Wedge Capital Management L L P NC Sells 58,058 Shares of TTM Technologies, Inc. (NASDAQ:TTMI)

Wedge Capital Management L L P NC reduced its position in TTM Technologies, Inc. (NASDAQ:TTMI) by 40.9% in the 1st quarter, Holdings Channel reports. The firm owned 83,741 shares of the technology company’s stock after selling 58,058 shares during the quarter. Wedge Capital Management L L P NC’s holdings in TTM Technologies were worth $1,718,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of TTMI. Allspring Global Investments Holdings LLC lifted 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 purchasing an additional 9,980 shares during the period. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in TTM Technologies in the fourth quarter worth $83,000. Principal Financial Group Inc. lifted 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 purchasing an additional 13,918 shares during the period. Sanctuary Advisors LLC lifted 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 purchasing an additional 2,184 shares during the period. Finally, Venturi Wealth Management LLC bought a new position in TTM Technologies in the fourth quarter worth $95,000. 95.79% of the stock is owned by institutional investors.

TTM Technologies Price Performance

NASDAQ TTMI opened at $36.19 on Wednesday. The business has a 50 day simple moving average of $24.96 and a 200 day simple moving average of $24.54. TTM Technologies, Inc. has a 52-week low of $15.77 and a 52-week high of $36.37. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.71 and a current ratio of 1.99. The stock has a market cap of $3.68 billion, a price-to-earnings ratio of 67.02 and a beta of 1.37.

TTM Technologies (NASDAQ:TTMI) last released its quarterly earnings results on Wednesday, April 30th. The technology company reported $0.50 earnings per share for the quarter, topping 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 firm had revenue of $648.67 million during the quarter, compared to the consensus estimate of $621.44 million. During the same quarter in the prior year, the firm posted $0.28 EPS. The business’s revenue was up 13.8% on a year-over-year basis. Analysts anticipate that TTM Technologies, Inc. will post 1.76 earnings per share for the current fiscal year.

TTM Technologies declared that its board has authorized a stock repurchase program on Friday, May 9th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the technology company to reacquire up to 3.7% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Needham & Company LLC boosted their target price on shares of TTM Technologies from $33.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, May 1st. Stifel Nicolaus started coverage on shares of TTM Technologies in a research report on Tuesday, February 11th. They set a “buy” rating and a $33.00 price target on the stock. B. Riley boosted their price objective on TTM Technologies from $35.00 to $36.00 and gave the stock a “buy” rating in a report on Thursday, May 1st. Finally, Truist Financial upped their price target on TTM Technologies from $36.00 to $41.00 and gave the company a “buy” rating in a research note on Monday.

Insiders Place Their Bets

In related news, insider Tom Clapprood sold 10,000 shares of the stock in a transaction on Friday, May 30th. The stock was sold at an average price of $29.50, for a total value of $295,000.00. Following the sale, the insider now owns 34,037 shares in the company, valued at approximately $1,004,091.50. This represents a 22.71% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Dale Martin Knecht sold 7,662 shares of the stock in a transaction on Monday, June 9th. The shares were sold at an average price of $34.16, for a total value of $261,733.92. Following the completion of the sale, the senior vice president now owns 67,544 shares in the company, valued at approximately $2,307,303.04. This trade represents a 10.19% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 73,944 shares of company stock valued at $2,235,071 in the last quarter. 1.30% of the stock is currently owned by insiders.

TTM Technologies Company Profile

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.