Point72 Asset Management L.P. lowered its position in TTM Technologies, Inc. (NASDAQ:TTMI - Free Report) by 82.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 63,943 shares of the technology company's stock after selling 291,057 shares during the quarter. Point72 Asset Management L.P. owned approximately 0.06% of TTM Technologies worth $1,583,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in TTMI. Franklin Resources Inc. lifted its holdings in TTM Technologies by 532.1% during the 4th quarter. Franklin Resources Inc. now owns 1,957,741 shares of the technology company's stock worth $48,454,000 after buying an additional 1,648,017 shares during the last quarter. Victory Capital Management Inc. raised its position in shares of TTM Technologies by 391.6% during the 4th quarter. Victory Capital Management Inc. now owns 980,509 shares of the technology company's stock worth $24,268,000 after acquiring an additional 781,058 shares in the last quarter. T. Rowe Price Investment Management Inc. purchased a new stake in TTM Technologies during the fourth quarter worth approximately $19,040,000. Massachusetts Financial Services Co. MA boosted its holdings in TTM Technologies by 50.5% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,534,166 shares of the technology company's stock valued at $37,971,000 after purchasing an additional 515,015 shares in the last quarter. Finally, Norges Bank purchased a new position in TTM Technologies in the fourth quarter valued at approximately $8,610,000. Hedge funds and other institutional investors own 95.79% of the company's stock.
Insiders Place Their Bets
In other news, EVP Douglas L. Soder sold 24,972 shares of the business's stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $30.00, for a total value of $749,160.00. Following the transaction, the executive vice president now owns 173,026 shares of the company's stock, valued at approximately $5,190,780. The trade was a 12.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Dale Martin Knecht sold 10,000 shares of the company's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $29.52, for a total value of $295,200.00. Following the sale, the senior vice president now owns 76,346 shares of the company's stock, valued at $2,253,733.92. This trade represents a 11.58% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 55,642 shares of company stock valued at $1,651,737. 1.30% of the stock is owned by company insiders.
Wall Street Analyst Weigh In
Several analysts have recently weighed in on TTMI shares. Stifel Nicolaus started coverage on shares of TTM Technologies in a research report on Tuesday, February 11th. They set a "buy" rating and a $33.00 price objective for the company. B. Riley boosted their price target on shares of TTM Technologies from $35.00 to $36.00 and gave the company a "buy" rating in a research report on Thursday, May 1st. Needham & Company LLC raised their price objective on TTM Technologies from $33.00 to $35.00 and gave the stock a "buy" rating in a report on Thursday, May 1st. Finally, Truist Financial cut their target price on TTM Technologies from $38.00 to $36.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st.
Check Out Our Latest Stock Analysis on TTMI
TTM Technologies Stock Performance
Shares of TTMI opened at $28.90 on Thursday. The company's 50 day simple moving average is $22.29 and its 200-day simple moving average is $23.84. The firm has a market cap of $2.94 billion, a PE ratio of 53.52 and a beta of 1.20. TTM Technologies, Inc. has a 12-month low of $15.77 and a 12-month high of $30.41. The company has a current ratio of 1.99, a quick ratio of 1.71 and a debt-to-equity ratio of 0.58.
TTM Technologies (NASDAQ:TTMI - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The technology company reported $0.50 earnings per share for the quarter, topping analysts' consensus estimates of $0.39 by $0.11. The firm had revenue of $648.67 million during the quarter, compared to analysts' expectations of $621.44 million. TTM Technologies had a net margin of 2.30% and a return on equity of 9.74%. TTM Technologies's quarterly revenue was up 13.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.28 EPS. As a group, equities analysts predict that TTM Technologies, Inc. will post 1.76 EPS for the current year.
TTM Technologies declared that its Board of Directors has approved a share buyback program on Friday, May 9th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the technology company to buy up to 3.7% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board believes its shares are undervalued.
About TTM Technologies
(
Free Report)
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.
Further Reading
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