TTM Technologies (NASDAQ:TTMI) Sets New 52-Week High - Here's Why

TTM Technologies, Inc. (NASDAQ:TTMI - Get Free Report) shares reached a new 52-week high on Wednesday . The company traded as high as $32.44 and last traded at $32.39, with a volume of 2488447 shares trading hands. The stock had previously closed at $29.84.

Analysts Set New Price Targets

A number of research firms have commented on TTMI. Stifel Nicolaus began coverage on shares of TTM Technologies in a research note on Tuesday, February 11th. They set a "buy" rating and a $33.00 price objective on the stock. Truist Financial reduced their price objective on shares of TTM Technologies from $38.00 to $36.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. Needham & Company LLC increased their price objective on shares of TTM Technologies from $33.00 to $35.00 and gave the company a "buy" rating in a research note on Thursday, May 1st. Finally, B. Riley increased their price objective on shares of TTM Technologies from $35.00 to $36.00 and gave the company a "buy" rating in a research note on Thursday, May 1st.

TTM Technologies Price Performance

The company has a current ratio of 1.99, a quick ratio of 1.71 and a debt-to-equity ratio of 0.58. The business's fifty day moving average is $24.32 and its 200 day moving average is $24.37. The firm has a market capitalization of $3.38 billion, a P/E ratio of 61.52 and a beta of 1.37.

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

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

Insider Transactions at TTM Technologies

In related news, SVP Dale Martin Knecht sold 10,000 shares of the company's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $29.52, for a total transaction of $295,200.00. Following the completion of the transaction, the senior vice president now directly owns 76,346 shares in the company, valued at $2,253,733.92. This represents a 11.58% decrease in their position. The transaction 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 shares were sold at an average price of $30.00, for a total transaction of $749,160.00. Following the completion of the transaction, the executive vice president now owns 173,026 shares of the company's stock, valued at approximately $5,190,780. This represents a 12.61% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 65,142 shares of company stock worth $1,934,577. 1.30% of the stock is owned by insiders.

Institutional Investors Weigh In On TTM Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Smartleaf Asset Management LLC boosted its stake in shares of TTM Technologies by 670.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,402 shares of the technology company's stock valued at $35,000 after purchasing an additional 1,220 shares during the last quarter. Quarry LP boosted its stake in shares of TTM Technologies by 249.9% in the 1st quarter. Quarry LP now owns 2,110 shares of the technology company's stock valued at $43,000 after purchasing an additional 1,507 shares during the last quarter. USA Financial Formulas boosted its stake in shares of TTM Technologies by 119.1% in the 1st quarter. USA Financial Formulas now owns 2,237 shares of the technology company's stock valued at $46,000 after purchasing an additional 1,216 shares during the last quarter. Sterling Capital Management LLC boosted its stake in shares of TTM Technologies by 808.9% in the 4th quarter. Sterling Capital Management LLC now owns 3,181 shares of the technology company's stock valued at $79,000 after purchasing an additional 2,831 shares during the last quarter. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in shares of TTM Technologies in the 4th quarter valued at about $83,000. Institutional investors and hedge funds own 95.79% of the company's stock.

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.