TTM Technologies (NASDAQ:TTMI) Shares Climb 9% - Here's What Happened

Key Points

• TTM Technologies shares jumped 9% to approximately $83.46 in mid-day trading, although volume was about 90% below the average session volume.
• Analysts remain moderately bullish, with four Buy ratings and two Holds; however, Needham and Stifel recently cut their price targets. The consensus target is $173.25.
• TTM reported a quarterly earnings and revenue beat, posting $1.46 EPS versus $1.25 expected and $1.20 billion in revenue versus $1.13 billion forecast, with revenue up 59.9% year over year.

TTM Technologies, Inc. (NASDAQ:TTMI - Get Free Report)'s share price shot up 9% during mid-day trading on Tuesday. The stock traded as high as $83.72 and last traded at $83.4610. 280,508 shares traded hands during trading, a decline of 90% from the average session volume of 2,760,938 shares. The stock had previously closed at $76.58.

Analyst Ratings Changes

TTMI has been the subject of several analyst reports. Needham & Company LLC cut their price target 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. Weiss Ratings lowered TTM Technologies from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Tuesday, August 25th. Wall Street Zen downgraded shares of TTM Technologies from a "strong-buy" rating to a "buy" rating in a research note on Sunday. Stifel Nicolaus lowered their target price 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. Finally, Zacks Research downgraded TTM Technologies from a "strong-buy" rating to a "hold" rating in a research note on Monday, October 5th. Four equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $173.25.

TTM Technologies Stock Performance

The company has a debt-to-equity ratio of 0.71, a current ratio of 1.67 and a quick ratio of 1.49. The company has a market capitalization of $8.73 billion, a PE ratio of 32.98 and a beta of 2.14. The firm's fifty day simple moving average is $112.61 and its 200 day simple moving average is $127.47.

TTM Technologies (NASDAQ:TTMI - Get Free Report) last announced its earnings results on Thursday, October 22nd. The technology company reported $1.46 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.25 by $0.21. The business had revenue of $1.20 billion for the quarter, compared to analyst estimates 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 for the quarter was up 59.9% compared to the same quarter last year. During the same period last year, the firm posted $0.50 earnings per share. On average, research analysts predict that TTM Technologies, Inc. will post 4.36 EPS for the current year.

Insider Activity

In other news, Director Wajid Ali purchased 10,000 shares of the firm's stock in a transaction dated Wednesday, October 28th. The shares were acquired at an average price of $90.25 per share, with a total value of $902,500.00. Following the purchase, the director directly owned 35,835 shares of the company's stock, valued at $3,234,108.75. The trade was a 38.71% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Edwin Roks acquired 10,000 shares of the company's stock in a transaction that occurred on Tuesday, August 25th. The shares were bought at an average price 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 in the company, valued at $7,244,260.78. This represents a 18.24% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders purchased 25,000 shares of company stock worth $2,460,550 in the last 90 days. 1.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of TTMI. Harbor Investment Advisory LLC purchased a new position in shares of TTM Technologies in the 2nd quarter worth $29,000. GoalVest Advisory LLC increased its position 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 during the period. Manning & Napier Advisors LLC acquired a new stake in shares of TTM Technologies during the second quarter worth $47,000. Root Financial Partners LLC purchased a new position in shares of TTM Technologies during the third quarter valued at $31,000. Finally, Persistent Asset Partners Ltd purchased a new stake in shares of TTM Technologies during the second quarter worth $49,000. Institutional investors and hedge funds own 95.79% of the company's stock.

About TTM Technologies

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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