TTM Technologies (NASDAQ:TTMI) Shares Down 9.5% – Here’s Why

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

Wall Street Analysts Forecast Growth

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

TTM Technologies Stock Down 10.3%

The company has a debt-to-equity ratio of 0.50, a current ratio of 1.78 and a quick ratio of 1.54. The business’s fifty day moving average price is $123.74 and its two-hundred day moving average price is $142.13. The stock has a market capitalization of $10.97 billion, a PE ratio of 46.90 and a beta of 2.14.

TTM Technologies (NASDAQ:TTMI) last issued its earnings results on Thursday, August 6th. The technology company reported $0.99 earnings per share (EPS) for the quarter, topping 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 company had revenue of $1 billion during the quarter, compared to analyst estimates of $962.04 million. During the same quarter last year, the business posted $0.58 EPS. The firm’s quarterly revenue was up 37.4% on a year-over-year basis. On average, equities research analysts forecast that TTM Technologies, Inc. will post 4.26 EPS for the current fiscal year.

Insider Buying and Selling at TTM Technologies

In other news, SVP Dale Knecht sold 26,198 shares of the stock in a transaction on 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 sale, the senior vice president owned 40,138 shares in the company, valued at $5,699,596. This represents a 39.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Edwin Roks acquired 10,000 shares of the business’s stock in a transaction dated Tuesday, August 25th. The stock was acquired 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 of the company’s stock, valued at approximately $7,244,260.78. This trade represents a 18.24% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 1.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On TTM Technologies

Institutional investors have recently modified their holdings of the stock. BlackRock Inc. purchased a new position in TTM Technologies during the second quarter worth approximately $2,053,347,000. Rokos Capital Management LLP purchased a new stake in TTM Technologies in the 1st quarter valued at $13,031,000. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in TTM Technologies by 97.8% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 197,799 shares of the technology company’s stock valued at $19,270,000 after buying an additional 97,799 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in TTM Technologies in the 1st quarter valued at $36,130,000. Finally, Envestnet Asset Management Inc. increased its stake in shares of TTM Technologies by 39.0% in the 2nd quarter. Envestnet Asset Management Inc. now owns 50,452 shares of the technology company’s stock worth $9,436,000 after acquiring an additional 14,155 shares during the last quarter. Hedge funds and other institutional investors own 95.79% of the company’s stock.

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.