TTM Technologies (NASDAQ:TTMI) Price Target Raised to $48.00 at Truist Financial

TTM Technologies (NASDAQ:TTMI - Free Report) had its target price hoisted by Truist Financial from $41.00 to $48.00 in a research note published on Monday morning,Benzinga reports. They currently have a buy rating on the technology company's stock.

Several other analysts have also recently weighed in on the stock. Wall Street Zen cut shares of TTM Technologies from a "strong-buy" rating to a "buy" rating in a report on Saturday. Stifel Nicolaus reissued a "buy" rating and issued a $40.00 target price (up previously from $33.00) on shares of TTM Technologies in a report on Monday, June 16th. 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. Finally, B. Riley upped their price target on TTM Technologies from $35.00 to $36.00 and gave the company a "buy" rating in a report on Thursday, May 1st. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $41.75.

TTM Technologies Stock Down 4.9%

Shares of TTMI traded down $2.14 during mid-day trading on Monday, hitting $41.88. 2,671,490 shares of the company's stock were exchanged, compared to its average volume of 877,275. The stock's 50-day moving average is $32.18 and its 200-day moving average is $26.29. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.75 and a current ratio of 2.07. TTM Technologies has a fifty-two week low of $15.77 and a fifty-two week high of $44.52. The company has a market cap of $4.26 billion, a price-to-earnings ratio of 55.84 and a beta of 1.46.

TTM Technologies (NASDAQ:TTMI - Get Free Report) last released its earnings results on Wednesday, April 30th. The technology company reported $0.50 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.39 by $0.11. TTM Technologies had a net margin of 3.09% and a return on equity of 10.75%. The company had revenue of $648.67 million for the quarter, compared to analyst estimates of $621.44 million. During the same period in the prior year, the business earned $0.28 EPS. The firm's quarterly revenue was up 13.8% on a year-over-year basis. On average, sell-side analysts anticipate that TTM Technologies will post 1.76 earnings per share for the current fiscal year.

TTM Technologies declared that its board has initiated a share repurchase program on Friday, May 9th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the technology company to buy up to 3.7% of its stock through open market purchases. Stock buyback programs are often a sign that the company's leadership believes its stock is undervalued.

Insider Activity

In other news, EVP Daniel J. Weber sold 20,170 shares of the stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $29.51, for a total value of $595,216.70. Following the completion of the sale, the executive vice president directly owned 74,983 shares of the company's stock, valued at approximately $2,212,748.33. This represents a 21.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Dale Martin Knecht sold 10,000 shares of TTM Technologies stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $29.52, for a total transaction of $295,200.00. Following the completion of the transaction, the senior vice president directly owned 76,346 shares in the company, valued at $2,253,733.92. The trade was a 11.58% decrease in their ownership of the stock. 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 over the last ninety days. 1.30% of the stock is owned by corporate insiders.

Institutional Trading of TTM Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in TTMI. Proficio Capital Partners LLC acquired a new position in shares of TTM Technologies in the fourth quarter valued at approximately $295,000. Smartleaf Asset Management LLC grew its stake 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 worth $35,000 after purchasing an additional 1,220 shares during the period. Victory Capital Management Inc. raised its stake in shares of TTM Technologies by 391.6% during the 4th quarter. Victory Capital Management Inc. now owns 980,509 shares of the technology company's stock worth $24,268,000 after buying an additional 781,058 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of TTM Technologies during the 4th quarter worth $3,289,000. Finally, Ashton Thomas Private Wealth LLC acquired a new position in shares of TTM Technologies during the 4th quarter worth $202,000. 95.79% of the stock is owned by hedge funds and other institutional investors.

About TTM Technologies

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.