TTM Technologies (NASDAQ:TTMI - Free Report) had its price objective lifted by Needham & Company LLC from $43.00 to $56.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a buy rating on the technology company's stock.
Several other equities research analysts have also recently commented on the stock. Stifel Nicolaus reaffirmed a "buy" rating and issued a $40.00 target price (up from $33.00) on shares of TTM Technologies in a research report on Monday, June 16th. Wall Street Zen cut shares of TTM Technologies from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 5th. B. Riley raised their target price on shares of TTM Technologies from $36.00 to $50.00 and gave the stock a "buy" rating in a research report on Thursday, July 17th. Finally, Truist Financial raised their target price on shares of TTM Technologies from $41.00 to $48.00 and gave the stock a "buy" rating in a research report on Monday, July 7th. Four research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, TTM Technologies has a consensus rating of "Buy" and an average target price of $52.25.
Get Our Latest Stock Report on TTMI
TTM Technologies Trading Down 8.3%
TTMI traded down $3.91 during trading on Thursday, hitting $43.34. 5,240,632 shares of the stock traded hands, compared to its average volume of 2,661,912. The firm has a market capitalization of $4.40 billion, a P/E ratio of 48.16 and a beta of 1.48. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.03 and a quick ratio of 1.75. The firm has a 50-day moving average of $39.70 and a 200 day moving average of $29.08. TTM Technologies has a 12-month low of $15.77 and a 12-month high of $51.15.
TTM Technologies (NASDAQ:TTMI - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The technology company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.06. The business had revenue of $730.62 million during the quarter, compared to analysts' expectations of $668.42 million. TTM Technologies had a net margin of 3.52% and a return on equity of 11.80%. The firm's revenue for the quarter was up 20.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.39 EPS. Equities research analysts anticipate that TTM Technologies will post 1.76 EPS for the current year.
TTM Technologies declared that its Board of Directors has initiated a stock buyback program on Friday, May 9th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the technology company to repurchase up to 3.7% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board of directors believes its shares are undervalued.
Insider Buying and Selling
In other TTM Technologies news, COO Philip Titterton sold 23,486 shares of the firm's stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $36.39, for a total transaction of $854,655.54. Following the completion of the sale, the chief operating officer directly owned 123,338 shares in the company, valued at approximately $4,488,269.82. This trade represents a 16.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Tom Clapprood sold 10,000 shares of the firm's stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $29.50, for a total transaction of $295,000.00. Following the sale, the insider owned 34,037 shares of the company's stock, valued at approximately $1,004,091.50. This represents a 22.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 108,226 shares of company stock worth $3,504,492 over the last 90 days. Corporate insiders own 1.30% of the company's stock.
Institutional Trading of TTM Technologies
Institutional investors and hedge funds have recently bought and sold shares of the company. Concord Wealth Partners bought a new stake in TTM Technologies during the 2nd quarter valued at about $47,000. Quarry LP increased its stake in TTM Technologies by 249.9% during the 1st quarter. Quarry LP now owns 2,110 shares of the technology company's stock valued at $43,000 after purchasing an additional 1,507 shares in the last quarter. USA Financial Formulas boosted its holdings in shares of TTM Technologies by 119.1% during the 1st quarter. USA Financial Formulas now owns 2,237 shares of the technology company's stock valued at $46,000 after acquiring an additional 1,216 shares during the last quarter. Sterling Capital Management LLC boosted its holdings in shares of TTM Technologies by 808.9% during the 4th quarter. Sterling Capital Management LLC now owns 3,181 shares of the technology company's stock valued at $79,000 after acquiring an additional 2,831 shares during the last quarter. Finally, GAMMA Investing LLC boosted its holdings in shares of TTM Technologies by 30.6% during the 2nd quarter. GAMMA Investing LLC now owns 3,244 shares of the technology company's stock valued at $132,000 after acquiring an additional 760 shares during the last quarter. 95.79% of the stock is currently owned by institutional investors.
TTM Technologies Company Profile
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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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