TTM Technologies (NASDAQ:TTMI) Stock Falls 9.5% – Here’s Why

TTM Technologies, Inc. (NASDAQ:TTMI) traded down 9.5% on Wednesday. The company traded as low as $105.34 and last traded at $105.0430. Approximately 1,853,508 shares traded hands during mid-day trading, a decline of 27% from the average session volume of 2,538,448 shares. The stock had previously closed at $116.10.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Weiss Ratings downgraded shares of TTM Technologies from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, August 25th. Needham & Company LLC reduced their target price on shares of TTM Technologies from $220.00 to $175.00 and set a “buy” rating on the stock in a research report on Monday, September 21st. Zacks Research downgraded shares of TTM Technologies from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 5th. Wall Street Zen downgraded shares of TTM Technologies from a “strong-buy” rating to a “buy” rating in a research note on Sunday, August 30th. Finally, Truist Financial raised their price target on shares of TTM Technologies from $224.00 to $231.00 and gave the company a “buy” rating in a report on Tuesday. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $204.75.

TTM Technologies Stock Performance

The company has a quick ratio of 1.54, a current ratio of 1.78 and a debt-to-equity ratio of 0.50. The company has a 50 day moving average of $122.48 and a 200 day moving average of $142.23. The firm has a market cap of $10.68 billion, a price-to-earnings ratio of 45.66 and a beta of 2.14.

TTM Technologies (NASDAQ:TTMI) last issued its quarterly earnings results on Thursday, August 6th. The technology company reported $0.99 EPS for the quarter, beating analysts’ consensus estimates of $0.89 by $0.10. TTM Technologies had a return on equity of 15.67% and a net margin of 7.01%. The firm had revenue of $1 billion during the quarter, compared to the consensus estimate of $962.04 million. During the same quarter in the prior year, the business posted $0.58 earnings per share. TTM Technologies’s revenue for the quarter was up 37.4% on a year-over-year basis. As a group, equities research analysts expect that TTM Technologies, Inc. will post 4.24 EPS for the current fiscal year.

Insider Buying and Selling

In other news, SVP Dale Knecht sold 26,198 shares of the stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $142.00, for a total transaction of $3,720,116.00. Following the completion of the transaction, the senior vice president directly owned 40,138 shares in the company, valued at approximately $5,699,596. This represents a 39.49% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Edwin Roks bought 10,000 shares of TTM Technologies stock in a transaction dated Tuesday, August 25th. The shares were acquired at an average price of $111.77 per share, with a total value of $1,117,700.00. Following the completion of the purchase, the chief executive officer owned 64,814 shares in the company, valued at approximately $7,244,260.78. The trade was a 18.24% increase in their position. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in TTMI. BlackRock Inc. bought a new stake in shares of TTM Technologies in the 2nd quarter worth about $2,053,347,000. Wellington Management Group LLP raised its stake in shares of TTM Technologies by 61.9% in the 2nd quarter. Wellington Management Group LLP now owns 2,268,404 shares of the technology company’s stock valued at $424,237,000 after purchasing an additional 867,255 shares in the last quarter. Atalan Capital Partners LP acquired a new stake in shares of TTM Technologies in the 2nd quarter valued at about $189,234,000. Castle Hook Partners LP bought a new position in shares of TTM Technologies during the fourth quarter worth about $133,351,000. Finally, Bank of New York Mellon Corp bought a new position in shares of TTM Technologies during the second quarter worth about $114,470,000. 95.79% of the stock is currently owned by institutional investors.

TTM Technologies Company Profile

TTM Technologies, Inc is a manufacturer of technology solutions for the electronics industry. The company primarily produces printed circuit boards, including rigid, flexible, rigid-flex and high-density interconnect boards, as well as specialized radio-frequency and microwave components and assemblies.

TTM’s products and services support applications that require complex electronic circuitry and high reliability. Its customers operate in markets such as aerospace and defense, data-center computing, automotive, medical, industrial and instrumentation, and networking and communications.