This particular stock sale amounted to approximately $1,111,741.
A couple of days later, on May 31, Kelsey executed another sale of 1,000 shares at a price of $109.50 per share. After this transaction, he still retained 102,338 shares of Plexus Corp common stock. The second sale added $109,500 to the total amount sold.
The combined sales from both transactions reached a total value of $1,220,920, with share prices ranging from $109.50 to $110.4682.
Investors often monitor insider transactions as they can provide insights into executives' perspectives on the company's current valuation and future prospects. The sales by Kelsey represent a notable change in his investment position, as reflected in the recent SEC filings.
InvestingPro Insights
As investors digest the news of CEO Todd P. Kelsey's stock sale in Plexus Corp (NASDAQ:PLXS), it's crucial to consider the broader financial context of the company. According to real-time data from InvestingPro, Plexus Corp currently holds a market capitalization of $3.02 billion and a P/E ratio of 29.82, which adjusts to 22.99 when looking at the last twelve months as of Q2 2024. These figures suggest a valuation that investors may weigh against the CEO's recent stock transactions.
InvestingPro Tips highlight that Plexus Corp has been trading near its 52-week high with a price that is 96.39% of this peak, indicating a strong performance in the market. Additionally, the company has experienced a robust 17.04% price total return over the last three months, which may have influenced the CEO's decision to sell at this juncture. With analysts predicting profitability for the current year and considering the company's positive return over the last five years, the recent insider sales could be seen in a variety of lights.
It is worth noting that Plexus Corp does not pay a dividend to shareholders, which might make capital gains through stock price appreciation a more significant aspect for investors' returns. Furthermore, the company operates with a moderate level of debt and has been profitable over the last twelve months, which could provide additional context to the CEO's stock sale.
For investors seeking more detailed analysis, there are additional InvestingPro Tips available for Plexus Corp, which can be accessed at https://www.investing.com/pro/PLXS. These tips can provide further insights into the company's performance and valuation. Take advantage of the special offer using coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, which includes comprehensive investment metrics and professional insights.
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