TTM Technologies (NASDAQ:TTMI) Shares Gap Up - Here's What Happened

Key Points

• TTM Technologies shares opened 5.5% higher, rising from a previous close of $107.12 to $113.00 and last trading near $111.83.
• Analysts remain bullish, with a consensus “Buy” rating and average price target of $214.25; several firms recently raised their targets to between $205 and $224.
• TTM reported strong quarterly results, with EPS of $0.99 versus $0.89 expected and revenue of $1 billion, up 37.4% year over year. Institutional investors own 95.79% of the stock, while insiders sold more than $20.9 million in shares over the past three months.

TTM Technologies, Inc. (NASDAQ:TTMI - Get Free Report)'s share price gapped up prior to trading on Tuesday . The stock had previously closed at $107.12, but opened at $113.00. TTM Technologies shares last traded at $111.8340, with a volume of 439,935 shares.

Analyst Ratings Changes

TTMI has been the topic of several recent analyst reports. B. Riley Financial upped their price objective on shares of TTM Technologies from $182.00 to $208.00 and gave the company a "buy" rating in a report on Thursday, May 28th. Needham & Company LLC reissued a "buy" rating and issued a $220.00 price target on shares of TTM Technologies in a report on Tuesday, August 18th. Weiss Ratings upgraded TTM Technologies from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, August 6th. Truist Financial upped their price target on shares of TTM Technologies from $215.00 to $224.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Finally, Stifel Nicolaus lifted their target price on shares of TTM Technologies from $175.00 to $205.00 and gave the stock a "buy" rating in a research note on Thursday, May 28th. One investment analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $214.25.

TTM Technologies Trading Up 4.8%

The firm has a market capitalization of $11.82 billion, a price-to-earnings ratio of 50.66 and a beta of 2.15. The company has a quick ratio of 1.54, a current ratio of 1.78 and a debt-to-equity ratio of 0.50. The business's 50-day simple moving average is $149.68 and its two-hundred day simple moving average is $136.21.

TTM Technologies (NASDAQ:TTMI - Get Free Report) last issued 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 company had revenue of $1 billion for the quarter, compared to analyst estimates of $962.04 million. TTM Technologies had a net margin of 7.01% and a return on equity of 15.67%. The business'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 firm earned $0.58 earnings per share. Equities analysts forecast that TTM Technologies, Inc. will post 4.26 earnings per share for the current year.

Insider Transactions at TTM Technologies

In other TTM Technologies news, EVP Daniel J. Weber sold 8,533 shares of the stock in a transaction that occurred on Tuesday, June 23rd. The shares were sold at an average price of $209.80, for a total value of $1,790,223.40. Following the transaction, the executive vice president directly owned 86,088 shares in the company, valued at $18,061,262.40. This represents a 9.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Catherine A. Gridley sold 8,966 shares of the stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $209.80, for a total transaction of $1,881,066.80. Following the completion of the transaction, the executive vice president directly owned 69,679 shares in the company, valued at $14,618,654.20. This trade represents a 11.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 108,241 shares of company stock valued at $20,911,975 over the last three months. 1.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. purchased a new position in shares of TTM Technologies during the 2nd quarter worth about $2,053,347,000. Rokos Capital Management LLP purchased a new stake in TTM Technologies in the first quarter valued at approximately $13,031,000. Healthcare of Ontario Pension Plan Trust Fund increased its position in TTM Technologies by 97.8% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 197,799 shares of the technology company's stock worth $19,270,000 after purchasing an additional 97,799 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp acquired a new position in TTM Technologies during the fourth quarter worth approximately $668,000. Finally, Renaissance Technologies LLC acquired a new position in shares of TTM Technologies in the 1st quarter valued at $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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