TTM Technologies (NASDAQ:TTMI) Stock Price Down 8.2% – Here’s What Happened

TTM Technologies, Inc. (NASDAQ:TTMI)’s share price traded 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.

Analyst Upgrades and Downgrades

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

TTM Technologies Stock Down 8.2%

The stock’s fifty day moving average is $124.14 and its two-hundred day moving average is $141.73. The company has a current ratio of 1.78, a quick ratio of 1.54 and a debt-to-equity ratio of 0.50. The firm has a market cap of $12.40 billion, a P/E ratio of 53.06 and a beta of 2.14.

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

Insider Buying and Selling at TTM Technologies

In other TTM Technologies news, SVP Dale Knecht sold 26,198 shares of the firm’s stock in a transaction dated 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 owned 40,138 shares of the company’s stock, valued at $5,699,596. This trade represents a 39.49% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Edwin Roks purchased 10,000 shares of the company’s stock in a transaction dated Tuesday, August 25th. The shares were acquired at an average price of $111.77 per share, with a total value of $1,117,700.00. Following the transaction, the chief executive officer owned 64,814 shares in the company, valued at approximately $7,244,260.78. The trade was a 18.24% increase in their position. 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

Several institutional investors have recently modified their holdings of the stock. BlackRock Inc. purchased a new position in shares of TTM Technologies in the 2nd quarter worth about $2,053,347,000. Castle Hook Partners LP bought a new position in shares of TTM Technologies during the 4th quarter valued at about $133,351,000. Atalan Capital Partners LP purchased a new position in shares of TTM Technologies during the 2nd quarter valued at about $189,234,000. Wellington Management Group LLP lifted 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 last quarter. Finally, Bank of New York Mellon Corp bought a new stake in TTM Technologies in the 2nd quarter worth approximately $114,470,000. 95.79% of the stock is currently owned by institutional investors.

TTM Technologies Company Profile

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.