TTM Technologies (NASDAQ:TTMI) Downgraded by Wall Street Zen to "Buy"

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 report issued on Saturday.

Other research analysts also recently issued reports about the company. Needham & Company LLC boosted their target price on TTM Technologies from $35.00 to $43.00 and gave the stock a "buy" rating in a research note on Friday, June 20th. B. Riley boosted their target price on TTM Technologies from $35.00 to $36.00 and gave the stock a "buy" rating in a research note on Thursday, May 1st. Stifel Nicolaus restated a "buy" rating and set a $40.00 target price (up from $33.00) on shares of TTM Technologies in a research note on Monday, June 16th. Finally, Truist Financial boosted their target price on TTM Technologies from $36.00 to $41.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $40.00.

TTM Technologies Trading Up 6.8%

Shares of NASDAQ:TTMI opened at $44.62 on Friday. TTM Technologies has a 12-month low of $15.77 and a 12-month high of $44.43. The business's fifty day simple moving average is $32.18 and its 200-day simple moving average is $26.27. The company has a market capitalization of $4.53 billion, a PE ratio of 59.49 and a beta of 1.46. The company has a current ratio of 2.07, a quick ratio of 1.75 and a debt-to-equity ratio of 0.58.

TTM Technologies (NASDAQ:TTMI - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The technology company reported $0.50 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.39 by $0.11. TTM Technologies had a return on equity of 10.75% and a net margin of 3.09%. The business had revenue of $648.67 million for the quarter, compared to the consensus estimate of $621.44 million. During the same period last year, the business posted $0.28 EPS. The business's revenue was up 13.8% compared to the same quarter last year. As a group, equities research analysts predict that TTM Technologies will post 1.76 earnings per share for the current fiscal year.

TTM Technologies announced that its Board of Directors has approved a share buyback program on Friday, May 9th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the technology company to reacquire up to 3.7% of its shares through open market purchases. Shares buyback programs are often an indication that the company's board believes its stock is undervalued.

Insider Activity at TTM Technologies

In other news, insider Tom Clapprood sold 10,000 shares of the company's stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $29.50, for a total value of $295,000.00. Following the sale, the insider owned 34,037 shares in the company, valued at $1,004,091.50. This represents a 22.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Douglas L. Soder sold 24,972 shares of the company's stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $30.00, for a total value of $749,160.00. Following the completion of the sale, the executive vice president owned 173,026 shares in the company, valued at $5,190,780. The trade was a 12.61% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 108,226 shares of company stock worth $3,504,492 in the last quarter. 1.30% of the stock is owned by insiders.

Hedge Funds Weigh In On TTM Technologies

Institutional investors have recently made changes to their positions in the company. Smartleaf Asset Management LLC increased its holdings in shares of TTM Technologies by 670.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,402 shares of the technology company's stock valued at $35,000 after purchasing an additional 1,220 shares in the last quarter. Quarry LP raised its holdings in TTM Technologies by 249.9% in the 1st quarter. Quarry LP now owns 2,110 shares of the technology company's stock worth $43,000 after purchasing an additional 1,507 shares during the period. USA Financial Formulas raised its holdings in TTM Technologies by 119.1% in the 1st quarter. USA Financial Formulas now owns 2,237 shares of the technology company's stock worth $46,000 after purchasing an additional 1,216 shares during the period. Sterling Capital Management LLC raised its holdings in TTM Technologies by 808.9% in the 4th quarter. Sterling Capital Management LLC now owns 3,181 shares of the technology company's stock worth $79,000 after purchasing an additional 2,831 shares during the period. Finally, Meeder Asset Management Inc. acquired a new position in TTM Technologies in the 4th quarter worth about $89,000. 95.79% of the stock is owned by hedge funds and other institutional investors.

TTM Technologies Company Profile

TTM Technologies, Inc, together with its subsidiaries, manufactures and sells mission systems, radio frequency (RF) components and RF microwave/microelectronic assemblies, and printed circuit boards (PCB) worldwide. The company operates in two segments, PCB and RF&S Components. It offers range of engineered systems, RF and microwave assemblies, HDI PCBs, flexible PCBs, rigid-flex PCBs, custom assemblies and system integration, IC substrates, passive RF components, advanced ceramic RF components, hi-reliability multi-chip modules, beamforming and switching networks, PCB products, RF components, and backplane/custom assembly solutions, including conventional PCBs.

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