Stifel Nicolaus Increases TTM Technologies (NASDAQ:TTMI) Price Target to $55.00

TTM Technologies (NASDAQ:TTMI) had its price objective hoisted by equities research analysts at Stifel Nicolaus from $40.00 to $55.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the technology company’s stock. Stifel Nicolaus’ price objective points to a potential upside of 26.90% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the company. B. Riley raised their price objective on TTM Technologies from $36.00 to $50.00 and gave the company a “buy” rating in a research note on Thursday, July 17th. Needham & Company LLC boosted their price target on shares of TTM Technologies from $43.00 to $56.00 and gave the company a “buy” rating in a research note on Thursday. Truist Financial raised their price objective on shares of TTM Technologies from $41.00 to $48.00 and gave the company a “buy” rating in a research note on Monday, July 7th. Finally, Wall Street Zen cut shares of TTM Technologies from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 5th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $52.25.

TTM Technologies Trading Down 8.3%

NASDAQ:TTMI opened at $43.34 on Thursday. TTM Technologies has a 12 month low of $15.77 and a 12 month high of $51.15. 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 stock has a market capitalization of $4.40 billion, a price-to-earnings ratio of 48.16 and a beta of 1.48. The firm has a fifty day simple moving average of $39.70 and a two-hundred day simple moving average of $29.08.

TTM Technologies (NASDAQ:TTMI) last released its quarterly earnings data on Wednesday, July 30th. The technology company reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.06. TTM Technologies had a net margin of 3.52% and a return on equity of 11.80%. The company had revenue of $730.62 million for the quarter, compared to analysts’ expectations of $668.42 million. During the same quarter in the prior year, the firm earned $0.39 EPS. The business’s revenue was up 20.7% on a year-over-year basis. Analysts expect that TTM Technologies will post 1.76 EPS for the current fiscal year.

TTM Technologies declared that its Board of Directors has initiated a stock 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 reacquire up to 3.7% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at TTM Technologies

In other news, SVP Dale Martin Knecht sold 7,487 shares of the company’s stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $39.01, for a total value of $292,067.87. Following the completion of the sale, the senior vice president owned 59,947 shares in the company, valued at $2,338,532.47. This represents a 11.10% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Tom Clapprood sold 10,000 shares of the stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $29.50, for a total transaction of $295,000.00. Following the completion of the sale, the insider owned 34,037 shares of the company’s stock, valued at approximately $1,004,091.50. This represents a 22.71% 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 valued at $3,504,492 in the last three months. Insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TTMI. Ashton Thomas Private Wealth LLC bought a new stake in TTM Technologies in the 2nd quarter worth about $336,000. Valliance Asset Management Ltd purchased a new position in shares of TTM Technologies in the 2nd quarter worth approximately $2,815,000. Allianz Asset Management GmbH grew its holdings in shares of TTM Technologies by 8.3% in the second quarter. Allianz Asset Management GmbH now owns 137,614 shares of the technology company’s stock valued at $5,617,000 after acquiring an additional 10,514 shares in the last quarter. New York State Teachers Retirement System grew its holdings in shares of TTM Technologies by 7.9% in the second quarter. New York State Teachers Retirement System now owns 119,350 shares of the technology company’s stock valued at $4,872,000 after acquiring an additional 8,773 shares in the last quarter. Finally, Concord Wealth Partners purchased a new stake in shares of TTM Technologies during the second quarter valued at approximately $47,000. 95.79% of the stock is currently owned by hedge funds and other institutional investors.

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.