Douglas L. Soder, executive vice president and president of TTM Technologies Inc. (NASDAQ:), recently sold part of its stake in the company. The stock has shown remarkable strength, gaining more than 70% over the past year and trading near its 52-week high of $25.49, according to InvestPro data. According to a recent SEC filing, Soder sold 5,985 shares of TTM Technologies common stock at a price of $25 per share, for a total of approximately $149,625. This transaction was executed under a pre-established 10b5-1 sales plan. Following the sale, Soder retains 179,493 shares of the company. Analysts maintain a strongly bullish stance on TTMI, with price targets ranging from $25 to $29. For a complete analysis of insider trading and 13 additional ProTips, visit InvestPro.
Separately, TTM Technologies announced strong financial results for the third quarter of 2024. The company's revenue increased to $616.5 million from $572.6 million in the same quarter of the previous year , driven by strong demand in the aerospace and defense sectors and the data center computing market. Additionally, TTM Technologies saw a significant improvement in its net profit year-over-year, posting $14.3 million, compared to a net loss of $37.1 million in the third quarter of 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 sector's backlog reached a record $1.49 billion, with a new orders-to-bills ratio of 1.20. For the fourth quarter, TTM Technologies expects net sales of $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 concentration of customers in the data center and IT segment. Despite these challenges, TTM Technologies continues to demonstrate strong performance in aerospace and defense and significant investments in new technologies and facilities. These elements are part of the company's strategic direction focused on long-term growth and market resilience.
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