Bank of New York Mellon Corp Buys New Shares in TTM Technologies, Inc. $TTMI

Key Points

• Bank of New York Mellon acquired 612,074 TTM Technologies shares in the second quarter, valued at approximately $114.5 million and representing about 0.59% of the company. Institutional investors and hedge funds collectively own 95.79% of TTMI.
• TTM Technologies reported stronger-than-expected quarterly results, with EPS of $0.99 versus the $0.89 consensus and revenue of $1 billion, up 37.4% year over year.
• Analysts remain bullish, with a consensus “Buy” rating and an average price target of $214.25, although company insiders sold roughly $20.9 million of stock over the past 90 days.

Bank of New York Mellon Corp acquired a new stake in shares of TTM Technologies, Inc. (NASDAQ:TTMI - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 612,074 shares of the technology company's stock, valued at approximately $114,470,000. Bank of New York Mellon Corp owned about 0.59% of TTM Technologies as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of TTMI. Rokos Capital Management LLP bought a new position in shares of TTM Technologies during the first quarter valued at $13,031,000. Healthcare of Ontario Pension Plan Trust Fund lifted its position in TTM Technologies by 97.8% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 197,799 shares of the technology company's stock worth $19,270,000 after buying an additional 97,799 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp acquired a new position in TTM Technologies during the 4th quarter worth about $668,000. Renaissance Technologies LLC bought a new stake in TTM Technologies during the 1st quarter worth about $36,130,000. Finally, Geode Capital Management LLC grew its holdings in 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 acquiring an additional 81,588 shares during the last quarter. 95.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, SVP Dale Martin Knecht sold 26,198 shares of the company's stock in a transaction on Monday, August 10th. The shares were 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 owned 40,138 shares in the company, valued at $5,699,596. This represents a 39.49% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Daniel J. Weber sold 8,533 shares of the firm's stock in a transaction on Tuesday, June 23rd. The stock was sold at an average price of $209.80, for a total value of $1,790,223.40. Following the sale, the executive vice president directly owned 86,088 shares in the company, valued at $18,061,262.40. The trade was a 9.02% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 108,241 shares of company stock worth $20,911,975 over the last ninety days. Insiders own 1.30% of the company's stock.

TTM Technologies Stock Performance

Shares of NASDAQ:TTMI opened at $107.12 on Tuesday. The company has a market capitalization of $11.29 billion, a price-to-earnings ratio of 48.25 and a beta of 2.15. The firm's 50 day simple moving average is $149.68 and its 200 day simple moving average is $136.21. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.78 and a quick ratio of 1.54. TTM Technologies, Inc. has a fifty-two week low of $42.69 and a fifty-two week high of $223.83.

TTM Technologies (NASDAQ:TTMI - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The technology company reported $0.99 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.89 by $0.10. The firm 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 business'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. As a group, sell-side analysts forecast that TTM Technologies, Inc. will post 4.26 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. B. Riley Financial boosted their target price on shares of TTM Technologies from $182.00 to $208.00 and gave the stock a "buy" rating in a research note on Thursday, May 28th. Truist Financial increased their price target on shares of TTM Technologies from $215.00 to $224.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Needham & Company LLC reissued a "buy" rating and issued a $220.00 target price on shares of TTM Technologies in a research note on Tuesday, August 18th. Weiss Ratings upgraded shares of TTM Technologies from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, August 6th. Finally, Wall Street Zen upgraded shares of TTM Technologies from a "buy" rating to a "strong-buy" rating in a research report on Saturday. One analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the company's stock. Based on data from MarketBeat, TTM Technologies presently has a consensus rating of "Buy" and a consensus target price of $214.25.

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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