TTM Technologies (NASDAQ:TTMI) Shares Down 9.3% – Here’s Why

TTM Technologies, Inc. (NASDAQ:TTMI)’s stock price dropped 9.3% during mid-day trading on Tuesday . The stock traded as low as $129.00 and last traded at $127.8680. 349,643 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 2,620,893 shares. The stock had previously closed at $140.98.

Analyst Ratings Changes

Several equities research analysts recently weighed in on TTMI shares. B. Riley Financial upped their price objective on shares of TTM Technologies from $182.00 to $208.00 and gave the stock a “buy” rating in a report on Thursday, May 28th. Needham & Company LLC reissued a “buy” rating and set a $220.00 target price on shares of TTM Technologies in a research note on Tuesday. 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 raised shares of TTM Technologies from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, August 6th. Finally, Stifel Nicolaus increased their price objective on shares of TTM Technologies from $175.00 to $205.00 and gave the company a “buy” rating in a report on Thursday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $214.25.

TTM Technologies Stock Performance

The company has a fifty day moving average price of $154.80 and a two-hundred day moving average price of $136.04. The firm has a market cap of $12.26 billion, a price-to-earnings ratio of 52.42 and a beta of 2.14. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.78 and a quick ratio of 1.54.

TTM Technologies (NASDAQ:TTMI) last released 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 firm had revenue of $1 billion for the quarter, compared to analyst estimates of $962.04 million. During the same period in the previous year, the company earned $0.58 earnings per share. TTM Technologies’s revenue was up 37.4% compared to the same quarter last year. As a group, equities research analysts expect that TTM Technologies, Inc. will post 4.26 EPS for the current year.

Insiders Place Their Bets

In related news, EVP Douglas L. Soder sold 2,874 shares of the stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $208.94, for a total transaction of $600,493.56. Following the completion of the sale, the executive vice president directly owned 210,634 shares of the company’s stock, valued at $44,009,867.96. This represents a 1.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Daniel J. Weber sold 2,915 shares of the firm’s stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $208.94, for a total transaction of $609,060.10. Following the sale, the executive vice president owned 88,250 shares of the company’s stock, valued at $18,438,955. The trade was a 3.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 108,241 shares of company stock worth $20,911,975. Company insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On TTM Technologies

Hedge funds have recently modified their holdings of the stock. Rokos Capital Management LLP acquired a new stake in TTM Technologies during the 1st quarter worth about $13,031,000. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in TTM Technologies by 97.8% during the first 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. Mitsubishi UFJ Trust & Banking Corp acquired a new position in shares of TTM Technologies in the fourth quarter worth about $668,000. Renaissance Technologies LLC acquired a new position in shares of TTM Technologies in the first quarter worth about $36,130,000. Finally, Geode Capital Management LLC boosted its holdings in shares of TTM Technologies by 3.2% in the fourth 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. 95.79% of the stock is currently owned by institutional investors and hedge funds.

About TTM Technologies

TTM Technologies, Inc is a leading global manufacturer of printed circuit boards (PCBs) and related electronic components. The company’s product portfolio spans rigid, flexible and rigid-flex circuit boards, as well as advanced substrates, backplanes, hybrid circuits and integrated antenna modules. In addition to PCB fabrication, TTM offers comprehensive system‐level services, including design support, surface mount technology (SMT) assembly, cable and wire harness assembly, and complete box-build solutions to address end-to-end customer requirements.

Serving a broad array of end markets, TTM Technologies supports customers in the communications, computing, automotive, aerospace and defense, industrial, and medical sectors.