TTM Technologies (NASDAQ:TTMI) Sets New 52-Week High Following Earnings Beat

Key Points

• TTM Technologies' stock hit a new 12-month high at $50.06, closing at $48.52 with a trading volume of over 4 million shares.
• Analysts have updated their price targets for TTM Technologies, with a consensus rating of "Buy" and a target price averaging $45.25.
• The company announced a $100 million share buyback program, allowing it to repurchase up to 3.7% of its outstanding shares, signaling confidence in its stock's value.

TTM Technologies, Inc. (NASDAQ:TTMI - Get Free Report)'s share price reached a new 52-week high during trading on Wednesday following a better than expected earnings announcement. The company traded as high as $50.06 and last traded at $48.52, with a volume of 4037366 shares changing hands. The stock had previously closed at $45.95.

The technology company reported $0.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.52 by $0.06. The company had revenue of $730.62 million during the quarter, compared to analyst estimates of $668.42 million. TTM Technologies had a net margin of 3.52% and a return on equity of 11.93%. TTM Technologies's revenue for the quarter was up 20.7% compared to the same quarter last year. During the same period last year, the firm posted $0.39 EPS.

TTM Technologies announced that its Board of Directors has approved a stock repurchase program on Friday, May 9th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the technology company to buy up to 3.7% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's board believes its shares are undervalued.

Analysts Set New Price Targets

A number of research firms have recently issued reports on TTMI. B. Riley upped their target price on shares of TTM Technologies from $36.00 to $50.00 and gave the stock a "buy" rating in a report on Thursday, July 17th. Stifel Nicolaus boosted their price objective on shares of TTM Technologies from $40.00 to $55.00 and gave the company a "buy" rating in a report on Thursday. Needham & Company LLC boosted their price objective on shares of TTM Technologies from $43.00 to $56.00 and gave the company a "buy" rating in a report on Thursday. Wall Street Zen lowered shares of TTM Technologies from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 5th. Finally, Truist Financial boosted their price target on shares of TTM Technologies from $41.00 to $48.00 and gave the stock a "buy" rating in a research note on Monday, July 7th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $52.25.

Insider Activity

In related news, insider Tom Clapprood sold 10,000 shares of the stock in a transaction on Friday, May 30th. The stock was sold at an average price of $29.50, for a total transaction of $295,000.00. Following the completion of the sale, the insider directly owned 34,037 shares of the company's stock, valued at $1,004,091.50. This trade represents a 22.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 directly owned 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. In the last three months, insiders sold 108,226 shares of company stock valued at $3,504,492. 1.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On TTM Technologies

Several hedge funds have recently modified their holdings of the stock. Sei Investments Co. raised its stake in shares of TTM Technologies by 81.0% during the 4th quarter. Sei Investments Co. now owns 49,262 shares of the technology company's stock worth $1,219,000 after buying an additional 22,052 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new stake in shares of TTM Technologies during the 4th quarter worth about $512,000. LPL Financial LLC grew its holdings in shares of TTM Technologies by 27.8% during the 4th quarter. LPL Financial LLC now owns 25,997 shares of the technology company's stock worth $643,000 after purchasing an additional 5,661 shares during the period. JPMorgan Chase & Co. boosted its holdings in TTM Technologies by 20.9% in the 4th quarter. JPMorgan Chase & Co. now owns 977,154 shares of the technology company's stock worth $24,185,000 after acquiring an additional 169,004 shares during the period. Finally, Norges Bank acquired a new position in shares of TTM Technologies in the 4th quarter valued at approximately $8,610,000. 95.79% of the stock is owned by institutional investors and hedge funds.

TTM Technologies Stock Performance

The company has a current ratio of 2.07, a quick ratio of 1.75 and a debt-to-equity ratio of 0.58. The company has a market capitalization of $4.40 billion, a price-to-earnings ratio of 48.16 and a beta of 1.46. The stock has a 50-day simple moving average of $39.40 and a 200-day simple moving average of $28.96.

TTM Technologies Company Profile

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.