TTM Technologies (NASDAQ:TTMI) Stock Gets Downgrade from Wall Street Zen

TTM Technologies (NASDAQ:TTMI) was downgraded by analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Sunday, Wall Street Zen reports.

Several other brokerages have also recently issued reports on TTMI. Stifel Nicolaus lowered their price objective on shares of TTM Technologies from $205.00 to $165.00 and set a “buy” rating for the company in a research note on Friday, October 23rd. Weiss Ratings lowered 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 TTM Technologies from $175.00 to $150.00 and set a “buy” rating on the stock in a report on Friday, October 23rd. Truist Financial reduced their target price on TTM Technologies from $231.00 to $170.00 and set a “buy” rating on the stock in a report on Friday, October 23rd. Finally, Zacks Research downgraded TTM Technologies from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 5th. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $173.25.

TTM Technologies Trading Down 7.7%

Shares of TTMI stock opened at $76.58 on Friday. TTM Technologies has a 1-year low of $55.44 and a 1-year high of $223.83. The firm’s 50-day simple moving average is $112.61 and its 200-day simple moving average is $127.47. The firm has a market cap of $8.07 billion, a P/E ratio of 30.51 and a beta of 2.14. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.67 and a quick ratio of 1.49.

TTM Technologies (NASDAQ:TTMI) last issued its quarterly earnings results on Thursday, October 22nd. The technology company reported $1.46 EPS for the quarter, topping the consensus estimate of $1.25 by $0.21. The firm had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.13 billion. TTM Technologies had a net margin of 7.01% and a return on equity of 19.19%. TTM Technologies’s revenue for the quarter was up 59.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.50 earnings per share. As a group, equities analysts forecast that TTM Technologies will post 4.36 EPS for the current year.

Insider Activity at TTM Technologies

In related news, Director Wajid Ali purchased 10,000 shares of the stock in a transaction that occurred on Wednesday, October 28th. The stock was purchased at an average cost of $90.25 per share, for a total transaction of $902,500.00. Following the acquisition, the director owned 35,835 shares in the company, valued at approximately $3,234,108.75. This trade represents a 38.71% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Edwin Roks acquired 5,000 shares of the business’s stock in a transaction on Wednesday, October 28th. The stock was bought at an average cost of $88.07 per share, for a total transaction of $440,350.00. Following the completion of the transaction, the chief executive officer directly owned 64,483 shares of the company’s stock, valued at $5,679,017.81. This trade represents a 8.41% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders purchased 25,000 shares of company stock worth $2,460,550. Corporate insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On TTM Technologies

Hedge funds have recently modified their holdings of the stock. BlackRock Inc. acquired a new stake in TTM Technologies during the second quarter valued at approximately $2,053,347,000. Wellington Management Group LLP raised its position in shares of 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. Atalan Capital Partners LP acquired a new stake in shares of TTM Technologies during the 2nd quarter valued at approximately $189,234,000. Bank of New York Mellon Corp lifted its stake in TTM Technologies by 1.6% during the first quarter. Bank of New York Mellon Corp now owns 715,543 shares of the technology company’s stock worth $69,708,000 after purchasing an additional 11,610 shares during the last quarter. Finally, Bank of America Corp DE lifted its stake in TTM Technologies by 6.5% during the first quarter. Bank of America Corp DE now owns 636,152 shares of the technology company’s stock worth $61,974,000 after purchasing an additional 38,710 shares during the last quarter. 95.79% of the stock is currently owned by hedge funds and other institutional investors.

About TTM Technologies

TTM Technologies, Inc is a manufacturer of technology solutions and printed circuit boards (PCBs), which are used to connect and support electronic components in a wide range of products. The company produces conventional rigid PCBs as well as high-density interconnect, flexible and rigid-flex circuit boards, and other advanced circuit technologies.

TTM also provides radio-frequency and microwave/microelectronic assembly capabilities, including components and assemblies used in communications, radar and other high-frequency applications.