With prices at a 3-year low, five corporate executives at TTM
) decided to sell quite a bit of their company stock. TTM
Technologies has had a rough year, and now it looks like even the
company's execs are losing the faith. The month of March brought
with it a total of 15
for the company. A drastic sign since according to the
of the company, its revenue per share has been in a state of
decline for the past year.
Most recently on March 26, four company executives (and one
former officer) sold a total of 15,522 shares at an average price
of $7.65 per share for a total transaction amount of $118,795.
Prior to the most recent cluster sell; the same five insiders
sold shares on both March 4 and March 11. CEO Kenton Alder has
sold over 36,000 shares this month alone.
As the chart above displays, March has shown the largest
insider-sell off since prices peaked in March 2011. There hasn't
been an insider buy since August 2010.
TTM Technologies is a global printed circuit board manufacturer
(PCB), focusing on quick-turn and technologically advanced PCBs
and the backplane and sub-system assembly business. TTM is the
company that builds the circuit boards for iPhones. Recently,
though, Apple (
) decided to cut its parts order in half, doing some serious
damage to the circuit boards manufacturer.
After Apple cut its order, Stifel Nicolas downgraded TTM
Technologies from a "buy" to a "hold" stating a number of issues
including "soft demand, excess industry capacity, and ongoing
margin pressure." This caused the largest drop in shares.
In order to try and salvage their dwindling share prices, TTM
Technologies announced on March 18 that they had signed
definitive agreements with its minority partner, Sytech
Technology, to sell TTM's 70.2% equity interest in the SYE plant
to Sytech and to acquire Sytech's 20% equity interest in the DMC
plant. The transaction is expected to close by the end of the
second quarter of 2013. TTM has projected that the transaction
will generate approximately $84 for TTM and that they expect to
use $40 million to repay an intercompany loan to SYE.
There are still two gurus that hold stake in TTM Technologies.
Chuck Royce holds 4,102,935 shares in the company and David
Dreman holds 672,946 shares.
TTM Technologies is currently sitting at a 3-year low price. With
its shares down 3.16%, TTMI trades at $7.36.
To see a complete list of insider trades at TTMI, look at the
company's insider trade history.About GuruFocus: GuruFocus.com
tracks the stocks picks and portfolio holdings of the world's
best investors. This value investing site offers stock screeners
and valuation tools. And publishes daily articles tracking the
latest moves of the world's best investors. GuruFocus also
provides promising stock ideas in 3 monthly newsletters sent to