TTM Technologies (NASDAQ:TTMI) Sets New 12-Month High on Analyst Upgrade

Shares of TTM Technologies, Inc. (NASDAQ:TTMI) reached a new 52-week high on Tuesday after Truist Financial raised their price target on the stock from $36.00 to $41.00. Truist Financial currently has a buy rating on the stock. TTM Technologies traded as high as $35.79 and last traded at $35.70, with a volume of 2135871 shares trading hands. The stock had previously closed at $33.22.

Other analysts have also issued research reports about the stock. B. Riley boosted their target price 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. Stifel Nicolaus began coverage on shares of TTM Technologies in a research report on Tuesday, February 11th. They set a “buy” rating and a $33.00 price target for the company. Finally, Needham & Company LLC upped their price target on shares of TTM Technologies from $33.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, May 1st.

Insider Buying and Selling at TTM Technologies

In other TTM Technologies news, EVP Douglas L. Soder sold 24,972 shares of the company’s stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $30.00, for a total transaction of $749,160.00. Following the completion of the sale, the executive vice president now directly owns 173,026 shares of the company’s stock, valued at approximately $5,190,780. This represents a 12.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Dale Martin Knecht sold 7,662 shares of the company’s stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $34.16, for a total value of $261,733.92. Following the completion of the transaction, the senior vice president now owns 67,544 shares in the company, valued at $2,307,303.04. This represents a 10.19% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 73,944 shares of company stock valued at $2,235,071. 1.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On TTM Technologies

A number of hedge funds have recently added to or reduced their stakes in the company. Inspire Investing LLC boosted its position in TTM Technologies by 214.1% during the first quarter. Inspire Investing LLC now owns 50,880 shares of the technology company’s stock worth $1,044,000 after purchasing an additional 34,680 shares during the period. Strs Ohio bought a new stake in TTM Technologies during the first quarter worth approximately $800,000. Intech Investment Management LLC boosted its position in shares of TTM Technologies by 5.4% in the first quarter. Intech Investment Management LLC now owns 118,782 shares of the technology company’s stock valued at $2,436,000 after acquiring an additional 6,125 shares during the period. Focus Partners Wealth boosted its position in shares of TTM Technologies by 1.1% in the first quarter. Focus Partners Wealth now owns 31,944 shares of the technology company’s stock valued at $655,000 after acquiring an additional 343 shares during the period. Finally, Jane Street Group LLC boosted its position in shares of TTM Technologies by 1,150.2% in the first quarter. Jane Street Group LLC now owns 139,889 shares of the technology company’s stock valued at $2,869,000 after acquiring an additional 128,700 shares during the period. Institutional investors and hedge funds own 95.79% of the company’s stock.

TTM Technologies Stock Up 1.4%

The company has a quick ratio of 1.71, a current ratio of 1.99 and a debt-to-equity ratio of 0.58. The company has a market capitalization of $3.68 billion, a P/E ratio of 67.02 and a beta of 1.37. The firm has a 50-day moving average price of $24.96 and a two-hundred day moving average price of $24.54.

TTM Technologies (NASDAQ:TTMI) last posted its quarterly earnings data on Wednesday, April 30th. The technology company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.11. TTM Technologies had a return on equity of 9.74% and a net margin of 2.30%. The company had revenue of $648.67 million during the quarter, compared to analysts’ expectations of $621.44 million. During the same period in the prior year, the business earned $0.28 earnings per share. TTM Technologies’s revenue for the quarter was up 13.8% compared to the same quarter last year. Equities research analysts anticipate that TTM Technologies, Inc. will post 1.76 EPS for the current fiscal year.

TTM Technologies declared that its board has initiated a stock repurchase program on Friday, May 9th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the technology company to repurchase up to 3.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

About TTM Technologies

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.