Assenagon Asset Management S.A. Sells 14,849 Shares of TTM Technologies, Inc. $TTMI

Key Points

• Assenagon Asset Management cut its TTM Technologies stake by 43.6% in the second quarter, selling 14,849 shares and retaining 19,226 shares valued at $3.6 million. Institutional investors collectively own 95.79% of the company.
• TTM Technologies reported a strong quarter, with EPS of $0.99 beating estimates by $0.10 and revenue rising 37.4% year over year to $1 billion. Analysts project $3.92 in full-year EPS.
• Wall Street remains generally bullish: five analysts rate the stock Buy and one rates it Hold, producing a “Moderate Buy” consensus and an average price target of $214.25. However, company insiders have sold 108,241 shares worth about $20.9 million over the past 90 days.

Assenagon Asset Management S.A. trimmed its position in TTM Technologies, Inc. (NASDAQ:TTMI - Free Report) by 43.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 19,226 shares of the technology company's stock after selling 14,849 shares during the quarter. Assenagon Asset Management S.A.'s holdings in TTM Technologies were worth $3,596,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in TTMI. Harbor Investment Advisory LLC acquired a new stake in TTM Technologies in the second quarter valued at approximately $29,000. Parallel Advisors LLC increased its holdings in shares of TTM Technologies by 36.2% in the first quarter. Parallel Advisors LLC now owns 327 shares of the technology company's stock valued at $32,000 after purchasing an additional 87 shares during the period. Signature Equity Partners LLC purchased a new position in TTM Technologies during the 1st quarter worth approximately $40,000. Kestra Advisory Services LLC purchased a new stake in shares of TTM Technologies in the 4th quarter valued at $30,000. Finally, Truvestments Capital LLC acquired a new stake in shares of TTM Technologies in the fourth quarter worth $30,000. Hedge funds and other institutional investors own 95.79% of the company's stock.

TTM Technologies Stock Performance

NASDAQ:TTMI opened at $138.10 on Thursday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.54 and a current ratio of 1.78. The company has a fifty day moving average of $159.10 and a two-hundred day moving average of $134.75. The stock has a market capitalization of $14.55 billion, a PE ratio of 62.21 and a beta of 2.14. TTM Technologies, Inc. has a fifty-two week low of $39.20 and a fifty-two week high of $223.83.

TTM Technologies (NASDAQ:TTMI - Get Free Report) last announced its earnings results on Thursday, August 6th. The technology company reported $0.99 EPS for the quarter, beating analysts' consensus estimates of $0.89 by $0.10. TTM Technologies had a return on equity of 15.67% and a net margin of 7.01%.The business had revenue of $1 billion during the quarter, compared to analysts' expectations of $962.04 million. During the same quarter in the prior year, the firm earned $0.58 earnings per share. The business's revenue was up 37.4% compared to the same quarter last year. As a group, research analysts forecast that TTM Technologies, Inc. will post 3.92 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on TTMI. B. Riley Financial raised their target price on shares of TTM Technologies from $182.00 to $208.00 and gave the stock a "buy" rating in a report on Thursday, May 28th. Zacks Research downgraded TTM Technologies from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 29th. Wall Street Zen raised TTM Technologies from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Stifel Nicolaus upped their target price on TTM Technologies from $175.00 to $205.00 and gave the stock a "buy" rating in a research note on Thursday, May 28th. Finally, Truist Financial boosted their price target on TTM Technologies from $215.00 to $224.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Five analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, TTM Technologies has a consensus rating of "Moderate Buy" and a consensus price target of $214.25.

Insider Activity at TTM Technologies

In other news, EVP Catherine A. Gridley sold 3,056 shares of the business'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 transaction of $638,520.64. Following the transaction, the executive vice president directly owned 71,866 shares in the company, valued at $15,015,682.04. The trade was a 4.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Dale Martin Knecht sold 26,198 shares of the firm's stock in a transaction on 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 completion of the sale, the senior vice president directly owned 40,138 shares of the company's stock, valued at $5,699,596. This trade represents a 39.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 108,241 shares of company stock worth $20,911,975 in the last 90 days. 1.30% of the stock is owned by insiders.

TTM Technologies 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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