TTM Technologies (NASDAQ:TTMI) Shares Gap Up After Strong Earnings

TTM Technologies, Inc. (NASDAQ:TTMI) shares gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $20.02, but opened at $24.43. TTM Technologies shares last traded at $23.02, with a volume of 318,571 shares traded.

The technology company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.11. The business had revenue of $648.67 million for the quarter, compared to analysts’ expectations of $621.44 million. TTM Technologies had a return on equity of 9.74% and a net margin of 2.30%. The business’s revenue was up 13.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.28 earnings per share.

Wall Street Analyst Weigh In

A number of research firms have weighed in on TTMI. Truist Financial dropped their target price on shares of TTM Technologies from $38.00 to $36.00 and set a “buy” rating on the stock in a research note on Thursday. Needham & Company LLC increased their price objective on TTM Technologies from $33.00 to $35.00 and gave the company a “buy” rating in a report on Thursday. Stifel Nicolaus started coverage on TTM Technologies in a research report on Tuesday, February 11th. They issued a “buy” rating and a $33.00 target price for the company. Finally, B. Riley upped their price target on TTM Technologies from $35.00 to $36.00 and gave the company a “buy” rating in a research report on Thursday.

Insider Activity at TTM Technologies

In related news, EVP Catherine A. Gridley sold 6,000 shares of the business’s stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $26.25, for a total transaction of $157,500.00. Following the completion of the transaction, the executive vice president now owns 125,206 shares of the company’s stock, valued at approximately $3,286,657.50. The trade was a 4.57 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Dale Martin Knecht sold 3,848 shares of the stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $26.01, for a total transaction of $100,086.48. Following the completion of the sale, the senior vice president now owns 86,346 shares in the company, valued at $2,245,859.46. This represents a 4.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 50,817 shares of company stock worth $1,316,006. Corporate insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On TTM Technologies

Several large investors have recently added to or reduced their stakes in the business. Franklin Resources Inc. raised its holdings in shares of TTM Technologies by 532.1% in the 4th quarter. Franklin Resources Inc. now owns 1,957,741 shares of the technology company’s stock valued at $48,454,000 after acquiring an additional 1,648,017 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in TTM Technologies by 50.5% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,534,166 shares of the technology company’s stock valued at $37,971,000 after purchasing an additional 515,015 shares in the last quarter. Emerald Advisers LLC lifted its position in TTM Technologies by 34.3% during the first quarter. Emerald Advisers LLC now owns 1,439,931 shares of the technology company’s stock valued at $29,533,000 after purchasing an additional 367,798 shares during the last quarter. Loomis Sayles & Co. L P grew its stake in TTM Technologies by 5.1% in the 4th quarter. Loomis Sayles & Co. L P now owns 1,312,770 shares of the technology company’s stock worth $32,491,000 after buying an additional 63,230 shares in the last quarter. Finally, Portolan Capital Management LLC increased its holdings in shares of TTM Technologies by 22.6% in the 4th quarter. Portolan Capital Management LLC now owns 1,301,342 shares of the technology company’s stock worth $32,208,000 after buying an additional 239,972 shares during the last quarter. Institutional investors own 95.79% of the company’s stock.

TTM Technologies Price Performance

The business’s fifty day moving average price is $20.95 and its 200-day moving average price is $23.13. The company has a market capitalization of $2.54 billion, a P/E ratio of 46.35 and a beta of 1.17. The company has a current ratio of 1.99, a quick ratio of 1.71 and a debt-to-equity ratio of 0.58.

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.