250,000 Shares in TTM Technologies, Inc. $TTMI Acquired by Styrax Capital LP

Key Points

• Styrax Capital LP acquired 250,000 TTM Technologies shares worth approximately $46.8 million, giving it a 0.24% stake and making TTMI its 12th-largest portfolio holding. Institutional investors and hedge funds collectively own 95.79% of the company.
• Analysts maintain a favorable outlook, with TTMI carrying an average “Buy” rating and a consensus price target of $214.25. Several brokerages recently raised their targets, including Truist Financial to $224.
• TTM Technologies exceeded quarterly expectations, reporting $0.99 in EPS versus the $0.89 consensus and $1 billion in revenue, up 37.4% year over year. Insider activity was mixed: the CEO bought 10,000 shares, while executives sold shares over the past three months.

Styrax Capital LP purchased a new position in shares of TTM Technologies, Inc. (NASDAQ:TTMI - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 250,000 shares of the technology company's stock, valued at approximately $46,755,000. TTM Technologies accounts for about 3.1% of Styrax Capital LP's investment portfolio, making the stock its 12th largest position. Styrax Capital LP owned approximately 0.24% of TTM Technologies at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. BlackRock Inc. purchased a new position in shares of TTM Technologies in the 2nd quarter worth $2,053,347,000. Invesco Ltd. increased its stake in TTM Technologies by 3.5% during the fourth quarter. Invesco Ltd. now owns 4,980,091 shares of the technology company's stock worth $343,626,000 after acquiring an additional 166,188 shares during the last quarter. Whale Rock Capital Management LLC raised its holdings in shares of TTM Technologies by 112.1% in the 4th quarter. Whale Rock Capital Management LLC now owns 4,276,320 shares of the technology company's stock worth $295,066,000 after purchasing an additional 2,260,035 shares during the period. Polar Capital Holdings Plc acquired a new position in shares of TTM Technologies in the 3rd quarter valued at about $176,376,000. Finally, Geode Capital Management LLC grew its holdings in shares of TTM Technologies by 3.2% during the 4th quarter. Geode Capital Management LLC now owns 2,667,956 shares of the technology company's stock worth $184,119,000 after purchasing an additional 81,588 shares during the period. 95.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on TTMI. Stifel Nicolaus lifted their price target on shares of TTM Technologies from $175.00 to $205.00 and gave the company a "buy" rating in a research report on Thursday, May 28th. B. Riley Financial upped their price target on shares of TTM Technologies from $182.00 to $208.00 and gave the stock a "buy" rating in a research report on Thursday, May 28th. Wall Street Zen lowered TTM Technologies from a "strong-buy" rating to a "buy" rating in a research report on Sunday, August 30th. Truist Financial upped their target price on TTM Technologies from $215.00 to $224.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Finally, Zacks Research raised TTM Technologies from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $214.25.

Insider Activity

In other news, EVP Daniel Weber sold 2,915 shares of TTM Technologies 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 $609,060.10. Following the completion of the transaction, the executive vice president owned 88,250 shares in the company, valued at approximately $18,438,955. This trade represents a 3.20% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Edwin Roks purchased 10,000 shares of the stock in a transaction dated Tuesday, August 25th. The stock was purchased at an average price of $111.77 per share, with a total value of $1,117,700.00. Following the completion of the acquisition, the chief executive officer directly 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 SEC filing for this purchase provides additional information. Insiders have sold a total of 108,241 shares of company stock valued at $20,911,975 over the last three months. Company insiders own 1.30% of the company's stock.

TTM Technologies Price Performance

TTMI opened at $125.60 on Friday. The company has a market capitalization of $13.23 billion, a P/E ratio of 56.58 and a beta of 2.15. The company has a 50-day moving average of $133.42 and a 200-day moving average of $137.44. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.54 and a current ratio of 1.78. TTM Technologies, Inc. has a 1-year low of $45.73 and a 1-year high of $223.83.

TTM Technologies (NASDAQ:TTMI - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The technology company reported $0.99 EPS for the quarter, topping the consensus estimate of $0.89 by $0.10. The business had revenue of $1 billion for the quarter, compared to analysts' expectations of $962.04 million. TTM Technologies had a net margin of 7.01% and a return on equity of 15.67%. The company's quarterly revenue was up 37.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.58 earnings per share. Equities analysts expect that TTM Technologies, Inc. will post 4.26 EPS for the current fiscal year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source