TTM Technologies (NASDAQ:TTMI) Board Initiates Share Buyback Program

TTM Technologies (NASDAQ:TTMI) announced that its board has initiated a stock repurchase program on Friday, May 9th, RTT News reports. The company plans to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the technology company to repurchase up to 3.7% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is undervalued.

TTM Technologies Price Performance

Shares of NASDAQ:TTMI opened at $26.88 on Friday. TTM Technologies has a one year low of $15.77 and a one year high of $30.41. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.99 and a quick ratio of 1.71. The company has a market cap of $2.73 billion, a price-to-earnings ratio of 49.78 and a beta of 1.20. The firm has a 50 day simple moving average of $21.16 and a 200 day simple moving average of $23.34.

TTM Technologies (NASDAQ:TTMI) last announced its quarterly earnings results on Wednesday, April 30th. The technology company reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.11. The company had revenue of $648.67 million during 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%. TTM Technologies’s revenue was up 13.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.28 EPS. Research analysts predict that TTM Technologies will post 1.76 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently commented on TTMI. Stifel Nicolaus started coverage on shares of TTM Technologies in a research report on Tuesday, February 11th. They set a “buy” rating and a $33.00 price objective for the company. Truist Financial cut their price target on shares of TTM Technologies from $38.00 to $36.00 and set a “buy” rating for the company in a report on Thursday, May 1st. B. Riley lifted their price objective on shares of TTM Technologies from $35.00 to $36.00 and gave the company a “buy” rating in a research note on Thursday, May 1st. Finally, Needham & Company LLC upped their target price on TTM Technologies from $33.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, May 1st.

Insider Activity

In other TTM Technologies 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 sale, the executive vice president now directly owns 125,206 shares of the company’s stock, valued at $3,286,657.50. The trade was a 4.57 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Dale Martin Knecht sold 3,848 shares of the company’s stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $26.01, for a total transaction of $100,086.48. Following the completion of the transaction, the senior vice president now owns 86,346 shares of the company’s stock, valued at approximately $2,245,859.46. This trade represents a 4.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 50,600 shares of company stock valued at $1,310,642. 1.30% of the stock is currently owned by corporate insiders.

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.