TTM Technologies (NASDAQ:TTMI) Upgraded at Wall Street Zen

Key Points

• TTM Technologies (NASDAQ:TTMI) has been upgraded by Wall Street Zen from a "buy" rating to a "strong-buy" rating, indicating increased analyst confidence in the stock's potential.
• Several other analysts have also raised their price targets for TTM Technologies, reflecting a positive outlook, with estimates ranging from $48.00 to $56.00.
• TTM Technologies reported a 20.7% year-over-year revenue increase in its latest earnings, along with earnings per share (EPS) of $0.58, surpassing analysts' expectations.

TTM Technologies (NASDAQ:TTMI - Get Free Report) was upgraded by analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a research report issued to clients and investors on Saturday.

A number of other analysts have also issued reports on the stock. Stifel Nicolaus boosted their price target on shares of TTM Technologies from $40.00 to $55.00 and gave the stock a "buy" rating in a research note on Thursday. Truist Financial upped their target price on shares of TTM Technologies from $41.00 to $48.00 and gave the stock a "buy" rating in a research note on Monday, July 7th. Needham & Company LLC upped their target price on shares of TTM Technologies from $43.00 to $56.00 and gave the stock a "buy" rating in a research note on Thursday. Finally, B. Riley upped their target price on shares of TTM Technologies from $36.00 to $50.00 and gave the stock a "buy" rating in a research note on Thursday, July 17th. Four equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $52.25.

TTM Technologies Trading Down 8.3%

TTMI traded down $3.91 on Friday, hitting $43.34. The company had a trading volume of 5,240,632 shares, compared to its average volume of 2,923,964. The firm has a market cap of $4.40 billion, a P/E ratio of 48.16 and a beta of 1.48. TTM Technologies has a 1 year low of $15.77 and a 1 year high of $51.15. The company's fifty day moving average price is $39.70 and its 200 day moving average price is $29.13. The company has a current ratio of 2.03, a quick ratio of 1.72 and a debt-to-equity ratio of 0.56.

TTM Technologies (NASDAQ:TTMI - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The technology company reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.06. The firm had revenue of $730.62 million for the quarter, compared to analyst estimates of $668.42 million. TTM Technologies had a net margin of 3.52% and a return on equity of 11.80%. TTM Technologies's revenue was up 20.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.39 EPS. As a group, equities analysts expect that TTM Technologies will post 1.76 earnings per share for the current year.

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

Insider Transactions at TTM Technologies

In related news, EVP Daniel J. Weber sold 20,170 shares of the business's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $29.51, for a total value of $595,216.70. Following the completion of the transaction, the executive vice president 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 position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Douglas L. Soder sold 24,972 shares of TTM Technologies stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $30.00, for a total value of $749,160.00. Following the completion of the sale, the executive vice president owned 173,026 shares of the company's stock, valued at $5,190,780. This trade represents a 12.61% 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 ninety days. Company insiders own 1.30% of the company's stock.

Hedge Funds Weigh In On TTM Technologies

Institutional investors have recently made changes to their positions in the business. Sei Investments Co. grew its stake in TTM Technologies by 81.0% during the 4th quarter. Sei Investments Co. now owns 49,262 shares of the technology company's stock worth $1,219,000 after buying an additional 22,052 shares during the last quarter. LPL Financial LLC increased its position in TTM Technologies by 27.8% in the fourth quarter. LPL Financial LLC now owns 25,997 shares of the technology company's stock worth $643,000 after buying an additional 5,661 shares during the period. JPMorgan Chase & Co. increased its position in TTM Technologies by 20.9% in the fourth quarter. JPMorgan Chase & Co. now owns 977,154 shares of the technology company's stock worth $24,185,000 after buying an additional 169,004 shares during the period. Norges Bank acquired a new stake in TTM Technologies in the fourth quarter worth $8,610,000. Finally, Pictet Asset Management Holding SA increased its position in TTM Technologies by 8.8% in the fourth quarter. Pictet Asset Management Holding SA now owns 11,652 shares of the technology company's stock worth $288,000 after buying an additional 940 shares during the period. 95.79% of the stock is owned by institutional investors and hedge funds.

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.