TTM Technologies (NASDAQ:TTMI) Reaches New 12-Month High After Analyst Upgrade

TTM Technologies, Inc. (NASDAQ:TTMI - Get Free Report)'s share price reached 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. The stock had previously closed at $33.22.

Other analysts have also issued reports about the company. Stifel Nicolaus began coverage on TTM Technologies in a report on Tuesday, February 11th. They set a "buy" rating and a $33.00 target price on the stock. B. Riley raised their target price on TTM Technologies from $35.00 to $36.00 and gave the stock a "buy" rating in a report on Thursday, May 1st. Finally, Needham & Company LLC boosted their price objective on TTM Technologies from $33.00 to $35.00 and gave the company a "buy" rating in a research report on Thursday, May 1st.

Insider Activity

In other news, EVP Douglas L. Soder sold 24,972 shares of TTM Technologies stock in a transaction that occurred 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 $5,190,780. The trade was a 12.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Dale Martin Knecht sold 7,662 shares of TTM Technologies stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $34.16, for a total value of $261,733.92. Following the completion of the sale, the senior vice president now directly owns 67,544 shares in the company, valued at $2,307,303.04. This represents a 10.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 73,944 shares of company stock worth $2,235,071 over the last three months. 1.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On TTM Technologies

Several large investors have recently modified their holdings of the business. Focus Partners Wealth lifted its stake in shares of TTM Technologies by 1.1% in the 1st quarter. Focus Partners Wealth now owns 31,944 shares of the technology company's stock valued at $655,000 after purchasing an additional 343 shares during the last quarter. Quadrant Capital Group LLC lifted its stake in shares of TTM Technologies by 8.5% in the 4th quarter. Quadrant Capital Group LLC now owns 5,620 shares of the technology company's stock valued at $139,000 after purchasing an additional 442 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in TTM Technologies by 4.1% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 13,949 shares of the technology company's stock worth $345,000 after acquiring an additional 555 shares in the last quarter. New York State Teachers Retirement System lifted its stake in TTM Technologies by 0.5% during the 1st quarter. New York State Teachers Retirement System now owns 110,577 shares of the technology company's stock worth $2,268,000 after acquiring an additional 567 shares in the last quarter. Finally, CWM LLC lifted its stake in TTM Technologies by 14.4% during the 1st quarter. CWM LLC now owns 4,501 shares of the technology company's stock worth $92,000 after acquiring an additional 567 shares in the last quarter. Institutional investors and hedge funds own 95.79% of the company's stock.

TTM Technologies Trading Up 1.4%

The company has a 50 day moving average of $24.96 and a 200-day moving average of $24.54. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.71 and a current ratio of 1.99. The stock has a market cap of $3.68 billion, a price-to-earnings ratio of 67.02 and a beta of 1.37.

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

TTM Technologies announced that its board has initiated a share repurchase plan on Friday, May 9th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the technology company to buy up to 3.7% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board of directors 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.