TTM Technologies (NASDAQ:TTMI) Cut to Hold at Zacks Research

Key Points

• Zacks Research downgraded TTM Technologies to “hold” from “strong buy,” although the analyst consensus remains “Moderate Buy,” with four Buy ratings and two Hold ratings and an average price target of $203.
• TTM Technologies reported stronger-than-expected quarterly results, with EPS of $0.99 versus the $0.89 consensus and revenue of $1 billion; revenue increased 37.4% year over year.
• The stock opened at $132.71, well below its 52-week high of $223.83. CEO Edwin Roks bought 10,000 shares, while another senior executive sold 26,198 shares; institutional investors own 95.79% of the company.

TTM Technologies (NASDAQ:TTMI - Get Free Report) was downgraded by analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research note issued to investors on Monday, Zacks reports.

Several other research analysts have also issued reports on the stock. Needham & Company LLC cut their target price on shares of TTM Technologies from $220.00 to $175.00 and set a "buy" rating on the stock in a research note on Monday, September 21st. Weiss Ratings downgraded shares of TTM Technologies from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday, August 25th. Truist Financial upped their price objective on shares of TTM Technologies from $215.00 to $224.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Finally, Wall Street Zen cut shares of TTM Technologies from a "strong-buy" rating to a "buy" rating in a research report on Sunday, August 30th. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $203.00.

TTM Technologies Price Performance

Shares of TTMI opened at $132.71 on Monday. TTM Technologies has a 52-week low of $53.36 and a 52-week high of $223.83. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.54 and a current ratio of 1.78. The business's 50 day moving average price is $123.61 and its two-hundred day moving average price is $141.51. The firm has a market cap of $13.98 billion, a PE ratio of 59.78 and a beta of 2.14.

TTM Technologies (NASDAQ:TTMI - Get Free Report) last posted its quarterly 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 firm had revenue of $1 billion for the quarter, compared to analysts' expectations of $962.04 million. TTM Technologies had a return on equity of 15.67% and a net margin of 7.01%.The company's revenue for the quarter was up 37.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.58 EPS. On average, equities analysts anticipate that TTM Technologies will post 4.26 EPS for the current year.

Insider Activity at TTM Technologies

In related news, CEO Edwin Roks purchased 10,000 shares of the stock in a transaction that occurred on Tuesday, August 25th. The stock was acquired at an average cost of $111.77 per share, with a total value of $1,117,700.00. Following the transaction, the chief executive officer owned 64,814 shares of the company's stock, valued at $7,244,260.78. This represents a 18.24% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Dale Knecht sold 26,198 shares of TTM Technologies stock in a transaction 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 transaction, the senior vice president directly owned 40,138 shares in the company, valued at $5,699,596. This represents a 39.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.30% of the stock is owned by insiders.

Hedge Funds Weigh In On TTM Technologies

Several institutional investors have recently modified their holdings of the business. GAMMA Investing LLC increased its position in TTM Technologies by 1.8% during the 2nd quarter. GAMMA Investing LLC now owns 4,340 shares of the technology company's stock valued at $812,000 after purchasing an additional 75 shares during the period. Parallel Advisors LLC lifted its position in shares of TTM Technologies by 36.2% in the 1st quarter. Parallel Advisors LLC now owns 327 shares of the technology company's stock worth $32,000 after purchasing an additional 87 shares during the period. GoalVest Advisory LLC boosted its stake in shares of TTM Technologies by 456.7% during the 2nd quarter. GoalVest Advisory LLC now owns 167 shares of the technology company's stock valued at $31,000 after purchasing an additional 137 shares in the last quarter. Fifth Third Wealth Advisors LLC boosted its stake in shares of TTM Technologies by 4.5% during the 1st quarter. Fifth Third Wealth Advisors LLC now owns 3,289 shares of the technology company's stock valued at $320,000 after purchasing an additional 142 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its position in shares of TTM Technologies by 12.5% during the first quarter. EverSource Wealth Advisors LLC now owns 1,347 shares of the technology company's stock valued at $131,000 after buying an additional 150 shares during the period. 95.79% of the stock is owned by institutional investors.

TTM Technologies Company Profile

TTM Technologies, Inc is a manufacturer of technology solutions for the electronics industry. The company primarily produces printed circuit boards, including rigid, flexible, rigid-flex and high-density interconnect boards, as well as specialized radio-frequency and microwave components and assemblies.

TTM's products and services support applications that require complex electronic circuitry and high reliability. Its customers operate in markets such as aerospace and defense, data-center computing, automotive, medical, industrial and instrumentation, and networking and communications.

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