State Street Corp Has $616.53 Million Stock Position in TTM Technologies, Inc. $TTMI

Key Points

• State Street reduced its TTM Technologies stake by 13.6% in the second quarter, selling 517,171 shares and retaining 3.30 million shares worth approximately $616.5 million. Institutional investors collectively own 95.79% of the company.
• Analyst sentiment remains positive, with one Strong Buy, four Buy ratings and one Hold rating; the stock has an average price target of $203 versus a recent price of $125.82.
• TTM Technologies exceeded quarterly expectations, reporting $0.99 in earnings per share versus the $0.89 consensus estimate and $1 billion in revenue, up 37.4% year over year.

State Street Corp lowered its stake in TTM Technologies, Inc. (NASDAQ:TTMI - Free Report) by 13.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,296,584 shares of the technology company's stock after selling 517,171 shares during the period. State Street Corp owned approximately 3.13% of TTM Technologies worth $616,527,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of TTMI. BlackRock Inc. acquired a new stake in TTM Technologies during the second quarter worth about $2,053,347,000. Geode Capital Management LLC lifted its holdings in shares of 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 period. Wellington Management Group LLP lifted its holdings in shares of TTM Technologies by 61.9% during the 2nd quarter. Wellington Management Group LLP now owns 2,268,404 shares of the technology company's stock worth $424,237,000 after acquiring an additional 867,255 shares during the period. Arrowstreet Capital Limited Partnership boosted its position in shares of TTM Technologies by 22.2% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,237,627 shares of the technology company's stock worth $154,396,000 after acquiring an additional 406,202 shares in the last quarter. Finally, Castle Hook Partners LP acquired a new stake in shares of TTM Technologies during the 4th quarter worth approximately $133,351,000. Institutional investors and hedge funds own 95.79% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on TTMI. Truist Financial boosted their price objective on shares of TTM Technologies from $215.00 to $224.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Stifel Nicolaus raised their target price on TTM Technologies from $175.00 to $205.00 and gave the company a "buy" rating in a report on Thursday, May 28th. Zacks Research upgraded TTM Technologies from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 12th. Weiss Ratings cut TTM Technologies from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, August 25th. Finally, B. Riley Financial upped 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 investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $203.00.

Insider Activity

In other news, SVP Dale Knecht sold 26,198 shares of the company's stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $142.00, for a total value of $3,720,116.00. Following the completion of the transaction, the senior vice president owned 40,138 shares of the company's stock, valued at $5,699,596. This represents a 39.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Edwin Roks acquired 10,000 shares of the stock in a transaction dated Tuesday, August 25th. The stock was purchased at an average cost of $111.77 per share, with a total value of $1,117,700.00. Following the purchase, the chief executive officer directly owned 64,814 shares of the company's stock, valued at $7,244,260.78. This trade represents a 18.24% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders own 1.30% of the company's stock.

TTM Technologies Stock Performance

NASDAQ TTMI opened at $125.82 on Thursday. The firm's fifty day moving average price is $124.52 and its two-hundred day moving average price is $139.38. The stock has a market cap of $13.26 billion, a PE ratio of 56.68 and a beta of 2.15. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.54 and a current ratio of 1.78. TTM Technologies, Inc. has a fifty-two week low of $51.09 and a fifty-two week high of $223.83.

TTM Technologies (NASDAQ:TTMI - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The technology company reported $0.99 earnings per share for the quarter, beating 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%.TTM Technologies's revenue for the quarter was up 37.4% on a year-over-year basis. During the same quarter last year, the business posted $0.58 EPS. On average, equities analysts expect that TTM Technologies, Inc. will post 4.26 EPS for the current fiscal year.

TTM Technologies Profile

TTM Technologies, Inc NASDAQ: TTMI is a global manufacturer of technology solutions for electronic devices and systems. The company primarily produces printed circuit boards (PCBs), including high-density interconnect, flexible and rigid-flex boards, radio-frequency and microwave circuits, and other advanced PCB technologies.

TTM also provides engineering, prototype development, testing and assembly services that support the design and production of electronic products. Its solutions are used in aerospace and defense, data center computing, automotive, medical, industrial, instrumentation and other communications-related applications.

The company serves customers through manufacturing and engineering operations in North America and Asia.

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