TTM Technologies (NASDAQ:TTMI) Stock Price Up 6.1% - Here's Why

TTM Technologies, Inc. (NASDAQ:TTMI - Get Free Report)'s share price traded up 6.1% during mid-day trading on Wednesday . The stock traded as high as $39.27 and last traded at $40.18. 220,667 shares traded hands during trading, a decline of 74% from the average session volume of 833,098 shares. The stock had previously closed at $37.87.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Truist Financial raised their price objective on shares of TTM Technologies from $36.00 to $41.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. 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 research report on Friday, June 20th. B. Riley raised their price objective on shares of TTM Technologies from $35.00 to $36.00 and gave the stock a "buy" rating in a research report on Thursday, May 1st. Finally, Stifel Nicolaus restated a "buy" rating and set a $40.00 price objective (up from $33.00) on shares of TTM Technologies in a research report on Monday, June 16th.

TTM Technologies Price Performance

The stock has a market cap of $4.09 billion, a PE ratio of 53.67 and a beta of 1.37. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.75 and a current ratio of 2.07. The stock's 50-day moving average is $29.86 and its two-hundred day moving average is $25.70.

TTM Technologies (NASDAQ:TTMI - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The technology company reported $0.50 EPS for the quarter, topping the consensus estimate of $0.39 by $0.11. The business had revenue of $648.67 million during the quarter, compared to analyst estimates of $621.44 million. TTM Technologies had a return on equity of 10.75% and a net margin of 3.09%. The company's quarterly revenue was up 13.8% on a year-over-year basis. During the same period last year, the business posted $0.28 earnings per share. On average, equities analysts predict that TTM Technologies, Inc. will post 1.76 earnings per share for the current year.

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

Insiders Place Their Bets

In related news, SVP Dale Martin Knecht sold 10,000 shares of the business's stock in a transaction on Tuesday, May 13th. The stock was 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 of the company's stock, valued at $2,253,733.92. The trade was a 11.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Philip Titterton sold 23,486 shares of the company's stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $36.39, for a total value of $854,655.54. Following the sale, the chief operating officer now owns 123,338 shares in the company, valued at approximately $4,488,269.82. This trade represents a 16.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 108,226 shares of company stock worth $3,504,492 over the last three months. Company insiders own 1.30% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Franklin Resources Inc. increased its position in shares of TTM Technologies by 532.1% in the 4th quarter. Franklin Resources Inc. now owns 1,957,741 shares of the technology company's stock valued at $48,454,000 after purchasing an additional 1,648,017 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of TTM Technologies by 7.3% during the first quarter. Goldman Sachs Group Inc. now owns 1,705,963 shares of the technology company's stock worth $34,989,000 after purchasing an additional 115,766 shares in the last quarter. Nuveen LLC purchased a new position in TTM Technologies in the first quarter valued at $31,763,000. Massachusetts Financial Services Co. MA raised its stake in TTM Technologies by 50.5% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,534,166 shares of the technology company's stock valued at $37,971,000 after buying an additional 515,015 shares in the last quarter. Finally, Emerald Advisers LLC raised its stake in TTM Technologies by 34.3% in the first quarter. Emerald Advisers LLC now owns 1,439,931 shares of the technology company's stock valued at $29,533,000 after buying an additional 367,798 shares in the last quarter. Hedge funds and other institutional investors own 95.79% of the company's stock.

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.