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

Key Points

• Wall Street Zen downgraded TTM Technologies from “strong buy” to “buy,” while the broader analyst consensus remains “Buy” with an average price target of $214.25.
• TTM reported quarterly EPS of $0.99, beating estimates of $0.89, while revenue reached $1.0 billion, up 37.4% year over year and above expectations.
• Shares opened at $118.65 after falling 4.9%; insiders sold approximately $20.9 million of stock last quarter, while institutional investors own 95.79% of outstanding shares.

TTM Technologies (NASDAQ:TTMI - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research note issued to investors on Sunday.

Several other research analysts have also recently weighed in on TTMI. Weiss Ratings cut shares of TTM Technologies from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday. Truist Financial boosted their price objective on TTM Technologies from $215.00 to $224.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. B. Riley Financial upped their target price on TTM Technologies from $182.00 to $208.00 and gave the company a "buy" rating in a research report on Thursday, May 28th. Needham & Company LLC reiterated a "buy" rating and set a $220.00 target price on shares of TTM Technologies in a research note on Tuesday, August 18th. Finally, Zacks Research raised TTM Technologies from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $214.25.

TTM Technologies Trading Down 4.9%

TTMI stock opened at $118.65 on Friday. TTM Technologies has a 1-year low of $42.69 and a 1-year high of $223.83. The firm has a market cap of $12.50 billion, a P/E ratio of 53.45 and a beta of 2.14. The business's 50 day moving average is $142.53 and its 200-day moving average is $136.58. The company has a current ratio of 1.78, a quick ratio of 1.54 and a debt-to-equity ratio of 0.50.

TTM Technologies (NASDAQ:TTMI - Get Free Report) last posted its earnings results on Thursday, August 6th. The technology company reported $0.99 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.89 by $0.10. The company had revenue of $1 billion during the quarter, compared to analysts' expectations of $962.04 million. TTM Technologies had a net margin of 7.01% and a return on equity of 15.67%. TTM Technologies's quarterly revenue was up 37.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.58 EPS. Equities analysts anticipate that TTM Technologies will post 4.26 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, SVP Dale Martin Knecht sold 26,198 shares of the stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $142.00, for a total transaction of $3,720,116.00. Following the sale, the senior vice president owned 40,138 shares of the company's stock, valued at $5,699,596. This represents a 39.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Shawn A. Powers sold 3,367 shares of the firm's stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $208.94, for a total value of $703,500.98. Following the transaction, the executive vice president owned 120,801 shares in the company, valued at approximately $25,240,160.94. This trade represents a 2.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 108,241 shares of company stock valued at $20,911,975 in the last quarter. Company insiders own 1.30% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. bought a new stake in TTM Technologies during the 2nd quarter worth $2,053,347,000. Rokos Capital Management LLP bought a new position in TTM Technologies in the first quarter valued at about $13,031,000. Healthcare of Ontario Pension Plan Trust Fund raised its position in TTM Technologies by 97.8% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 197,799 shares of the technology company's stock valued at $19,270,000 after purchasing an additional 97,799 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp acquired a new stake in shares of TTM Technologies during the fourth quarter valued at about $668,000. Finally, Renaissance Technologies LLC acquired a new stake in shares of TTM Technologies during the first quarter valued at about $36,130,000. Institutional investors and hedge funds own 95.79% of the company's stock.

About TTM Technologies

TTM Technologies, Inc is a leading global manufacturer of printed circuit boards (PCBs) and related electronic components. The company's product portfolio spans rigid, flexible and rigid-flex circuit boards, as well as advanced substrates, backplanes, hybrid circuits and integrated antenna modules. In addition to PCB fabrication, TTM offers comprehensive system‐level services, including design support, surface mount technology (SMT) assembly, cable and wire harness assembly, and complete box-build solutions to address end-to-end customer requirements.

Serving a broad array of end markets, TTM Technologies supports customers in the communications, computing, automotive, aerospace and defense, industrial, and medical sectors.

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