Renaissance Technologies LLC Takes $36.13 Million Position in TTM Technologies, Inc. $TTMI

Key Points

• Renaissance Technologies initiated a $36.13 million position in TTM Technologies, purchasing 370,869 shares, while institutional investors collectively own 95.79% of the company.
• TTM Technologies reported strong quarterly results, with earnings of $0.75 per share and revenue of $845.98 million, beating estimates and increasing 30.4% year over year.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $212, although the stock recently traded down 12.1% to $108.69; insiders have also sold more than $17 million in shares over the past 90 days.

Renaissance Technologies LLC purchased a new stake in shares of TTM Technologies, Inc. (NASDAQ:TTMI - Free Report) in the first quarter, according to its most recent 13F filing with the SEC. The fund purchased 370,869 shares of the technology company's stock, valued at approximately $36,130,000. Renaissance Technologies LLC owned approximately 0.36% of TTM Technologies at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Polar Capital Holdings Plc bought a new stake in shares of TTM Technologies during the 3rd quarter worth $176,376,000. Invesco Ltd. increased its holdings in TTM Technologies by 127.7% during the 3rd quarter. Invesco Ltd. now owns 4,813,903 shares of the technology company's stock valued at $277,281,000 after purchasing an additional 2,699,494 shares during the period. Whale Rock Capital Management LLC raised its holdings in 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 worth $295,066,000 after purchasing an additional 2,260,035 shares in the last quarter. Castle Hook Partners LP purchased a new position in shares of TTM Technologies in the 4th quarter valued at approximately $133,351,000. Finally, Arrowstreet Capital Limited Partnership lifted its position in TTM Technologies by 575.7% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,831,425 shares of the technology company's stock valued at $105,490,000 after acquiring an additional 1,560,394 shares during the period. 95.79% of the stock is currently owned by institutional investors.

TTM Technologies Trading Down 12.1%

NASDAQ TTMI opened at $108.69 on Wednesday. The company has a current ratio of 1.88, a quick ratio of 1.61 and a debt-to-equity ratio of 0.50. The stock has a market cap of $11.29 billion, a PE ratio of 58.75 and a beta of 2.10. The company's 50-day moving average price is $171.58 and its 200-day moving average price is $132.05. TTM Technologies, Inc. has a 12 month low of $39.20 and a 12 month high of $223.83.

TTM Technologies (NASDAQ:TTMI - Get Free Report) last issued its earnings results on Wednesday, April 29th. The technology company reported $0.75 EPS for the quarter, topping analysts' consensus estimates of $0.66 by $0.09. The business had revenue of $845.98 million for the quarter, compared to analyst estimates of $789.84 million. TTM Technologies had a net margin of 6.29% and a return on equity of 13.70%. The company's quarterly revenue was up 30.4% compared to the same quarter last year. During the same period last year, the company posted $0.50 earnings per share. Equities research analysts forecast that TTM Technologies, Inc. will post 3.66 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts have recently issued reports on TTMI shares. Stifel Nicolaus upped their target price on shares of TTM Technologies from $175.00 to $205.00 and gave the stock a "buy" rating in a research note on Thursday, May 28th. B. Riley Financial increased their price target on TTM Technologies from $182.00 to $208.00 and gave the stock a "buy" rating in a research note on Thursday, May 28th. Zacks Research downgraded shares of TTM Technologies from a "strong-buy" rating to a "hold" rating in a report on Monday, June 29th. Needham & Company LLC increased their target price on TTM Technologies from $208.00 to $220.00 and gave the company a "buy" rating in a research report on Thursday, June 18th. Finally, Truist Financial lifted their price target on TTM Technologies from $180.00 to $215.00 and gave the stock a "buy" rating in a research report on Thursday, May 28th. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, TTM Technologies currently has an average rating of "Moderate Buy" and an average target price of $212.00.

Insider Buying and Selling

In other TTM Technologies news, EVP Daniel J. Weber sold 8,533 shares of the company'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 completion of the sale, the executive vice president directly owned 86,088 shares in the company, valued at approximately $18,061,262.40. This represents a 9.02% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Shawn A. Powers sold 9,856 shares of the company'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 $2,067,788.80. Following the completion of the sale, the executive vice president owned 119,268 shares of the company's stock, valued at $25,022,426.40. This represents a 7.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 82,043 shares of company stock valued at $17,191,859 over the last 90 days. 1.30% of the stock is owned by insiders.

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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