Rhumbline Advisers Cuts Position in TTM Technologies, Inc. (NASDAQ:TTMI)

Rhumbline Advisers decreased its holdings in TTM Technologies, Inc. (NASDAQ:TTMI) by 4.8% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 289,274 shares of the technology company’s stock after selling 14,677 shares during the quarter. Rhumbline Advisers owned about 0.28% of TTM Technologies worth $5,933,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of TTMI. Allspring Global Investments Holdings LLC raised its position in TTM Technologies by 33.1% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 40,122 shares of the technology company’s stock worth $993,000 after acquiring an additional 9,980 shares in the last quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new position in TTM Technologies in the fourth quarter worth $83,000. Principal Financial Group Inc. raised its position in TTM Technologies by 2.9% in the fourth quarter. Principal Financial Group Inc. now owns 494,446 shares of the technology company’s stock worth $12,238,000 after acquiring an additional 13,918 shares in the last quarter. Sanctuary Advisors LLC raised its position in TTM Technologies by 6.8% in the fourth quarter. Sanctuary Advisors LLC now owns 34,431 shares of the technology company’s stock worth $846,000 after acquiring an additional 2,184 shares in the last quarter. Finally, Venturi Wealth Management LLC purchased a new position in TTM Technologies in the fourth quarter worth $95,000. Hedge funds and other institutional investors own 95.79% of the company’s stock.

TTM Technologies Trading Down 0.4%

Shares of TTMI stock opened at $36.42 on Friday. TTM Technologies, Inc. has a fifty-two week low of $15.77 and a fifty-two week high of $37.19. The stock has a market cap of $3.70 billion, a P/E ratio of 67.44 and a beta of 1.37. The business has a fifty day simple moving average of $25.70 and a 200-day simple moving average of $24.71. The company has a quick ratio of 1.71, a current ratio of 1.99 and a debt-to-equity ratio of 0.58.

TTM Technologies (NASDAQ:TTMI) last announced its quarterly earnings results on Wednesday, April 30th. The technology company reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.11. TTM Technologies had a return on equity of 9.74% and a net margin of 2.30%. The business had revenue of $648.67 million during the quarter, compared to analysts’ expectations of $621.44 million. During the same quarter last year, the business posted $0.28 earnings per share. The business’s revenue for the quarter was up 13.8% on a year-over-year basis. On average, analysts forecast that TTM Technologies, Inc. will post 1.76 earnings per share for the current fiscal year.

TTM Technologies announced that its Board of Directors has initiated a share repurchase program on Friday, May 9th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the technology company to purchase up to 3.7% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Insider Activity at TTM Technologies

In related news, SVP Dale Martin Knecht sold 7,662 shares of the stock in a transaction on Monday, June 9th. The stock was sold at an average price of $34.16, for a total transaction of $261,733.92. Following the sale, the senior vice president now owns 67,544 shares of the company’s stock, valued at $2,307,303.04. This trade represents a 10.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Douglas L. Soder sold 24,972 shares of the stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $30.00, for a total value of $749,160.00. Following the sale, the executive vice president now directly owns 173,026 shares in the company, valued at approximately $5,190,780. The trade was a 12.61% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 73,944 shares of company stock valued at $2,235,071 over the last quarter. Insiders own 1.30% of the company’s stock.

Analyst Ratings Changes

Several research analysts have issued reports on TTMI shares. B. Riley increased their price objective on TTM Technologies from $35.00 to $36.00 and gave the stock a “buy” rating in a research report on Thursday, May 1st. Truist Financial raised their price target on TTM Technologies from $36.00 to $41.00 and gave the company a “buy” rating in a research report on Monday. Finally, Needham & Company LLC raised their price target on TTM Technologies from $33.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, May 1st.

About TTM Technologies

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.