Phocas Financial Corp. Has $7.27 Million Stake in TTM Technologies, Inc. (NASDAQ:TTMI)

Key Points

• Phocas Financial Corp. increased its stake in TTM Technologies by 23.1% during Q1, now holding 354,266 shares worth approximately $7.27 million, making it the 29th largest position in their portfolio.
• TTM Technologies reported strong quarterly earnings with a net revenue of $730.62 million, surpassing analyst estimates and showing a year-over-year revenue increase of 20.7%.
• Brokerages have recently adjusted their price targets for TTM Technologies stock upward, with an average target now at $52.25 and most analysts rating it a "buy" or "strong-buy."

Phocas Financial Corp. boosted its holdings in TTM Technologies, Inc. (NASDAQ:TTMI - Free Report) by 23.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 354,266 shares of the technology company's stock after acquiring an additional 66,393 shares during the period. TTM Technologies accounts for about 1.1% of Phocas Financial Corp.'s investment portfolio, making the stock its 29th largest position. Phocas Financial Corp. owned about 0.35% of TTM Technologies worth $7,266,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Quadrant Capital Group LLC boosted its position in TTM Technologies by 8.5% during the fourth quarter. Quadrant Capital Group LLC now owns 5,620 shares of the technology company's stock worth $139,000 after acquiring an additional 442 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of TTM Technologies by 4.1% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 13,949 shares of the technology company's stock worth $345,000 after purchasing an additional 555 shares during the last quarter. New York State Teachers Retirement System grew its position in shares of TTM Technologies by 0.5% in the first quarter. New York State Teachers Retirement System now owns 110,577 shares of the technology company's stock valued at $2,268,000 after purchasing an additional 567 shares during the period. CWM LLC increased its stake in TTM Technologies by 14.4% in the first quarter. CWM LLC now owns 4,501 shares of the technology company's stock valued at $92,000 after purchasing an additional 567 shares during the last quarter. Finally, Envestnet Asset Management Inc. grew its holdings in TTM Technologies by 3.1% in the fourth quarter. Envestnet Asset Management Inc. now owns 19,797 shares of the technology company's stock valued at $490,000 after purchasing an additional 602 shares during the period. 95.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on TTMI shares. Truist Financial upped their target price on shares of TTM Technologies from $41.00 to $48.00 and gave the company a "buy" rating in a research note on Monday, July 7th. Stifel Nicolaus lifted their target price on TTM Technologies from $40.00 to $55.00 and gave the stock a "buy" rating in a research report on Thursday. B. Riley increased their price target on TTM Technologies from $36.00 to $50.00 and gave the company a "buy" rating in a report on Thursday, July 17th. Needham & Company LLC upped their target price on TTM Technologies from $43.00 to $56.00 and gave the company a "buy" rating in a research report on Thursday. Finally, Wall Street Zen raised shares of TTM Technologies from a "buy" rating to a "strong-buy" rating in a research report on Saturday. Four investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $52.25.

TTM Technologies Price Performance

NASDAQ TTMI traded down $3.91 during trading on Friday, reaching $43.34. 5,240,632 shares of the company traded hands, compared to its average volume of 2,923,964. TTM Technologies, Inc. has a 1-year low of $15.77 and a 1-year high of $51.15. The company has a market cap of $4.40 billion, a price-to-earnings ratio of 48.16 and a beta of 1.48. The stock's 50 day moving average price is $39.70 and its two-hundred day moving average price is $29.13. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.72 and a current ratio of 2.03.

TTM Technologies (NASDAQ:TTMI - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The technology company reported $0.58 EPS for the quarter, topping analysts' consensus estimates of $0.52 by $0.06. TTM Technologies had a return on equity of 11.80% and a net margin of 3.52%. The business had revenue of $730.62 million for the quarter, compared to analyst estimates of $668.42 million. During the same period in the prior year, the company earned $0.39 EPS. TTM Technologies's revenue for the quarter was up 20.7% on a year-over-year basis. As a group, analysts anticipate that TTM Technologies, Inc. will post 1.76 EPS for the current year.

TTM Technologies announced that its Board of Directors has initiated a share repurchase program on Friday, May 9th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the technology company to reacquire up to 3.7% of its stock through open market purchases. Stock buyback programs are often an indication that the company's leadership believes its stock is undervalued.

Insider Buying and Selling at TTM Technologies

In other TTM Technologies news, EVP Douglas L. Soder sold 24,972 shares of the stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $30.00, for a total value of $749,160.00. Following the completion of the sale, the executive vice president directly owned 173,026 shares in the company, valued at $5,190,780. This represents a 12.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Philip Titterton sold 23,486 shares of TTM Technologies stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $36.39, for a total value of $854,655.54. Following the transaction, the chief operating officer owned 123,338 shares in the company, valued at $4,488,269.82. This trade represents a 16.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 108,226 shares of company stock valued at $3,504,492 over the last 90 days. Company insiders own 1.30% of the company's stock.

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.