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

Shares of TTM Technologies, Inc. (NASDAQ:TTMI) were down 9.5% on Wednesday. The stock traded as low as $105.34 and last traded at $105.0430. 1,853,508 shares changed hands during trading, a decline of 27% from the average session volume of 2,538,448 shares. The stock had previously closed at $116.10.

Analysts Set New Price Targets

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

TTM Technologies Trading Down 10.3%

The business has a fifty day moving average price of $123.74 and a two-hundred day moving average price of $142.13. 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 capitalization of $10.97 billion, a PE ratio of 46.90 and a beta of 2.14.

TTM Technologies (NASDAQ:TTMI) last issued its quarterly earnings data on Thursday, August 6th. The technology company reported $0.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.10. TTM Technologies had a net margin of 7.01% and a return on equity of 15.67%. 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 firm earned $0.58 EPS. TTM Technologies’s revenue was up 37.4% on a year-over-year basis. Analysts expect that TTM Technologies, Inc. will post 4.26 EPS for the current fiscal year.

Insider Activity

In other news, CEO Edwin Roks bought 10,000 shares of the company’s stock in a transaction on Tuesday, August 25th. The stock was bought at an average cost of $111.77 per share, with a total value of $1,117,700.00. Following the transaction, 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 position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Dale Knecht sold 26,198 shares of TTM Technologies stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $142.00, for a total transaction of $3,720,116.00. Following the completion of the transaction, 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 disclosure for this sale is available in the SEC filing. Insiders own 1.30% of the company’s stock.

Institutional Trading of TTM Technologies

A number of large investors have recently modified their holdings of the stock. BlackRock Inc. acquired a new position in shares of TTM Technologies during the second quarter worth $2,053,347,000. Wellington Management Group LLP raised its stake 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 worth $424,237,000 after acquiring an additional 867,255 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its stake in TTM Technologies by 22.2% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,237,627 shares of the technology company’s stock worth $154,396,000 after acquiring an additional 406,202 shares in the last quarter. Castle Hook Partners LP purchased a new stake in TTM Technologies in the fourth quarter valued at $133,351,000. Finally, Atalan Capital Partners LP purchased a new stake in TTM Technologies in the second quarter valued at $189,234,000. Hedge funds and other institutional investors own 95.79% of the company’s stock.

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.