Headlands Technologies LLC Acquires 6,949 Shares of TTM Technologies, Inc. (NASDAQ:TTMI)

Key Points

• Headlands Technologies LLC increased its stake in TTM Technologies by 35.6% in the first quarter, owning a total of 26,471 shares valued at approximately $543,000.
• TTM Technologies reported earnings of $0.58 per share for the last quarter, surpassing the consensus estimate and showing a 20.7% year-over-year revenue increase to $730.62 million.
• The company's board approved a stock buyback plan allowing repurchase of up to $100 million in shares, indicating a belief that the stock is undervalued.

Headlands Technologies LLC increased its stake in shares of TTM Technologies, Inc. (NASDAQ:TTMI - Free Report) by 35.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 26,471 shares of the technology company's stock after buying an additional 6,949 shares during the quarter. Headlands Technologies LLC's holdings in TTM Technologies were worth $543,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the business. Phocas Financial Corp. increased its stake in shares of TTM Technologies by 23.1% in the 1st quarter. Phocas Financial Corp. now owns 354,266 shares of the technology company's stock valued at $7,266,000 after buying an additional 66,393 shares during the period. PNC Financial Services Group Inc. increased its stake in shares of TTM Technologies by 227.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 7,295 shares of the technology company's stock valued at $150,000 after buying an additional 5,064 shares during the period. Carrera Capital Advisors increased its stake in shares of TTM Technologies by 4.5% in the 1st quarter. Carrera Capital Advisors now owns 48,663 shares of the technology company's stock valued at $998,000 after buying an additional 2,108 shares during the period. GW&K Investment Management LLC acquired a new stake in shares of TTM Technologies in the 1st quarter valued at $3,242,000. Finally, Allianz Asset Management GmbH increased its stake in shares of TTM Technologies by 86.7% in the 1st quarter. Allianz Asset Management GmbH now owns 127,100 shares of the technology company's stock valued at $2,607,000 after buying an additional 59,035 shares during the period. Institutional investors own 95.79% of the company's stock.

Insider Activity

In other news, COO Philip Titterton sold 23,486 shares of the business's stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $36.39, for a total value of $854,655.54. Following the sale, the chief operating officer directly owned 123,338 shares in the company, valued at $4,488,269.82. The trade was a 16.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Tom Clapprood sold 15,000 shares of the business's stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $44.68, for a total value of $670,200.00. Following the completion of the sale, the insider owned 23,531 shares in the company, valued at approximately $1,051,365.08. This trade represents a 38.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 68,084 shares of company stock worth $2,535,115 over the last three months. Corporate insiders own 1.30% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Needham & Company LLC lifted their target price on TTM Technologies from $43.00 to $56.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. Stifel Nicolaus lifted their price objective on TTM Technologies from $40.00 to $55.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. B. Riley lifted their price objective on TTM Technologies from $36.00 to $50.00 and gave the stock a "buy" rating in a research note on Thursday, July 17th. Truist Financial lifted their price objective on TTM Technologies from $41.00 to $48.00 and gave the stock a "buy" rating in a research note on Monday, July 7th. Finally, Wall Street Zen raised TTM Technologies from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 2nd. Four analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $52.25.

TTM Technologies Trading Down 3.2%

NASDAQ:TTMI traded down $1.48 on Wednesday, reaching $45.15. The company's stock had a trading volume of 1,049,052 shares, compared to its average volume of 1,247,305. TTM Technologies, Inc. has a 1-year low of $15.77 and a 1-year high of $51.15. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.72 and a current ratio of 2.03. The firm has a market cap of $4.66 billion, a PE ratio of 50.33 and a beta of 1.48. The business's 50-day moving average price is $41.73 and its two-hundred day moving average price is $30.01.

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

TTM Technologies announced that its board has initiated a stock 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 buy up to 3.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its stock is undervalued.

TTM Technologies Profile

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.