TTM Technologies (NASDAQ:TTMI) Stock Falls 8.2% – Here’s Why

TTM Technologies, Inc. (NASDAQ:TTMI)’s share price was down 8.2% during mid-day trading on Thursday. The company traded as low as $116.62 and last traded at $117.6720. 1,405,173 shares were traded during mid-day trading, a decline of 44% from the average session volume of 2,520,878 shares. The stock had previously closed at $128.20.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on TTMI shares. Wall Street Zen lowered shares of TTM Technologies from a “strong-buy” rating to a “buy” rating in a report on Sunday, August 30th. Weiss Ratings cut TTM Technologies from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, August 25th. Truist Financial lifted their price objective on TTM Technologies from $215.00 to $224.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Zacks Research downgraded TTM Technologies from a “strong-buy” rating to a “hold” rating in a report on Monday, October 5th. Finally, Needham & Company LLC dropped their price target on TTM Technologies from $220.00 to $175.00 and set a “buy” rating for the company in a research note on Monday, September 21st. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, TTM Technologies has a consensus rating of “Moderate Buy” and an average target price of $203.00.

TTM Technologies Stock Up 3.0%

The stock’s 50-day moving average price is $124.29 and its two-hundred day moving average price is $141.77. The stock has a market capitalization of $12.75 billion, a PE ratio of 54.51 and a beta of 2.14. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.54 and a current ratio of 1.78.

TTM Technologies (NASDAQ:TTMI) last issued its quarterly earnings results 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. TTM Technologies had a net margin of 7.01% and a return on equity of 15.67%. The company had revenue of $1 billion during the quarter, compared to analysts’ expectations of $962.04 million. During the same period last year, the company posted $0.58 EPS. TTM Technologies’s revenue was up 37.4% on a year-over-year basis. As a group, analysts expect that TTM Technologies, Inc. will post 4.26 EPS for the current fiscal year.

Insider Activity at TTM Technologies

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. purchased a new stake in shares of TTM Technologies during the second quarter valued at $2,053,347,000. Castle Hook Partners LP purchased a new stake in TTM Technologies in the fourth quarter worth about $133,351,000. Atalan Capital Partners LP bought a new position in TTM Technologies in the second quarter worth approximately $189,234,000. Wellington Management Group LLP boosted its position in TTM Technologies by 61.9% during 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 acquiring an additional 867,255 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in shares of TTM Technologies in the 2nd quarter valued at about $114,470,000. 95.79% of the stock is owned by institutional investors.

About TTM Technologies

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.