Phocas Financial Corp. has significantly amplified its investment in TTM Technologies, Inc. (NASDAQ:TTMI), a move that underscores the dynamic shifts occurring within institutional portfolios and the broader technology sector. This substantial increase in holdings reflects a strategic decision by the financial firm, signaling notable confidence in TTMI’s market position and future prospects.
According to its latest SEC filing, Phocas Financial Corp. bolstered its stake in TTM Technologies by a substantial 23.1% during the first quarter. This aggressive accumulation resulted in the institutional investor owning 354,266 shares of the technology company’s stock, an acquisition of an additional 66,393 shares within the reporting period. This increased position now represents a significant portion of Phocas Financial Corp.’s portfolio, highlighting TTM Technologies’ growing importance to the firm.
Beyond Phocas Financial, a diverse array of other hedge funds and institutional investors have also recalibrated their positions in TTMI. Notable increases include USA Financial Formulas, which saw a remarkable 119.1% growth in its holdings, and Sterling Capital Management LLC, boosting its shares by an impressive 808.9%. These widespread adjustments by major players like CWM LLC, Quadrant Capital Group LLC, and the State of Wyoming collectively indicate a broad institutional interest and a shifting landscape of ownership in TTM Technologies.
From a market performance perspective, TTM Technologies has recently opened at $43.34, exhibiting a robust market capitalization of $4.40 billion and a P/E ratio of 48.16. The company’s stock has navigated a 12-month range between a low of $15.77 and a high of $51.15, with its current trading activity showing a 50-day simple moving average of $39.70 and a 200-day simple moving average of $29.11. Such financial metrics, combined with a healthy debt-to-equity ratio of 0.56 and strong liquidity ratios, paint a picture of a company with sound fundamentals.
Further demonstrating confidence in its own valuation, TTM Technologies announced a significant share buyback plan approved by its board. This initiative authorizes the company to repurchase up to $100.00 million in outstanding shares, targeting approximately 3.7% of its stock through open market purchases. Share buybacks are often interpreted by the market as a strong signal from corporate leadership, suggesting a belief that the company’s shares are currently undervalued, offering potential upside for investors.
While institutional interest has surged, recent insider trading activity has also been noteworthy. The Chief Operating Officer of TTM Technologies executed a sale of 23,486 shares, totaling over $854,000, and the Senior Vice President sold 7,487 shares, valued at nearly $292,000. These transactions, disclosed in SEC filings, represent a decrease in direct ownership by key executives, providing an additional layer of insight into the company’s internal dynamics and offering an interesting counterpoint to the broader institutional accumulation.
Brokerage firms have largely maintained a positive outlook on TTM Technologies, with several recent analyst upgrades and increased price targets. Stifel Nicolaus, Truist Financial, Needham & Company LLC, and B. Riley have all boosted their price targets, consistently assigning “buy” ratings. This consensus among financial analysts, resulting in an average “Buy” rating and a collective price target of $52.25, further reinforces the positive market sentiment surrounding TTM Technologies and its strategic trajectory.
