TTM Technologies (NASDAQ:TTMI) Shares Up 7.1% - Time to Buy?

Key Points

• TTM Technologies shares surged 7.1% on Tuesday, closing at $49.19, following an increase from a previous close of $45.95.
• Analysts are generally optimistic, with several firms, including Truist Financial and B. Riley, raising their price targets for TTM Technologies to between $48.00 and $50.00, reflecting a consensus rating of "buy."
• The company announced a share repurchase program allowing for the buyback of up to $100 million in shares, indicating confidence in the stock's valuation.

TTM Technologies, Inc. (NASDAQ:TTMI - Get Free Report) shot up 7.1% during trading on Tuesday . The stock traded as high as $49.04 and last traded at $49.19. 562,533 shares changed hands during trading, a decline of 49% from the average session volume of 1,104,522 shares. The stock had previously closed at $45.95.

Wall Street Analyst Weigh In

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

TTM Technologies Stock Performance

The company has a current ratio of 2.03, a quick ratio of 1.75 and a debt-to-equity ratio of 0.56. The firm has a 50-day simple moving average of $39.70 and a two-hundred day simple moving average of $29.08. The company has a market capitalization of $4.40 billion, a price-to-earnings ratio of 48.16 and a beta of 1.48.

TTM Technologies (NASDAQ:TTMI - Get Free Report) last issued its earnings results on Wednesday, July 30th. 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 analyst estimates of $668.42 million. TTM Technologies had a return on equity of 11.80% and a net margin of 3.52%. The business's revenue was up 20.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.39 EPS. As a group, sell-side analysts forecast that TTM Technologies, Inc. will post 1.76 earnings per share for the current fiscal year.

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

Insider Buying and Selling at TTM Technologies

In other news, SVP Dale Martin Knecht sold 10,000 shares of the stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $29.52, for a total transaction of $295,200.00. Following the transaction, the senior vice president owned 76,346 shares of the company's stock, valued at approximately $2,253,733.92. This represents a 11.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Philip Titterton sold 23,486 shares of the stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $36.39, for a total value of $854,655.54. Following the sale, the chief operating officer owned 123,338 shares of the company's stock, valued at approximately $4,488,269.82. The trade was a 16.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 108,226 shares of company stock worth $3,504,492 in the last 90 days. Company insiders own 1.30% of the company's stock.

Institutional Trading of TTM Technologies

Several hedge funds have recently added to or reduced their stakes in TTMI. Quarry LP lifted its position 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 worth $43,000 after acquiring an additional 1,507 shares during the period. USA Financial Formulas lifted its position 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 worth $46,000 after acquiring an additional 1,216 shares during the period. Concord Wealth Partners bought a new stake in shares of TTM Technologies in the 2nd quarter worth approximately $47,000. Sterling Capital Management LLC lifted its position 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 worth $79,000 after acquiring an additional 2,831 shares during the period. Finally, CWM LLC lifted its position in shares of TTM Technologies by 14.4% in the 1st quarter. CWM LLC now owns 4,501 shares of the technology company's stock worth $92,000 after acquiring an additional 567 shares during the period. Institutional investors 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.