TTM Technologies, Inc. $TTMI Stock: Allspring Global Investments Holdings LLC Raises Stake

Key Points

• Allspring increased its TTM Technologies stake by 40.4% in the third quarter, to 768,992 shares valued at about $97.3 million. Institutional investors and hedge funds collectively own 95.79% of the stock.
• TTM reported quarterly earnings of $1.46 per share, beating the $1.25 consensus estimate, while revenue of $1.20 billion exceeded forecasts and rose 59.9% year over year.
• Analysts’ average rating is “Moderate Buy”, with an average price target of $173.25, though several firms recently lowered their targets. Insiders also bought 40,000 shares over the past 90 days.

Allspring Global Investments Holdings LLC raised its position in shares of TTM Technologies, Inc. (NASDAQ:TTMI - Free Report) by 40.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 768,992 shares of the technology company's stock after acquiring an additional 221,426 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.73% of TTM Technologies worth $97,277,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. BlackRock Inc. bought a new stake in TTM Technologies in the 2nd quarter valued at about $2,053,347,000. Wellington Management Group LLP raised its holdings in shares of TTM Technologies by 61.9% in 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 last quarter. Atalan Capital Partners LP acquired a new stake in shares of TTM Technologies in the 2nd quarter worth about $189,234,000. Bank of New York Mellon Corp bought a new position in TTM Technologies in the 2nd quarter valued at about $114,470,000. Finally, Palestra Capital Management LLC bought a new position in TTM Technologies in the 2nd quarter valued at about $105,214,000. 95.79% of the stock is currently owned by institutional investors and hedge funds.

TTM Technologies Stock Performance

Shares of TTMI opened at $75.33 on Tuesday. The company has a market capitalization of $7.94 billion, a price-to-earnings ratio of 30.01 and a beta of 2.25. TTM Technologies, Inc. has a 12 month low of $55.44 and a 12 month high of $223.83. The company has a current ratio of 1.67, a quick ratio of 1.49 and a debt-to-equity ratio of 0.71. The stock has a 50 day moving average of $108.10 and a 200 day moving average of $126.78.

TTM Technologies (NASDAQ:TTMI - Get Free Report) last issued its quarterly earnings results on Thursday, October 22nd. The technology company reported $1.46 earnings per share for the quarter, topping analysts' consensus estimates of $1.25 by $0.21. The company had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.13 billion. TTM Technologies had a net margin of 7.01% and a return on equity of 19.19%. The firm's quarterly revenue was up 59.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.50 EPS. As a group, sell-side analysts forecast that TTM Technologies, Inc. will post 4.36 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have issued reports on TTMI. Stifel Nicolaus cut their price target on TTM Technologies from $205.00 to $165.00 and set a "buy" rating for the company in a research note on Friday, October 23rd. Wall Street Zen downgraded TTM Technologies from a "strong-buy" rating to a "buy" rating in a research note on Sunday, November 1st. Needham & Company LLC dropped their target price on TTM Technologies from $175.00 to $150.00 and set a "buy" rating on the stock in a report on Friday, October 23rd. Zacks Research cut TTM Technologies from a "strong-buy" rating to a "hold" rating in a research report on Monday, October 5th. Finally, Weiss Ratings cut TTM Technologies from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Tuesday, August 25th. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $173.25.

Insiders Place Their Bets

In related news, CEO Edwin Roks purchased 5,000 shares of the business's stock in a transaction dated Wednesday, October 28th. The stock was purchased at an average cost of $88.07 per share, with a total value of $440,350.00. Following the completion of the acquisition, the chief executive officer directly owned 64,483 shares of the company's stock, valued at approximately $5,679,017.81. The trade was a 8.41% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Philip G. Franklin purchased 5,000 shares of the stock in a transaction dated Thursday, November 5th. The stock was purchased at an average cost of $61.92 per share, for a total transaction of $309,600.00. Following the completion of the acquisition, the director owned 161,725 shares of the company's stock, valued at approximately $10,014,012. This represents a 3.19% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have purchased a total of 40,000 shares of company stock worth $3,401,650 over the last 90 days. Corporate insiders own 1.30% of the company's stock.

About TTM Technologies

TTM Technologies, Inc designs and manufactures printed circuit boards (PCBs) and radio-frequency (RF) and microwave components and assemblies. Its products support the development and operation of electronic systems used in communications, data infrastructure, aerospace and defense, automotive, medical, and industrial applications.

The company provides engineering and manufacturing services, including PCB design support, prototyping, and production. TTM serves customers around the world through operations in North America and Asia.

Founded in 1998, TTM Technologies is headquartered in Santa Ana, California.

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