TTM Technologies (NASDAQ:TTMI) Stock Falls 5.6% - Here's Why

Key Points

• TTM Technologies shares fell 5.6% to about $121.90, with trading volume 91% below the stock’s average daily volume.
• Analyst sentiment remains broadly positive, with an average “Buy” rating and a consensus price target of $203, although Needham reduced its target from $220 to $175.
• The company reported strong quarterly results, including $0.99 EPS versus $0.89 expected and $1 billion in revenue, up 37.4% year over year; institutional investors own 95.79% of the stock.

TTM Technologies, Inc. (NASDAQ:TTMI - Get Free Report) was down 5.6% on Monday. The company traded as low as $122.31 and last traded at $121.8980. 219,476 shares changed hands during trading, a decline of 91% from the average daily volume of 2,540,133 shares. The stock had previously closed at $129.17.

Analysts Set New Price Targets

Several research firms recently issued reports on TTMI. Needham & Company LLC cut their price objective on shares of TTM Technologies from $220.00 to $175.00 and set a "buy" rating for the company in a research report on Monday, September 21st. Zacks Research raised shares of TTM Technologies from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 12th. Weiss Ratings downgraded shares of TTM Technologies from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, August 25th. Wall Street Zen lowered shares of TTM Technologies from a "strong-buy" rating to a "buy" rating in a research report on Sunday, August 30th. Finally, Truist Financial upped their price objective on TTM Technologies from $215.00 to $224.00 and gave the company a "buy" rating in a report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $203.00.

TTM Technologies Stock Performance

The stock has a 50-day moving average price of $124.40 and a 200 day moving average price of $139.88. The company has a quick ratio of 1.54, a current ratio of 1.78 and a debt-to-equity ratio of 0.50. The firm has a market capitalization of $12.85 billion, a price-to-earnings ratio of 54.98 and a beta of 2.15.

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 (EPS) for the quarter, topping 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 during the quarter, compared to analysts' expectations of $962.04 million. During the same period in the prior year, the firm posted $0.58 EPS. The business's quarterly revenue was up 37.4% compared to the same quarter last year. On average, analysts forecast that TTM Technologies, Inc. will post 4.26 EPS for the current year.

Insider Activity at TTM Technologies

In other TTM Technologies news, SVP Dale Knecht sold 26,198 shares of TTM Technologies 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 directly owned 40,138 shares in the company, valued at approximately $5,699,596. This trade represents a 39.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Edwin Roks purchased 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 25th. The shares were bought 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 approximately $7,244,260.78. This trade represents a 18.24% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 1.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On TTM Technologies

Institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. acquired a new position in shares of TTM Technologies in the second quarter valued at approximately $2,053,347,000. Rokos Capital Management LLP purchased a new stake in TTM Technologies during the first quarter valued at about $13,031,000. Healthcare of Ontario Pension Plan Trust Fund increased its position in TTM Technologies by 97.8% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 197,799 shares of the technology company's stock worth $19,270,000 after purchasing an additional 97,799 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in shares of TTM Technologies in the first quarter worth $36,130,000. Finally, Geode Capital Management LLC boosted its position in shares of TTM Technologies by 3.2% in the fourth quarter. Geode Capital Management LLC now owns 2,667,956 shares of the technology company's stock worth $184,119,000 after buying an additional 81,588 shares during the period. Institutional investors and hedge funds own 95.79% of the company's stock.

TTM Technologies Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.