TTM Technologies (NASDAQ:TTMI) Shares Down 8.2% - Should You Sell?

Key Points

• TTM Technologies shares fell 8.2% to about $117.67 in mid-day trading, below both its 50-day moving average of $124.14 and 200-day moving average of $141.73.
• Analysts maintain a generally positive outlook, with four Buy ratings and two Holds, a “Moderate Buy” consensus, and an average price target of $203.00, although some firms recently reduced their ratings or targets.
• The company reported strong quarterly results, including $0.99 EPS versus a $0.89 estimate and 37.4% year-over-year revenue growth to $1 billion. Insider activity was mixed, with a senior vice president selling shares while the CEO purchased 10,000 shares.

TTM Technologies, Inc. (NASDAQ:TTMI - Get Free Report)'s stock price fell 8.2% during mid-day trading on Thursday. The stock traded as low as $116.62 and last traded at $117.6720. 1,405,173 shares changed hands during mid-day trading, a decline of 44% from the average daily volume of 2,520,878 shares. The stock had previously closed at $128.20.

Wall Street Analyst Weigh In

TTMI has been the subject of several recent research reports. Needham & Company LLC decreased their price objective on TTM Technologies from $220.00 to $175.00 and set a "buy" rating for the company in a report on Monday, September 21st. Truist Financial lifted their price target 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. Wall Street Zen lowered shares of TTM Technologies from a "strong-buy" rating to a "buy" rating in a research note on Sunday, August 30th. Weiss Ratings downgraded shares of TTM Technologies from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, August 25th. Finally, Zacks Research lowered shares of TTM Technologies from a "strong-buy" rating to a "hold" rating in a research note on Monday. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $203.00.

TTM Technologies Stock Performance

The company has a 50-day moving average of $124.14 and a 200-day moving average of $141.73. The company has a market cap of $12.40 billion, a PE ratio of 53.06 and a beta of 2.14. The company has a quick ratio of 1.54, a current ratio of 1.78 and a debt-to-equity ratio of 0.50.

TTM Technologies (NASDAQ:TTMI - Get Free Report) last issued 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. TTM Technologies had a return on equity of 15.67% and a net margin of 7.01%.The business had revenue of $1 billion for the quarter, compared to analysts' expectations of $962.04 million. During the same period last year, the business earned $0.58 EPS. The business's revenue was up 37.4% on a year-over-year basis. As a group, analysts anticipate that TTM Technologies, Inc. will post 4.26 earnings per share for the current year.

Insider Activity

In other news, SVP Dale Knecht sold 26,198 shares of the business'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 transaction, the senior vice president owned 40,138 shares in the company, valued at $5,699,596. The trade was a 39.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Edwin Roks bought 10,000 shares of TTM Technologies stock in a transaction dated Tuesday, August 25th. The stock was acquired at an average cost of $111.77 per share, with a total value of $1,117,700.00. Following the completion of the acquisition, the chief executive officer owned 64,814 shares of the company's stock, valued at $7,244,260.78. This represents a 18.24% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Company insiders own 1.30% of the company's stock.

Hedge Funds Weigh In On TTM Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Ausbil Investment Management Ltd bought a new position in shares of TTM Technologies during the 3rd quarter valued at approximately $970,000. Venture Visionary Partners LLC bought a new stake in shares of TTM Technologies in the 3rd quarter worth approximately $270,000. Elm3 Financial Group LLC lifted its stake in TTM Technologies by 7.1% in the third quarter. Elm3 Financial Group LLC now owns 2,142 shares of the technology company's stock valued at $263,000 after purchasing an additional 142 shares during the last quarter. Envestnet Asset Management Inc. grew its holdings in TTM Technologies by 39.0% during the second quarter. Envestnet Asset Management Inc. now owns 50,452 shares of the technology company's stock valued at $9,436,000 after purchasing an additional 14,155 shares during the period. Finally, Integrated Wealth Concepts LLC purchased a new stake in TTM Technologies in the second quarter worth $197,000. 95.79% of the stock is owned by hedge funds and other institutional investors.

TTM Technologies Company Profile

TTM Technologies, Inc is a manufacturer of technology solutions for the electronics industry. The company primarily produces printed circuit boards, including rigid, flexible, rigid-flex and high-density interconnect boards, as well as specialized radio-frequency and microwave components and assemblies.

TTM's products and services support applications that require complex electronic circuitry and high reliability. Its customers operate in markets such as aerospace and defense, data-center computing, automotive, medical, industrial and instrumentation, and networking and communications.

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