TTM Technologies (NASDAQ:TTMI) Rating Lowered 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 “Moderate Buy” with an average price target of $173.25.
• Several analysts recently reduced their price targets, including Stifel Nicolaus to $165, Truist Financial to $170, and Needham to $150; two analysts rate the stock “Hold.”
• TTM Technologies exceeded quarterly expectations with $1.46 in EPS versus $1.25 expected and $1.20 billion in revenue, up 59.9% year over year, though shares opened at $82.94—well below their 12-month high of $223.83.

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

Other equities research analysts have also issued reports about the stock. Stifel Nicolaus lowered their price target on shares of TTM Technologies from $205.00 to $165.00 and set a "buy" rating for the company in a report on Friday, October 23rd. Truist Financial cut their price target on shares of TTM Technologies from $231.00 to $170.00 and set a "buy" rating on the stock in a report on Friday, October 23rd. Weiss Ratings cut shares of TTM Technologies from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Tuesday, August 25th. Zacks Research downgraded shares of TTM Technologies from a "strong-buy" rating to a "hold" rating in a research note on Monday, October 5th. Finally, Needham & Company LLC dropped their target price on shares of TTM Technologies from $175.00 to $150.00 and set a "buy" rating for the company in a report on Friday, October 23rd. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $173.25.

TTM Technologies Stock Performance

Shares of TTM Technologies stock opened at $82.94 on Friday. The business's fifty day simple moving average is $113.29 and its 200 day simple moving average is $127.55. The company has a current ratio of 1.67, a quick ratio of 1.49 and a debt-to-equity ratio of 0.71. TTM Technologies has a 12 month low of $55.44 and a 12 month high of $223.83. The firm has a market capitalization of $8.74 billion, a P/E ratio of 33.04 and a beta of 2.14.

TTM Technologies (NASDAQ:TTMI - Get Free Report) last posted its earnings results on Thursday, October 22nd. The technology company reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.21. The firm had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.13 billion. TTM Technologies had a net margin of 7.01% and a return on equity of 19.19%. The company's revenue was up 59.9% on a year-over-year basis. During the same quarter last year, the company earned $0.50 earnings per share. As a group, analysts anticipate that TTM Technologies will post 4.36 EPS for the current year.

Insider Buying and Selling

In other news, Director Wajid Ali acquired 10,000 shares of the firm's stock in a transaction dated Wednesday, October 28th. The shares were acquired at an average cost of $90.25 per share, with a total value of $902,500.00. Following the acquisition, the director directly owned 35,835 shares of the company's stock, valued at approximately $3,234,108.75. The trade was a 38.71% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP Dale Knecht sold 26,198 shares of the company's stock in a transaction on Monday, August 10th. The shares were sold at an average price of $142.00, for a total transaction of $3,720,116.00. Following the sale, the senior vice president directly owned 40,138 shares in the company, valued at approximately $5,699,596. The trade was a 39.49% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have purchased 25,000 shares of company stock valued at $2,460,550. 1.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. acquired a new position in TTM Technologies during the second quarter worth about $2,053,347,000. Atalan Capital Partners LP purchased a new stake in shares of TTM Technologies in the second quarter valued at about $189,234,000. Wellington Management Group LLP lifted its holdings in shares of TTM Technologies by 61.9% in the second quarter. Wellington Management Group LLP now owns 2,268,404 shares of the technology company's stock valued at $424,237,000 after purchasing an additional 867,255 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of TTM Technologies in the second quarter valued at approximately $114,470,000. Finally, Palestra Capital Management LLC acquired a new stake in shares of TTM Technologies in the second quarter valued at approximately $105,214,000. 95.79% of the stock is owned by hedge funds and other institutional investors.

TTM Technologies Company Profile

TTM Technologies, Inc is a manufacturer of technology solutions and printed circuit boards (PCBs), which are used to connect and support electronic components in a wide range of products. The company produces conventional rigid PCBs as well as high-density interconnect, flexible and rigid-flex circuit boards, and other advanced circuit technologies.

TTM also provides radio-frequency and microwave/microelectronic assembly capabilities, including components and assemblies used in communications, radar and other high-frequency applications.

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