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

TTM Technologies, Inc. (NASDAQ:TTMI - Get Free Report) shares reached a new 52-week high during trading on Tuesday after Truist Financial raised their price target on the stock from $41.00 to $48.00. Truist Financial currently has a buy rating on the stock. TTM Technologies traded as high as $45.00 and last traded at $42.92, with a volume of 509611 shares trading hands. The stock had previously closed at $41.88.

TTMI has been the subject of a number of other research reports. B. Riley lifted their price objective on TTM Technologies from $35.00 to $36.00 and gave the company a "buy" rating in a research report on Thursday, May 1st. Stifel Nicolaus reaffirmed a "buy" rating and issued a $40.00 price target (up previously from $33.00) on shares of TTM Technologies in a report on Monday, June 16th. Wall Street Zen lowered shares of TTM Technologies from a "strong-buy" rating to a "buy" rating in a research report on Saturday. Finally, Needham & Company LLC raised their price objective on shares of TTM Technologies from $35.00 to $43.00 and gave the stock a "buy" rating in a report on Friday, June 20th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of "Buy" and an average price target of $41.75.

Insiders Place Their Bets

In other TTM Technologies news, insider Tom Clapprood sold 10,000 shares of the company's stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $29.50, for a total value of $295,000.00. Following the completion of the sale, the insider owned 34,037 shares of the company's stock, valued at approximately $1,004,091.50. This 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 accessible through the SEC website. Also, EVP Daniel J. Weber sold 20,170 shares of the stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $29.51, for a total value of $595,216.70. Following the sale, the executive vice president directly owned 74,983 shares of the company's stock, valued at approximately $2,212,748.33. The trade was a 21.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 108,226 shares of company stock valued at $3,504,492 in the last ninety days. 1.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On TTM Technologies

Hedge funds and other institutional investors have recently bought and sold shares of the business. Smartleaf Asset Management LLC boosted its stake in shares of 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 buying an additional 1,220 shares during the period. Quarry LP raised its position in TTM Technologies by 249.9% during the 1st quarter. Quarry LP now owns 2,110 shares of the technology company's stock worth $43,000 after purchasing an additional 1,507 shares during the last quarter. USA Financial Formulas raised its stake in TTM Technologies by 119.1% during the first quarter. USA Financial Formulas now owns 2,237 shares of the technology company's stock worth $46,000 after buying an additional 1,216 shares during the last quarter. Sterling Capital Management LLC increased its holdings in TTM Technologies by 808.9% in the fourth quarter. Sterling Capital Management LLC now owns 3,181 shares of the technology company's stock worth $79,000 after purchasing an additional 2,831 shares in the last quarter. Finally, Meeder Asset Management Inc. bought a new stake in TTM Technologies in the fourth quarter valued at $89,000. Institutional investors own 95.79% of the company's stock.

TTM Technologies Price 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 stock has a market capitalization of $4.37 billion, a P/E ratio of 57.27 and a beta of 1.46. The business has a fifty day simple moving average of $32.61 and a 200 day simple moving average of $26.41.

TTM Technologies (NASDAQ:TTMI - Get Free Report) last released its quarterly earnings data 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 net margin of 3.09% and a return on equity of 10.75%. The company had revenue of $648.67 million during the quarter, compared to the consensus estimate of $621.44 million. During the same period last year, the firm earned $0.28 EPS. TTM Technologies's revenue for the quarter was up 13.8% on a year-over-year basis. On average, analysts expect that TTM Technologies, Inc. will post 1.76 earnings per share for the current year.

TTM Technologies announced that its board has authorized a stock repurchase program on Friday, May 9th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the technology company to repurchase up to 3.7% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's leadership believes its stock is undervalued.

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.

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