TTM Technologies, Inc. (TTMI) Downgraded to Hold at Zacks Investment Research

TTM Technologies, Inc. (NASDAQ:TTMI) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report released on Wednesday, May 10th.

According to Zacks, “TTM Technologies, Inc. provides time-critical, one-stop manufacturing services for highly complex printed circuit boards. Its printed circuit boards serve as the foundation of electronic products such as routers, switches, computer memory modules and communications infrastructure equipment. Its customers include manufacturers of these electronic products and their suppliers. Its customers primarily serve such rapidly growing segments of the electronics industry as networking, high-end computing, including servers, and computer peripherals. “

A number of other brokerages have also recently issued reports on TTMI. JPMorgan Chase & Co. cut TTM Technologies from an “overweight” rating to a “neutral” rating and set a $18.00 price objective for the company. in a report on Friday, February 17th. They noted that the move was a valuation call. Needham & Company LLC reissued a “buy” rating and set a $18.00 price objective on shares of TTM Technologies in a report on Tuesday, February 21st. TheStreet raised TTM Technologies from a “c” rating to a “b-” rating in a report on Wednesday, May 3rd. Finally, Stifel Nicolaus raised their target price on TTM Technologies from $15.00 to $17.00 and gave the company a “buy” rating in a research note on Thursday, February 9th. One equities research analyst has rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $18.75.

TTM Technologies (NASDAQ:TTMI) last issued its quarterly earnings data on Wednesday, May 3rd. The technology company reported $0.33 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.13. The company had revenue of $625.20 million during the quarter, compared to analysts’ expectations of $615 million. TTM Technologies had a return on equity of 15.90% and a net margin of 1.38%. The business’s revenue was up 7.2% on a year-over-year basis. During the same period last year, the business earned $0.14 earnings per share.

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In related news, major shareholder Hsiang Chien Tang sold 4,000,000 shares of TTM Technologies stock in a transaction dated Monday, February 27th. The stock was sold at an average price of $15.70, for a total value of $62,800,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Douglas L. Soder sold 7,714 shares of TTM Technologies stock in a transaction dated Wednesday, February 22nd. The stock was sold at an average price of $16.64, for a total value of $128,360.96. Following the completion of the sale, the insider now owns 84,566 shares of the company’s stock, valued at $1,407,178.24. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 4,075,451 shares of company stock valued at $64,011,414. 28.40% of the stock is currently owned by corporate insiders.

Institutional investors have recently bought and sold shares of the company. Norges Bank bought a new position in TTM Technologies during the fourth quarter valued at about $28,113,000. Vanguard Group Inc. raised its position in TTM Technologies by 17.4% in the first quarter. Vanguard Group Inc. now owns 11,833,440 shares of the technology company’s stock valued at $190,873,000 after buying an additional 1,757,393 shares during the last quarter. FMR LLC raised its position in TTM Technologies by 111.0% in the first quarter. FMR LLC now owns 2,823,070 shares of the technology company’s stock valued at $45,536,000 after buying an additional 1,484,825 shares during the last quarter. Acadian Asset Management LLC raised its position in TTM Technologies by 51.6% in the first quarter. Acadian Asset Management LLC now owns 3,259,213 shares of the technology company’s stock valued at $52,571,000 after buying an additional 1,108,651 shares during the last quarter. Finally, Two Sigma Investments LP raised its position in TTM Technologies by 175.6% in the fourth quarter. Two Sigma Investments LP now owns 1,508,915 shares of the technology company’s stock valued at $20,567,000 after buying an additional 961,319 shares during the last quarter. Institutional investors own 80.99% of the company’s stock.

About TTM Technologies

TTM Technologies, Inc is a manufacturer of printed circuit board (PCB) products and is focused on technologically advanced PCBs and electro-mechanical solutions (E-M Solutions). As of January 2, 2017, the Company operated a total of 25 specialized facilities in North America and China. The Company’s segments include PCB, E-M Solutions and Corporate.

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