TTM Technologies (NASDAQ:TTMI) Upgraded by Zacks Research to "Strong-Buy" Rating

Key Points

• Zacks Research upgraded TTM Technologies from “hold” to “strong buy,” while other analysts also raised price targets. The stock has a consensus “buy” rating and an average target price of $214.25.
• TTM reported quarterly EPS of $0.99, beating estimates of $0.89, while revenue reached $1 billion—up 37.4% year over year and ahead of expectations.
• Company insiders sold 108,241 shares worth approximately $20.9 million over the past 90 days, although institutional investors and hedge funds own 95.79% of the stock.

TTM Technologies (NASDAQ:TTMI - Get Free Report) was upgraded by research analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued on Wednesday,Zacks.com reports.

A number of other equities research analysts also recently weighed in on TTMI. Stifel Nicolaus raised their target price on TTM Technologies from $175.00 to $205.00 and gave the company a "buy" rating in a report on Thursday, May 28th. Weiss Ratings upgraded TTM Technologies from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, August 6th. Needham & Company LLC raised their price objective on TTM Technologies from $208.00 to $220.00 and gave the company a "buy" rating in a research note on Thursday, June 18th. B. Riley Financial lifted their target price on TTM Technologies from $182.00 to $208.00 and gave the company a "buy" rating in a research report on Thursday, May 28th. Finally, Wall Street Zen raised TTM Technologies from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $214.25.

TTM Technologies Price Performance

Shares of NASDAQ:TTMI opened at $138.88 on Wednesday. The firm has a 50 day moving average of $158.18 and a 200-day moving average of $135.06. TTM Technologies has a 12 month low of $39.20 and a 12 month high of $223.83. The company has a current ratio of 1.78, a quick ratio of 1.54 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $14.63 billion, a PE ratio of 62.56 and a beta of 2.14.

TTM Technologies (NASDAQ:TTMI - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The technology company reported $0.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.10. The business had revenue of $1 billion for the quarter, compared to analyst estimates of $962.04 million. TTM Technologies had a net margin of 7.01% and a return on equity of 15.67%. The firm's revenue for the quarter was up 37.4% on a year-over-year basis. During the same quarter last year, the business posted $0.58 EPS. On average, equities research analysts predict that TTM Technologies will post 4.26 EPS for the current fiscal year.

Insider Activity at TTM Technologies

In other news, EVP Daniel J. Weber sold 8,533 shares of the company's stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $209.80, for a total transaction of $1,790,223.40. Following the completion of the transaction, the executive vice president directly owned 86,088 shares in the company, valued at approximately $18,061,262.40. This represents a 9.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Douglas L. Soder sold 8,902 shares of the stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $209.79, for a total value of $1,867,550.58. Following the completion of the transaction, the executive vice president owned 208,245 shares of the company's stock, valued at $43,687,718.55. The trade was a 4.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 108,241 shares of company stock valued at $20,911,975. 1.30% of the stock is owned by company insiders.

Institutional Trading of TTM Technologies

Hedge funds have recently made changes to their positions in the company. Paradigm Capital Management Inc. NY acquired a new position in shares of TTM Technologies in the second quarter valued at approximately $8,135,000. Sanctuary Advisors LLC acquired a new stake in TTM Technologies during the 2nd quarter worth approximately $586,000. Neumeier Poma Investment Counsel LLC acquired a new stake in TTM Technologies during the 2nd quarter worth approximately $45,682,440,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in TTM Technologies during the 2nd quarter worth approximately $8,132,000. Finally, PEAK6 LLC bought a new stake in TTM Technologies during the 2nd quarter worth approximately $4,799,000. 95.79% of the stock is owned by institutional investors and hedge funds.

About TTM Technologies

TTM Technologies, Inc is a leading global manufacturer of printed circuit boards (PCBs) and related electronic components. The company's product portfolio spans rigid, flexible and rigid-flex circuit boards, as well as advanced substrates, backplanes, hybrid circuits and integrated antenna modules. In addition to PCB fabrication, TTM offers comprehensive system‐level services, including design support, surface mount technology (SMT) assembly, cable and wire harness assembly, and complete box-build solutions to address end-to-end customer requirements.

Serving a broad array of end markets, TTM Technologies supports customers in the communications, computing, automotive, aerospace and defense, industrial, and medical sectors.

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