TTM Technologies (NASDAQ:TTMI) Shares Down 5.6% – Here’s Why

TTM Technologies, Inc. (NASDAQ:TTMI) was down 5.6% during mid-day trading on Monday. The company traded as low as $122.31 and last traded at $121.8980. 219,476 shares traded hands during trading, a decline of 91% from the average daily volume of 2,540,133 shares. The stock had previously closed at $129.17.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Wall Street Zen downgraded TTM Technologies from a “strong-buy” rating to a “buy” rating in a research note on Sunday, August 30th. Needham & Company LLC reduced their price objective on TTM Technologies from $220.00 to $175.00 and set a “buy” rating for the company in a research report on Monday, September 21st. Zacks Research upgraded shares of TTM Technologies from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 12th. Weiss Ratings lowered TTM Technologies from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, August 25th. Finally, Truist Financial lifted their price target on shares of TTM Technologies from $215.00 to $224.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $203.00.

TTM Technologies Price 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 stock has a market capitalization of $12.85 billion, a PE ratio of 54.98 and a beta of 2.15. The stock’s 50-day moving average is $124.40 and its 200 day moving average is $139.88.

TTM Technologies (NASDAQ:TTMI) last released its quarterly earnings data on Thursday, August 6th. The technology company reported $0.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.89 by $0.10. The firm had revenue of $1 billion during the quarter, compared to analysts’ expectations of $962.04 million. TTM Technologies had a return on equity of 15.67% and a net margin of 7.01%.The business’s revenue for the quarter was up 37.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.58 earnings per share. As a group, equities analysts predict that TTM Technologies, Inc. will post 4.26 earnings per share for the current year.

Insiders Place Their Bets

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

Hedge Funds Weigh In On TTM Technologies

Institutional investors have recently made changes to their positions in the business. BlackRock Inc. bought a new stake in TTM Technologies during the 2nd quarter valued at approximately $2,053,347,000. Geode Capital Management LLC increased its position in TTM Technologies by 3.2% in the 4th quarter. Geode Capital Management LLC now owns 2,667,956 shares of the technology company’s stock worth $184,119,000 after buying an additional 81,588 shares during the period. Wellington Management Group LLP increased its position in 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 worth $424,237,000 after buying an additional 867,255 shares during the period. Arrowstreet Capital Limited Partnership lifted its holdings in shares of TTM Technologies by 22.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,237,627 shares of the technology company’s stock worth $154,396,000 after buying an additional 406,202 shares during the last quarter. Finally, Castle Hook Partners LP acquired a new position in shares of TTM Technologies during the fourth quarter worth approximately $133,351,000. 95.79% of the stock is currently owned by institutional investors.

About TTM Technologies

TTM Technologies, Inc (NASDAQ: TTMI) is a global manufacturer of technology solutions for electronic devices and systems. The company primarily produces printed circuit boards (PCBs), including high-density interconnect, flexible and rigid-flex boards, radio-frequency and microwave circuits, and other advanced PCB technologies.

TTM also provides engineering, prototype development, testing and assembly services that support the design and production of electronic products. Its solutions are used in aerospace and defense, data center computing, automotive, medical, industrial, instrumentation and other communications-related applications.

The company serves customers through manufacturing and engineering operations in North America and Asia.