10,979,290 Shares in TTM Technologies, Inc. $TTMI Bought by BlackRock Inc.

Key Points

• BlackRock acquired 10.98 million shares of TTM Technologies during the second quarter, valued at approximately $2.05 billion and representing a 10.57% stake. Institutional investors now own 95.79% of the company.
• TTM Technologies reported strong quarterly results, with earnings of $0.99 per share versus the $0.89 consensus estimate and revenue of $1 billion, up 37.4% year over year.
• Despite shares opening at $116.38—well below the 12-month high of $223.83—analysts remain bullish, assigning the stock a consensus “Buy” rating and an average price target of $214.25.

BlackRock Inc. purchased a new stake in TTM Technologies, Inc. (NASDAQ:TTMI - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 10,979,290 shares of the technology company's stock, valued at approximately $2,053,347,000. BlackRock Inc. owned about 10.57% of TTM Technologies at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in TTMI. Harbor Investment Advisory LLC acquired a new stake in TTM Technologies during the 2nd quarter valued at approximately $29,000. Kestra Advisory Services LLC acquired a new position in shares of TTM Technologies in the 4th quarter worth approximately $30,000. Truvestments Capital LLC bought a new stake in shares of TTM Technologies in the 4th quarter valued at $30,000. GoalVest Advisory LLC increased its position in shares of TTM Technologies by 456.7% during the second quarter. GoalVest Advisory LLC now owns 167 shares of the technology company's stock worth $31,000 after buying an additional 137 shares during the period. Finally, Rakuten Securities Inc. acquired a new stake in shares of TTM Technologies during the fourth quarter worth $32,000. 95.79% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, EVP Daniel J. Weber sold 2,915 shares of the business's stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $208.94, for a total value of $609,060.10. Following the completion of the sale, the executive vice president directly owned 88,250 shares of the company's stock, valued at $18,438,955. The trade was a 3.20% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Shawn A. Powers sold 3,367 shares of the company'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 value of $703,500.98. Following the transaction, the executive vice president directly owned 120,801 shares in the company, valued at approximately $25,240,160.94. This trade represents a 2.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 108,241 shares of company stock worth $20,911,975 over the last 90 days. 1.30% of the stock is owned by company insiders.

TTM Technologies Stock Down 7.4%

Shares of NASDAQ TTMI opened at $116.38 on Thursday. The company has a quick ratio of 1.54, a current ratio of 1.78 and a debt-to-equity ratio of 0.50. The firm has a market cap of $12.26 billion, a PE ratio of 52.42 and a beta of 2.14. The company's fifty day simple moving average is $154.80 and its 200 day simple moving average is $136.04. TTM Technologies, Inc. has a 12-month low of $39.20 and a 12-month high of $223.83.

TTM Technologies (NASDAQ:TTMI - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The technology company reported $0.99 earnings per share 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 during the quarter, compared to the consensus estimate of $962.04 million. During the same period in the previous year, the firm posted $0.58 earnings per share. The business's revenue was up 37.4% compared to the same quarter last year. As a group, sell-side analysts forecast that TTM Technologies, Inc. will post 4.26 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently issued reports on TTMI. Zacks Research upgraded shares of TTM Technologies from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 12th. Truist Financial increased their price target on TTM Technologies from $215.00 to $224.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. Wall Street Zen raised TTM Technologies from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Stifel Nicolaus upped their target price on TTM Technologies from $175.00 to $205.00 and gave the company a "buy" rating in a research report on Thursday, May 28th. Finally, B. Riley Financial raised their target price on TTM Technologies from $182.00 to $208.00 and gave the stock a "buy" rating in a research note on Thursday, May 28th. One research analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the company. According to MarketBeat, TTM Technologies currently has a consensus rating of "Buy" and an average target price of $214.25.

TTM Technologies Company Profile

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.

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