TTM Technologies (NASDAQ:TTMI) Sets New 1-Year High - Here's Why

TTM Technologies, Inc. (NASDAQ:TTMI - Get Free Report) shares hit a new 52-week high during trading on Monday . The company traded as high as $37.66 and last traded at $37.29, with a volume of 633064 shares traded. The stock had previously closed at $35.38.

Analysts Set New Price Targets

A number of brokerages have commented on TTMI. Stifel Nicolaus restated a "buy" rating and set a $40.00 price objective (up previously from $33.00) on shares of TTM Technologies in a research note on Monday. Needham & Company LLC boosted their price objective on TTM Technologies from $33.00 to $35.00 and gave the stock a "buy" rating in a research note on Thursday, May 1st. B. Riley boosted their price objective on TTM Technologies from $35.00 to $36.00 and gave the stock a "buy" rating in a research note on Thursday, May 1st. Finally, Truist Financial boosted their price objective on TTM Technologies from $36.00 to $41.00 and gave the stock a "buy" rating in a research note on Monday, June 9th.

TTM Technologies Stock Performance

The company has a quick ratio of 1.71, a current ratio of 1.99 and a debt-to-equity ratio of 0.58. The company has a 50 day moving average of $26.45 and a 200 day moving average of $24.89. The firm has a market cap of $3.77 billion, a price-to-earnings ratio of 68.69 and a beta of 1.37.

TTM Technologies (NASDAQ:TTMI - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The technology company reported $0.50 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 business had revenue of $648.67 million for the quarter, compared to analysts' expectations of $621.44 million. During the same quarter in the previous year, the firm posted $0.28 earnings per share. The company's revenue was up 13.8% compared to the same quarter last year. As a group, equities research analysts expect that TTM Technologies, Inc. will post 1.76 EPS for the current fiscal year.

TTM Technologies announced that its Board of Directors has initiated a stock buyback plan 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 plans are typically a sign that the company's leadership believes its stock is undervalued.

Insider Buying and Selling at TTM Technologies

In other news, SVP Dale Martin Knecht sold 1,140 shares of the company's stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $34.00, for a total transaction of $38,760.00. Following the completion of the transaction, the senior vice president now directly owns 75,206 shares of the company's stock, valued at approximately $2,557,004. This represents a 1.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Daniel J. Weber sold 20,170 shares of the company's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $29.51, for a total value of $595,216.70. Following the transaction, the executive vice president now directly owns 74,983 shares of the company's stock, valued at $2,212,748.33. This trade represents a 21.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 73,944 shares of company stock worth $2,235,071 over the last quarter. 1.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On TTM Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Inspire Investing LLC grew its holdings in TTM Technologies by 214.1% in the 1st quarter. Inspire Investing LLC now owns 50,880 shares of the technology company's stock worth $1,044,000 after buying an additional 34,680 shares in the last quarter. Strs Ohio bought a new position in TTM Technologies in the 1st quarter worth approximately $800,000. Intech Investment Management LLC grew its holdings in TTM Technologies by 5.4% in the 1st quarter. Intech Investment Management LLC now owns 118,782 shares of the technology company's stock worth $2,436,000 after buying an additional 6,125 shares in the last quarter. Focus Partners Wealth grew its holdings in TTM Technologies by 1.1% in the 1st quarter. Focus Partners Wealth now owns 31,944 shares of the technology company's stock worth $655,000 after buying an additional 343 shares in the last quarter. Finally, Jane Street Group LLC grew its holdings in TTM Technologies by 1,150.2% in the 1st quarter. Jane Street Group LLC now owns 139,889 shares of the technology company's stock worth $2,869,000 after buying an additional 128,700 shares in the last quarter. 95.79% of the stock is owned by 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.