TTM Technologies (NASDAQ:TTMI) Sees Strong Trading Volume Following Earnings Beat

Key Points

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Shares of TTM Technologies, Inc. (NASDAQ:TTMI - Get Free Report) saw unusually-strong trading volume on Thursday following a better than expected earnings announcement. Approximately 1,719,139 shares were traded during mid-day trading, an increase of 48% from the previous session's volume of 1,159,573 shares.The stock last traded at $48.33 and had previously closed at $48.73.

The technology company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.06. The company had revenue of $730.62 million for the quarter, compared to analysts' expectations of $668.42 million. TTM Technologies had a return on equity of 11.80% and a net margin of 3.52%. The firm's revenue for the quarter was up 20.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.39 earnings per share.

TTM Technologies announced that its Board of Directors has authorized a stock buyback program on Friday, May 9th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the technology company to purchase up to 3.7% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on TTMI shares. Needham & Company LLC upped their price target on TTM Technologies from $43.00 to $56.00 and gave the stock a "buy" rating in a research note on Thursday. Stifel Nicolaus upped their price target on TTM Technologies from $40.00 to $55.00 and gave the stock a "buy" rating in a research note on Thursday. Wall Street Zen raised TTM Technologies from a "buy" rating to a "strong-buy" rating in a research note on Saturday. Truist Financial upped their price target on TTM Technologies from $41.00 to $48.00 and gave the stock a "buy" rating in a research note on Monday, July 7th. Finally, B. Riley upped their price target on TTM Technologies from $36.00 to $50.00 and gave the stock a "buy" rating in a research note on Thursday, July 17th. Four investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, TTM Technologies has an average rating of "Buy" and an average price target of $52.25.

Insider Transactions at TTM Technologies

In other news, 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Dale Martin Knecht sold 7,487 shares of the stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $39.01, for a total value of $292,067.87. Following the completion of the sale, the senior vice president directly owned 59,947 shares in the company, valued at approximately $2,338,532.47. This represents a 11.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 108,226 shares of company stock valued at $3,504,492. 1.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On TTM Technologies

Institutional investors have recently modified their holdings of the stock. Ashton Thomas Private Wealth LLC purchased a new stake in shares of TTM Technologies during the second quarter valued at $336,000. Valliance Asset Management Ltd purchased a new stake in shares of TTM Technologies during the second quarter valued at $2,815,000. Allianz Asset Management GmbH boosted its position in shares of TTM Technologies by 8.3% during the second quarter. Allianz Asset Management GmbH now owns 137,614 shares of the technology company's stock valued at $5,617,000 after buying an additional 10,514 shares during the last quarter. New York State Teachers Retirement System boosted its position in shares of TTM Technologies by 7.9% during the second quarter. New York State Teachers Retirement System now owns 119,350 shares of the technology company's stock valued at $4,872,000 after buying an additional 8,773 shares during the last quarter. Finally, Concord Wealth Partners purchased a new stake in shares of TTM Technologies during the second quarter valued at $47,000. 95.79% of the stock is owned by hedge funds and other institutional investors.

TTM Technologies Price Performance

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 company has a market capitalization of $4.40 billion, a PE ratio of 48.16 and a beta of 1.48. The firm has a 50-day moving average of $39.70 and a 200 day moving average of $29.08.

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.