Bank of New York Mellon Corp Lowers Stock Position in TTM Technologies, Inc. (NASDAQ:TTMI)

Bank of New York Mellon Corp lessened its stake in shares of TTM Technologies, Inc. (NASDAQ:TTMI - Free Report) by 4.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 697,906 shares of the technology company's stock after selling 34,829 shares during the quarter. Bank of New York Mellon Corp owned about 0.69% of TTM Technologies worth $14,314,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in TTMI. USA Financial Formulas lifted its position in TTM Technologies by 119.1% in the 1st quarter. USA Financial Formulas now owns 2,237 shares of the technology company's stock valued at $46,000 after acquiring an additional 1,216 shares in the last quarter. Sterling Capital Management LLC lifted its position in TTM Technologies by 808.9% in the 4th quarter. Sterling Capital Management LLC now owns 3,181 shares of the technology company's stock valued at $79,000 after acquiring an additional 2,831 shares in the last quarter. Meeder Asset Management Inc. bought a new position in TTM Technologies in the 4th quarter valued at about $89,000. Quadrant Capital Group LLC lifted its position in TTM Technologies by 8.5% in the 4th quarter. Quadrant Capital Group LLC now owns 5,620 shares of the technology company's stock valued at $139,000 after acquiring an additional 442 shares in the last quarter. Finally, State of Wyoming lifted its position in TTM Technologies by 103.3% in the 4th quarter. State of Wyoming now owns 5,708 shares of the technology company's stock valued at $141,000 after acquiring an additional 2,900 shares in the last quarter. Institutional investors own 95.79% of the company's stock.

TTM Technologies Stock Performance

NASDAQ:TTMI traded up $1.42 on Wednesday, reaching $46.46. 1,882,854 shares of the company's stock were exchanged, compared to its average volume of 941,484. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.07 and a quick ratio of 1.75. The firm has a market cap of $4.72 billion, a price-to-earnings ratio of 61.95 and a beta of 1.46. TTM Technologies, Inc. has a 52 week low of $15.77 and a 52 week high of $48.59. The stock has a fifty day simple moving average of $36.97 and a 200-day simple moving average of $27.93.

TTM Technologies (NASDAQ:TTMI - Get Free Report) last issued its earnings results on Wednesday, April 30th. The technology company reported $0.50 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.39 by $0.11. TTM Technologies had a net margin of 3.09% and a return on equity of 10.75%. The business had revenue of $648.67 million for the quarter, compared to analysts' expectations of $621.44 million. During the same quarter in the previous year, the firm posted $0.28 EPS. The business's revenue for the quarter was up 13.8% compared to the same quarter last year. As a group, sell-side analysts predict that TTM Technologies, Inc. will post 1.76 earnings per share for the current year.

TTM Technologies announced that its Board of Directors has initiated a share repurchase plan on Friday, May 9th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the technology company to reacquire up to 3.7% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling

In other TTM Technologies news, SVP Dale Martin Knecht sold 10,000 shares of the company's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $29.52, for a total value of $295,200.00. Following the completion of the sale, the senior vice president owned 76,346 shares of the company's stock, valued at $2,253,733.92. This represents a 11.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Tom Clapprood sold 10,000 shares of the stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $29.50, for a total transaction of $295,000.00. Following the sale, the insider owned 34,037 shares of the company's stock, valued at approximately $1,004,091.50. This represents a 22.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 108,226 shares of company stock valued at $3,504,492 in the last three months. 1.30% of the stock is owned by corporate insiders.

Analyst Ratings Changes

TTMI has been the topic of several recent research reports. Wall Street Zen cut shares of TTM Technologies from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 5th. Truist Financial lifted their target price on shares of TTM Technologies from $41.00 to $48.00 and gave the stock a "buy" rating in a research report on Monday, July 7th. Stifel Nicolaus reissued a "buy" rating and set a $40.00 target price (up previously from $33.00) on shares of TTM Technologies in a research report on Monday, June 16th. B. Riley lifted their target price on shares of TTM Technologies from $36.00 to $50.00 and gave the stock a "buy" rating in a research report on Thursday, July 17th. Finally, Needham & Company LLC lifted their target price on shares of TTM Technologies from $35.00 to $43.00 and gave the stock a "buy" rating in a research report on Friday, June 20th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of "Buy" and an average price target of $45.25.

About TTM Technologies

TTM Technologies, Inc, together with its subsidiaries, manufactures and sells mission systems, radio frequency (RF) components and RF microwave/microelectronic assemblies, and printed circuit boards (PCB) worldwide. The company operates in two segments, PCB and RF&S Components. It offers range of engineered systems, RF and microwave assemblies, HDI PCBs, flexible PCBs, rigid-flex PCBs, custom assemblies and system integration, IC substrates, passive RF components, advanced ceramic RF components, hi-reliability multi-chip modules, beamforming and switching networks, PCB products, RF components, and backplane/custom assembly solutions, including conventional PCBs.