TTM Technologies (NASDAQ:TTMI) Cut to Buy at Wall Street Zen

Wall Street Zen lowered shares of TTM Technologies (NASDAQ:TTMI) from a strong-buy rating to a buy rating in a research report released on Saturday.

A number of other brokerages have also recently weighed in on TTMI. Truist Financial boosted their price objective on TTM Technologies from $36.00 to $41.00 and gave the company a “buy” rating in a research note on Monday, June 9th. B. Riley boosted their target price on TTM Technologies from $35.00 to $36.00 and gave the company a “buy” rating in a report on Thursday, May 1st. Needham & Company LLC boosted their target price on TTM Technologies from $35.00 to $43.00 and gave the company a “buy” rating in a report on Friday, June 20th. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $40.00 target price (up previously from $33.00) on shares of TTM Technologies in a report on Monday, June 16th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $40.00.

TTM Technologies Price Performance

Shares of NASDAQ TTMI opened at $44.62 on Friday. The company has a current ratio of 2.07, a quick ratio of 1.75 and a debt-to-equity ratio of 0.58. TTM Technologies has a twelve month low of $15.77 and a twelve month high of $44.43. The stock has a 50 day moving average of $32.18 and a two-hundred day moving average of $26.28. The stock has a market cap of $4.53 billion, a P/E ratio of 59.49 and a beta of 1.46.

TTM Technologies (NASDAQ:TTMI) last issued its quarterly earnings data on Wednesday, April 30th. The technology company reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.11. TTM Technologies had a return on equity of 10.75% and a net margin of 3.09%. The company had revenue of $648.67 million during the quarter, compared to analysts’ expectations of $621.44 million. During the same quarter in the previous year, the business earned $0.28 earnings per share. The firm’s revenue for the quarter was up 13.8% on a year-over-year basis. On average, research analysts forecast that TTM Technologies will post 1.76 earnings per share for the current year.

TTM Technologies declared that its board has initiated a share buyback plan on Friday, May 9th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the technology company to reacquire up to 3.7% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other news, insider Tom Clapprood sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $29.50, for a total value of $295,000.00. Following the transaction, the insider owned 34,037 shares of the company’s stock, valued at approximately $1,004,091.50. The trade was a 22.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Dale Martin Knecht sold 10,000 shares of the company’s stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $29.52, for a total value of $295,200.00. Following the transaction, the senior vice president directly owned 76,346 shares in the company, valued at $2,253,733.92. This represents a 11.58% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 108,226 shares of company stock valued at $3,504,492. 1.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of TTMI. Smartleaf Asset Management LLC grew its holdings in TTM Technologies by 670.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,402 shares of the technology company’s stock worth $35,000 after acquiring an additional 1,220 shares during the period. Quarry LP grew its holdings in TTM Technologies by 249.9% during the first quarter. Quarry LP now owns 2,110 shares of the technology company’s stock worth $43,000 after acquiring an additional 1,507 shares during the period. USA Financial Formulas grew its holdings in TTM Technologies by 119.1% during the first quarter. USA Financial Formulas now owns 2,237 shares of the technology company’s stock worth $46,000 after acquiring an additional 1,216 shares during the period. Sterling Capital Management LLC grew its holdings in TTM Technologies by 808.9% during the fourth quarter. Sterling Capital Management LLC now owns 3,181 shares of the technology company’s stock worth $79,000 after acquiring an additional 2,831 shares during the period. Finally, Meeder Asset Management Inc. acquired a new position in TTM Technologies during the fourth quarter worth $89,000. Institutional investors and hedge funds own 95.79% of the company’s stock.

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.