TTM Technologies (NASDAQ:TTMI) Trading Up 7.2% - Time to Buy?

Key Points

• TTM Technologies shares rose 7.2% to about $123.66, although trading volume was roughly 92% below the average session volume.
• Analysts remain broadly bullish, with a consensus “Buy” rating and an average price target of $214.25; recent targets range from $208 to $224.
• The company exceeded quarterly expectations, reporting $0.99 in adjusted earnings per share versus $0.89 expected and $1 billion in revenue, up 37.4% year over year. However, insiders have sold more than 108,000 shares over the past 90 days.

TTM Technologies, Inc. (NASDAQ:TTMI - Get Free Report)'s stock price shot up 7.2% during trading on Friday . The company traded as high as $122.25 and last traded at $123.6580. Approximately 215,974 shares traded hands during mid-day trading, a decline of 92% from the average session volume of 2,600,103 shares. The stock had previously closed at $115.39.

Analysts Set New Price Targets

TTMI has been the subject of several research reports. Truist Financial upped their target price 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. B. Riley Financial increased their price objective on TTM Technologies from $182.00 to $208.00 and gave the company a "buy" rating in a research report on Thursday, May 28th. Needham & Company LLC reissued a "buy" rating and set a $220.00 price objective on shares of TTM Technologies in a report on Tuesday, August 18th. Zacks Research upgraded TTM Technologies from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 12th. Finally, Weiss Ratings lowered TTM Technologies from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday, August 25th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, TTM Technologies presently has a consensus rating of "Buy" and a consensus price target of $214.25.

TTM Technologies Trading Up 7.2%

The firm's 50-day simple moving average is $134.73 and its 200-day simple moving average is $137.53. The firm has a market capitalization of $13.03 billion, a PE ratio of 55.67 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.

TTM Technologies (NASDAQ:TTMI - Get Free Report) last released its earnings results on Thursday, August 6th. The technology company reported $0.99 earnings per share for the quarter, beating analysts' consensus estimates of $0.89 by $0.10. The company had revenue of $1 billion during the quarter, compared to analyst estimates of $962.04 million. 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 37.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.58 EPS. Equities analysts expect that TTM Technologies, Inc. will post 4.26 earnings per share for the current year.

Insider Activity

In other news, EVP Douglas Soder sold 2,874 shares of the stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $208.94, for a total transaction of $600,493.56. Following the completion of the sale, the executive vice president owned 210,634 shares of the company's stock, valued at approximately $44,009,867.96. This represents a 1.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Shawn Powers sold 3,367 shares of TTM Technologies stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $208.94, for a total transaction of $703,500.98. Following the completion of the transaction, the executive vice president directly owned 120,801 shares in the company, valued at approximately $25,240,160.94. The trade was a 2.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 108,241 shares of company stock valued at $20,911,975. Corporate insiders own 1.30% of the company's stock.

Institutional Trading of TTM Technologies

A number of institutional investors have recently modified their holdings of the company. Harbor Investment Advisory LLC purchased a new position in TTM Technologies during the 2nd quarter valued at about $29,000. Kestra Advisory Services LLC purchased a new stake in TTM Technologies in the 4th quarter worth approximately $30,000. Truvestments Capital LLC bought a new stake in shares of TTM Technologies in the 4th quarter worth approximately $30,000. GoalVest Advisory LLC grew its position in shares of TTM Technologies by 456.7% in the 2nd quarter. GoalVest Advisory LLC now owns 167 shares of the technology company's stock worth $31,000 after buying an additional 137 shares during the last quarter. Finally, Parallel Advisors LLC increased its stake in shares of TTM Technologies by 36.2% during the first quarter. Parallel Advisors LLC now owns 327 shares of the technology company's stock valued at $32,000 after buying an additional 87 shares during the period. 95.79% of the stock is currently owned by hedge funds and other institutional investors.

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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