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Hedge Funds Are Crazy About TTM Technologies, Inc. (TTMI)

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After several tireless days we have finished crunching the numbers from nearly 900 13F filings issued by the elite hedge funds and other investment firms that we track at Insider Monkey, which disclosed those firms' equity portfolios as of March 31st. The results of that effort will be put on display in this article, as we share valuable insight into the smart money sentiment towards TTM Technologies, Inc. (NASDAQ:TTMI).

TTM Technologies, Inc. (NASDAQ:TTMI) investors should pay attention to an increase in support from the world's most elite money managers lately. TTM Technologies, Inc. (NASDAQ:TTMI) was in 21 hedge funds' portfolios at the end of the first quarter of 2021. The all time high for this statistic is 22. There were 20 hedge funds in our database with TTMI positions at the end of the fourth quarter. Our calculations also showed that TTMI isn't among the 30 most popular stocks among hedge funds (click for Q1 rankings).

To most stock holders, hedge funds are perceived as slow, old investment vehicles of years past. While there are greater than 8000 funds with their doors open at present, Our researchers hone in on the upper echelon of this club, around 850 funds. These investment experts oversee the lion's share of the hedge fund industry's total asset base, and by monitoring their finest picks, Insider Monkey has figured out a few investment strategies that have historically outperformed the broader indices. Insider Monkey's flagship short hedge fund strategy surpassed the S&P 500 short ETFs by around 20 percentage points per annum since its inception in March 2017. Also, our monthly newsletter's portfolio of long stock picks returned 206.8% since March 2017 (through May 2021) and beat the S&P 500 Index by more than 115 percentage points. You can download a sample issue of this newsletter on our website .

David E. Shaw of D.E. Shaw
David E. Shaw of D.E. Shaw

David E. Shaw of D.E. Shaw

At Insider Monkey, we scour multiple sources to uncover the next great investment idea. For example, Chuck Schumer recently stated that marijuana legalization will be a Senate priority. So, we are checking out this under the radar stock that will benefit from this. We go through lists like the 10 best battery stocks to pick the next Tesla that will deliver a 10x return. Even though we recommend positions in only a tiny fraction of the companies we analyze, we check out as many stocks as we can. We read hedge fund investor letters and listen to stock pitches at hedge fund conferences. You can subscribe to our free daily newsletter on our homepage. Now let's view the latest hedge fund action surrounding TTM Technologies, Inc. (NASDAQ:TTMI).

Do Hedge Funds Think TTMI Is A Good Stock To Buy Now?

At first quarter's end, a total of 21 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 5% from one quarter earlier. Below, you can check out the change in hedge fund sentiment towards TTMI over the last 23 quarters. So, let's examine which hedge funds were among the top holders of the stock and which hedge funds were making big moves.

Is TTMI A Good Stock To Buy?
Is TTMI A Good Stock To Buy?

The largest stake in TTM Technologies, Inc. (NASDAQ:TTMI) was held by Rubric Capital Management, which reported holding $50.8 million worth of stock at the end of December. It was followed by D E Shaw with a $22.9 million position. Other investors bullish on the company included Two Sigma Advisors, Select Equity Group, and Divisar Capital. In terms of the portfolio weights assigned to each position Divisar Capital allocated the biggest weight to TTM Technologies, Inc. (NASDAQ:TTMI), around 4.38% of its 13F portfolio. Rubric Capital Management is also relatively very bullish on the stock, earmarking 2.96 percent of its 13F equity portfolio to TTMI.

As one would reasonably expect, key hedge funds have jumped into TTM Technologies, Inc. (NASDAQ:TTMI) headfirst. Arrowstreet Capital, managed by Peter Rathjens, Bruce Clarke and John Campbell, assembled the most outsized position in TTM Technologies, Inc. (NASDAQ:TTMI). Arrowstreet Capital had $9.6 million invested in the company at the end of the quarter. Brandon Haley's Holocene Advisors also initiated a $2.4 million position during the quarter. The following funds were also among the new TTMI investors: Ryan Tolkin (CIO)'s Schonfeld Strategic Advisors and Parvinder Thiara's Athanor Capital.

Let's now review hedge fund activity in other stocks similar to TTM Technologies, Inc. (NASDAQ:TTMI). We will take a look at Construction Partners, Inc. (NASDAQ:ROAD), Edgewise Therapeutics, Inc. (NASDAQ:EWTX), LendingClub Corp (NYSE:LC), Enterprise Financial Services Corp (NASDAQ:EFSC), Forterra, Inc. (NASDAQ:FRTA), Cardiovascular Systems Inc (NASDAQ:CSII), and Schweitzer-Mauduit International, Inc. (NYSE:SWM). This group of stocks' market caps are similar to TTMI's market cap.

[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position ROAD,10,35224,1 EWTX,16,1051885,16 LC,19,264872,1 EFSC,14,42855,0 FRTA,14,201756,-6 CSII,16,125979,-2 SWM,7,11043,-1 Average,13.7,247659,1.3 [/table]

View table here if you experience formatting issues.

As you can see these stocks had an average of 13.7 hedge funds with bullish positions and the average amount invested in these stocks was $248 million. That figure was $171 million in TTMI's case. LendingClub Corp (NYSE:LC) is the most popular stock in this table. On the other hand Schweitzer-Mauduit International, Inc. (NYSE:SWM) is the least popular one with only 7 bullish hedge fund positions. Compared to these stocks TTM Technologies, Inc. (NASDAQ:TTMI) is more popular among hedge funds. Our overall hedge fund sentiment score for TTMI is 84.6. Stocks with higher number of hedge fund positions relative to other stocks as well as relative to their historical range receive a higher sentiment score. Our calculations showed that top 5 most popular stocks among hedge funds returned 95.8% in 2019 and 2020, and outperformed the S&P 500 ETF (SPY) by 40 percentage points. These stocks gained 23.8% in 2021 through July 16th and still beat the market by 7.7 percentage points. Unfortunately TTMI wasn't nearly as popular as these 5 stocks and hedge funds that were betting on TTMI were disappointed as the stock returned -4.5% since the end of the first quarter (through 7/16) and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out the top 5 most popular stocks among hedge funds as most of these stocks already outperformed the market since 2019.

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Disclosure: None. This article was originally published at Insider Monkey.