Bank of America Corp DE Buys New Stake in TTM Technologies, Inc. $TTMI

Key Points

• Bank of America acquired 256,755 TTM Technologies shares worth approximately $48 million, joining several other institutions that initiated positions during the second quarter. Institutional investors now own 95.79% of the company.
• Analyst sentiment remains broadly positive, with a consensus “Buy” rating and an average price target of $214.25, although Weiss Ratings downgraded the stock to “Hold.”
• TTM Technologies reported stronger-than-expected quarterly results, including $0.99 EPS versus $0.89 expected and $1 billion in revenue, up 37.4% year over year. CEO Edwin Roks also purchased 10,000 shares, while insiders collectively sold more than $20.9 million of stock during the quarter.

Bank of America Corp DE purchased a new position in TTM Technologies, Inc. (NASDAQ:TTMI - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 256,755 shares of the technology company's stock, valued at approximately $48,018,000. Bank of America Corp DE owned about 0.24% of TTM Technologies at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Fund 1 Investments LLC purchased a new position in TTM Technologies during the 2nd quarter worth $13,640,000. Gallagher Fiduciary Advisors LLC purchased a new stake in shares of TTM Technologies during the second quarter worth about $862,000. Man Group plc purchased a new stake in shares of TTM Technologies during the second quarter worth about $10,197,000. Invst LLC acquired a new position in shares of TTM Technologies during the second quarter valued at about $1,258,000. Finally, Jupiter Topco LLC acquired a new position in shares of TTM Technologies during the second quarter valued at about $8,374,000. 95.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Weiss Ratings downgraded shares of TTM Technologies from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday, August 25th. 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. Needham & Company LLC restated a "buy" rating and issued a $220.00 target price on shares of TTM Technologies in a research note on Tuesday, August 18th. Zacks Research raised TTM Technologies from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 12th. Finally, B. Riley Financial boosted their price target on TTM Technologies from $182.00 to $208.00 and gave the company a "buy" rating in a research note on Thursday, May 28th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, TTM Technologies presently has a consensus rating of "Buy" and an average target price of $214.25.

Insider Activity at TTM Technologies

In other TTM Technologies news, CEO Edwin Roks bought 10,000 shares of the company's stock in a transaction dated Tuesday, August 25th. The stock was acquired 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 of the company's stock, valued at $7,244,260.78. This represents a 18.24% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Daniel 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 transaction of $609,060.10. Following the transaction, the executive vice president owned 88,250 shares in the company, valued at $18,438,955. The trade was a 3.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 108,241 shares of company stock worth $20,911,975 in the last quarter. Corporate insiders own 1.30% of the company's stock.

TTM Technologies Price Performance

Shares of NASDAQ TTMI opened at $117.97 on Monday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.78 and a quick ratio of 1.54. The stock has a market capitalization of $12.43 billion, a price-to-earnings ratio of 53.14 and a beta of 2.15. The firm's 50 day simple moving average is $125.41 and its 200-day simple moving average is $138.89. TTM Technologies, Inc. has a 12 month low of $51.09 and a 12 month high of $223.83.

TTM Technologies (NASDAQ:TTMI - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The technology company reported $0.99 earnings per share for the quarter, beating analysts' consensus estimates of $0.89 by $0.10. The company had revenue of $1 billion during 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 firm's revenue for the quarter was up 37.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.58 earnings per share. Analysts expect that TTM Technologies, Inc. will post 4.26 EPS for the current year.

TTM Technologies Profile

TTM Technologies, Inc NASDAQ: TTMI is a global manufacturer of technology solutions for electronic devices and systems. The company primarily produces printed circuit boards (PCBs), including high-density interconnect, flexible and rigid-flex boards, radio-frequency and microwave circuits, and other advanced PCB technologies.

TTM also provides engineering, prototype development, testing and assembly services that support the design and production of electronic products. Its solutions are used in aerospace and defense, data center computing, automotive, medical, industrial, instrumentation and other communications-related applications.

The company serves customers through manufacturing and engineering operations in North America and Asia.

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