TTM Technologies, Inc. (TTMI): Are Hedge Funds Right About This Stock?

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Since TTM Technologies, Inc. (NASDAQ:TTMI) has witnessed falling interest from the entirety of the hedge funds we track, it’s easy to see that there lies a certain “tier” of hedgies who were dropping their positions entirely by the end of the third quarter. Intriguingly, Joel Greenblatt’s Gotham Asset Management dropped the biggest investment of all the hedgies watched by Insider Monkey, comprising about $8.3 million in stock. Israel Englander’s fund, Millennium Management, also sold off its stock, about $6.2 million worth. These bearish behaviors are intriguing to say the least, as aggregate hedge fund interest fell by 6 funds by the end of the third quarter.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as TTM Technologies, Inc. (NASDAQ:TTMI) but similarly valued. These stocks are Workiva Inc (NYSE:WK), Tidewater Inc. (NYSE:TDW), ProNAi Therapeutics Inc (NASDAQ:DNAI), and Quanex Building Products Corporation (NYSE:NX). This group of stocks’ market valuations are similar to TTMI’s market valuation.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
WK 4 54093 -2
TDW 16 45055 3
DNAI 12 120298 12
NX 21 95654 3

As you can see these stocks had an average of 13.25 hedge funds with bullish positions and the average amount invested in these stocks was $79 million. That figure was $32 million in TTMI’s case. Quanex Building Products Corporation (NYSE:NX) is the most popular stock in this table. On the other hand Workiva Inc (NYSE:WK) is the least popular one with only 4 bullish hedge fund positions. TTM Technologies, Inc. (NASDAQ:TTMI) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard NX might be a better candidate to consider a long position.

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