PEAK6 LLC Takes Position in TTM Technologies, Inc. $TTMI

Key Points

• PEAK6 LLC acquired 25,658 shares of TTM Technologies in the second quarter, valued at approximately $4.8 million. Hedge funds and other institutional investors own 95.79% of the company, with several major funds increasing or initiating positions.
• Analysts remain bullish, with a consensus “Buy” rating and an average price target of $214.25. Truist, Stifel, B. Riley, and Zacks recently raised their targets or ratings.
• TTM Technologies exceeded quarterly expectations, reporting $0.99 in earnings per share versus $0.89 expected and $1 billion in revenue, up 37.4% year over year. Meanwhile, insiders sold approximately $20.9 million of stock over the past 90 days.

PEAK6 LLC purchased a new position in TTM Technologies, Inc. (NASDAQ:TTMI - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 25,658 shares of the technology company's stock, valued at approximately $4,799,000.

A number of other hedge funds have also recently made changes to their positions in the stock. BlackRock Inc. purchased a new position in TTM Technologies in the second quarter valued at about $2,053,347,000. Polar Capital Holdings Plc purchased a new stake in shares of TTM Technologies during the third quarter valued at about $176,376,000. Invesco Ltd. boosted its holdings in shares of TTM Technologies by 127.7% in the 3rd quarter. Invesco Ltd. now owns 4,813,903 shares of the technology company's stock valued at $277,281,000 after buying an additional 2,699,494 shares in the last quarter. Whale Rock Capital Management LLC boosted 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 valued at $295,066,000 after buying an additional 2,260,035 shares in the last quarter. Finally, Castle Hook Partners LP purchased a new position in shares of TTM Technologies in the 4th quarter worth approximately $133,351,000. 95.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Wall Street Zen raised shares of TTM Technologies from a "buy" rating to a "strong-buy" rating in a research report on Saturday. Truist Financial lifted their price target on shares of TTM Technologies from $215.00 to $224.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. Stifel Nicolaus upped their price target on TTM Technologies from $175.00 to $205.00 and gave the stock a "buy" rating in a research report on Thursday, May 28th. Zacks Research upgraded TTM Technologies from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 12th. Finally, B. Riley Financial raised their price objective on TTM Technologies from $182.00 to $208.00 and gave the stock a "buy" rating in a research report on Thursday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $214.25.

Insider Activity

In other TTM Technologies news, EVP Douglas L. Soder sold 2,874 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 value of $600,493.56. Following the completion of the transaction, the executive vice president directly owned 210,634 shares of the company's stock, valued at approximately $44,009,867.96. The trade was a 1.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Catherine A. Gridley sold 3,056 shares of the company'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 value of $638,520.64. Following the completion of the sale, the executive vice president owned 71,866 shares in the company, valued at approximately $15,015,682.04. This represents a 4.08% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 108,241 shares of company stock valued at $20,911,975 over the last 90 days. Company insiders own 1.30% of the company's stock.

TTM Technologies Price Performance

NASDAQ:TTMI opened at $110.54 on Monday. TTM Technologies, Inc. has a 1-year low of $40.46 and a 1-year high of $223.83. 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 firm has a market capitalization of $11.65 billion, a P/E ratio of 49.79 and a beta of 2.15. The company's fifty day moving average price is $151.67 and its 200-day moving average price is $136.21.

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

About TTM Technologies

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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