TTM Technologies (NASDAQ:TTMI) Releases Earnings Results

Key Points

• TTM Technologies beat quarterly expectations: The company reported $1.46 in EPS versus the $1.25 consensus estimate and revenue of $1.20 billion versus $1.13 billion expected. Revenue rose 59.9% year over year, compared with $0.50 EPS in the prior-year quarter.
• Shares opened at $102.15 and were reported to be trading up 7.0%; the stock has a $10.76 billion market capitalization and a 12-month range of $54.43 to $223.83.
• Analyst sentiment remains positive but mixed, with four Buy ratings and two Holds, producing a “Moderate Buy” consensus and an average price target of $204.75. Insider activity included a CEO purchase of 10,000 shares and an SVP sale of 26,198 shares.

TTM Technologies (NASDAQ:TTMI - Get Free Report) announced its quarterly earnings data on Thursday. The technology company reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.21, FiscalAI reports. The company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.13 billion. TTM Technologies had a return on equity of 15.67% and a net margin of 7.01%. TTM Technologies's revenue for the quarter was up 59.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.50 EPS.

TTM Technologies Trading Up 7.0%

Shares of TTM Technologies stock opened at $102.15 on Thursday. TTM Technologies has a 12-month low of $54.43 and a 12-month high of $223.83. The stock has a market capitalization of $10.76 billion, a P/E ratio of 46.01 and a beta of 2.14. The company has a 50-day simple moving average of $119.57 and a 200 day simple moving average of $142.30. The company has a quick ratio of 1.54, a current ratio of 1.78 and a debt-to-equity ratio of 0.50.

Insider Buying and Selling

In related news, SVP Dale Knecht sold 26,198 shares of TTM Technologies stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $142.00, for a total value of $3,720,116.00. Following the completion of the transaction, the senior vice president directly owned 40,138 shares of the company's stock, valued at $5,699,596. The trade was a 39.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Edwin Roks purchased 10,000 shares of TTM Technologies stock in a transaction that occurred on Tuesday, August 25th. The shares were bought at an average price of $111.77 per share, for a total transaction of $1,117,700.00. Following the transaction, the chief executive officer owned 64,814 shares in the company, valued at $7,244,260.78. This represents a 18.24% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 1.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on TTMI shares. Needham & Company LLC decreased their price objective on TTM Technologies from $220.00 to $175.00 and set a "buy" rating on the stock in a report on Monday, September 21st. Wall Street Zen cut TTM Technologies from a "strong-buy" rating to a "buy" rating in a report on Sunday, August 30th. Zacks Research downgraded TTM Technologies from a "strong-buy" rating to a "hold" rating in a research report on Monday, October 5th. Weiss Ratings lowered TTM Technologies from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday, August 25th. Finally, Truist Financial boosted their price target on TTM Technologies from $224.00 to $231.00 and gave the company a "buy" rating in a research note on Tuesday, October 13th. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $204.75.

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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