Douglas L. Soder, Executive Vice President and President of TTM Technologies Inc. (NASDAQ:TTMI), recently sold a portion of his holdings in the company. The stock has shown remarkable strength, gaining over 70% in the past year and trading near its 52-week high of $25.49, according to InvestingPro data. According to a recent SEC filing, Soder sold 5,985 shares of TTM Technologies' common stock at a price of $25 per share, totaling approximately $149,625. This transaction was executed under a pre-arranged 10b5-1 Sales Plan. Following the sale, Soder retains 179,493 shares of the company. Analysts maintain a strong bullish stance on TTMI, with price targets ranging from $25 to $29. For comprehensive insider trading analysis and 13 additional ProTips, visit InvestingPro.
In other recent news, TTM Technologies reported robust financial results for the third quarter of 2024. The company's revenue increased to $616.5 million, a rise from $572.6 million in the same quarter the previous year, driven by strong demand in the aerospace and defense sectors and the data center computing market. Furthermore, TTM Technologies saw a significant year-over-year improvement in net income, posting $14.3 million compared to a net loss of $37.1 million in Q3 2023.
These recent developments also include strategic investments by the company, such as 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. For the fourth quarter, TTM Technologies anticipates net sales between $610 million to $650 million and non-GAAP earnings per diluted share of $0.44 to $0.50.
However, the company faces challenges in the automotive market, which remains weak, and a high customer concentration in the data center and computing segment. Despite these challenges, TTM Technologies continues to show strong performance in aerospace and defense and significant investments in new technology and facilities. These are part of the company's strategic focus on long-term growth and market resilience.
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