TTM Technologies (NASDAQ:TTMI) Sets New 52-Week High on Analyst Upgrade

Shares of TTM Technologies, Inc. (NASDAQ:TTMI - Get Free Report) hit a new 52-week high during trading on Tuesday after Truist Financial raised their price target on the stock from $36.00 to $41.00. Truist Financial currently has a buy rating on the stock. TTM Technologies traded as high as $35.79 and last traded at $35.70, with a volume of 2135871 shares traded. The stock had previously closed at $33.22.

TTMI has been the topic of a number of other reports. B. Riley increased their target price on shares of TTM Technologies from $35.00 to $36.00 and gave the company a "buy" rating in a research report on Thursday, May 1st. Needham & Company LLC raised their price objective on TTM Technologies from $33.00 to $35.00 and gave the stock a "buy" rating in a report on Thursday, May 1st. Finally, Stifel Nicolaus assumed coverage on TTM Technologies in a report on Tuesday, February 11th. They issued a "buy" rating and a $33.00 target price for the company.

Insider Buying and Selling

In other news, SVP Dale Martin Knecht sold 10,000 shares of the business's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $29.52, for a total value of $295,200.00. Following the transaction, the senior vice president now owns 76,346 shares of the company's stock, valued at approximately $2,253,733.92. The trade was a 11.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Douglas L. Soder sold 24,972 shares of the stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $30.00, for a total value of $749,160.00. Following the sale, the executive vice president now directly owns 173,026 shares of the company's stock, valued at approximately $5,190,780. This represents a 12.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 73,944 shares of company stock worth $2,235,071 in the last 90 days. Company insiders own 1.30% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Smartleaf Asset Management LLC lifted its position in TTM Technologies by 670.3% in the fourth 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 during the period. Quarry LP lifted its holdings in shares of TTM Technologies by 249.9% in the 1st quarter. Quarry LP now owns 2,110 shares of the technology company's stock valued at $43,000 after buying an additional 1,507 shares during the period. USA Financial Formulas boosted its stake in shares of TTM Technologies by 119.1% in the first quarter. USA Financial Formulas now owns 2,237 shares of the technology company's stock valued at $46,000 after buying an additional 1,216 shares in the last quarter. Sterling Capital Management LLC grew its holdings in TTM Technologies by 808.9% during the fourth quarter. Sterling Capital Management LLC now owns 3,181 shares of the technology company's stock worth $79,000 after acquiring an additional 2,831 shares during the period. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new position in TTM Technologies in the fourth quarter worth $83,000. 95.79% of the stock is currently owned by institutional investors and hedge funds.

TTM Technologies Trading Down 2.9%

The company has a market cap of $3.60 billion, a price-to-earnings ratio of 65.52 and a beta of 1.37. The business has a fifty day simple moving average of $25.70 and a 200 day simple moving average of $24.71. The company has a quick ratio of 1.71, a current ratio of 1.99 and a debt-to-equity ratio of 0.58.

TTM Technologies (NASDAQ:TTMI - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The technology company reported $0.50 EPS for the quarter, beating the consensus estimate of $0.39 by $0.11. TTM Technologies had a net margin of 2.30% and a return on equity of 9.74%. The firm had revenue of $648.67 million during the quarter, compared to analysts' expectations of $621.44 million. During the same quarter last year, the business earned $0.28 earnings per share. The business's revenue for the quarter was up 13.8% compared to the same quarter last year. On average, equities analysts anticipate that TTM Technologies, Inc. will post 1.76 EPS for the current fiscal year.

TTM Technologies announced that its board has approved a share buyback 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 purchase up to 3.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's board believes its shares are undervalued.

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.