Plexus Corp (NASDAQ:PLXS) Executive Vice President and Chief Financial Officer, Patrick John Jermain, has sold a total of 4,999 shares of the company's common stock, according to a recent filing with the Securities and Exchange Commission. The sale, executed on May 20, 2024, totaled over $549,892, with the shares being sold at prices ranging from $110.00 to $110.03, reflecting a weighted average sale price of $110.0006 per share.
The transaction was conducted under a Rule 10b5-1 trading plan, which was adopted on January 31, 2024. Such plans allow company insiders to sell shares over a predetermined period of time, reducing the potential for accusations of trading on nonpublic information. The sale represents a significant transaction for Jermain, who, following the sale, owns a total of 34,183 shares of Plexus Corp's common stock.
Investors often monitor insider sales as they can provide insights into an executive's view of the company's current valuation. In the case of Plexus Corp, the sale by the Executive VP & CFO might draw attention due to the role the executive plays in overseeing the company's financial operations.
The shares sold by Jermain were held in a Plexus Corp. 401(k) Retirement Plan, as indicated by the footnotes in the SEC filing. This detail provides context for the nature of the ownership prior to the sale.
Plexus Corp, headquartered in Neenah, Wisconsin, specializes in printed circuit boards and operates within the manufacturing sector. The company's business address and the address of the reporting owner are both listed as One Plexus Way, Neenah, WI 54956.
This recent transaction is now a matter of public record, with Jermain's signature on the filing, dated May 22, 2024, authenticated by Kate A. Gitter, Attorney-in-Fact. As is customary, the filing also includes an undertaking to provide full information regarding the number of shares and the prices at which the transactions were effected upon request from the SEC, the issuer, or a security holder of the issuer.
InvestingPro Insights
In light of the recent insider sale at Plexus Corp (NASDAQ:PLXS), investors may be seeking additional context to better understand the company's current financial standing. The sale by Executive VP & CFO Patrick John Jermain might raise questions about valuation, and a look at the latest data and insights from InvestingPro can offer some clarity.
With a market capitalization of $3.11 billion, Plexus Corp is a significant player in the manufacturing sector, particularly in the realm of printed circuit boards. The company's P/E ratio, which stands at 30.86, suggests a relatively high valuation compared to earnings. However, when adjusted for the last twelve months as of Q2 2024, the P/E ratio is more favorable at 23.73, potentially indicating improved earnings or investor expectations of future growth.
InvestingPro Tips highlight that Plexus Corp has been experiencing strong returns, with a 17.53% price total return over the last month and a 26.95% return over the past year, reflecting a robust performance in the market. Additionally, analysts have revised their earnings upwards for the upcoming period, which could signal confidence in the company's future profitability. However, it's worth noting that the company's gross profit margin stands at 9.18%, which is considered weak, and may be a point of concern for some investors.
For investors looking to delve deeper into Plexus Corp's financial health and stock performance, InvestingPro offers a comprehensive set of additional tips. As of now, there are 11 more InvestingPro Tips available that can provide further insights into the company's operations, debt levels, and stock volatility. To access these insights and make more informed investment decisions, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
The recent insider sale, coupled with the data and tips from InvestingPro, may guide investors as they consider the potential implications for Plexus Corp's stock and the broader market. Understanding the nuances of the company's financials and stock performance is crucial for making educated investment choices.
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