Wall Street Zen Upgrades TTM Technologies (NASDAQ:TTMI) to “Strong-Buy”

TTM Technologies (NASDAQ:TTMI) was upgraded by research analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a note issued to investors on Saturday.

Several other brokerages also recently issued reports on TTMI. Stifel Nicolaus boosted their price objective on TTM Technologies from $40.00 to $55.00 and gave the stock a “buy” rating in a research report on Thursday. B. Riley boosted their price objective on TTM Technologies from $36.00 to $50.00 and gave the stock a “buy” rating in a research report on Thursday, July 17th. Truist Financial boosted their price objective on TTM Technologies from $41.00 to $48.00 and gave the stock a “buy” rating in a research report on Monday, July 7th. Finally, Needham & Company LLC boosted their price objective on TTM Technologies from $43.00 to $56.00 and gave the stock a “buy” rating in a research report on Thursday. Four investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $52.25.

TTM Technologies Stock Down 8.3%

NASDAQ:TTMI opened at $43.34 on Friday. The firm has a market capitalization of $4.40 billion, a PE ratio of 48.16 and a beta of 1.48. The stock has a 50 day moving average of $39.70 and a 200-day moving average of $29.13. TTM Technologies has a 52 week low of $15.77 and a 52 week high of $51.15. 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) last issued its quarterly earnings data on Wednesday, July 30th. The technology company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.06. The business had revenue of $730.62 million during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the previous year, the firm posted $0.39 earnings per share. Analysts predict that TTM Technologies will post 1.76 EPS for the current year.

TTM Technologies announced that its board has authorized a share repurchase program on Friday, May 9th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the technology company to purchase up to 3.7% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Transactions at TTM Technologies

In other TTM Technologies news, COO Philip Titterton sold 23,486 shares of the company’s stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $36.39, for a total value of $854,655.54. Following the completion of the sale, the chief operating officer directly owned 123,338 shares in the company, valued at $4,488,269.82. This represents a 16.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Douglas L. Soder sold 24,972 shares of the company’s stock in a transaction that occurred on Wednesday, May 14th. The stock was 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 108,226 shares of company stock valued at $3,504,492 over the last three months. 1.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On TTM Technologies

A number of institutional investors have recently added to or reduced their stakes in TTMI. Franklin Resources Inc. increased its holdings in shares of TTM Technologies by 532.1% in the fourth quarter. Franklin Resources Inc. now owns 1,957,741 shares of the technology company’s stock valued at $48,454,000 after buying an additional 1,648,017 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of TTM Technologies by 7.3% in the first quarter. Goldman Sachs Group Inc. now owns 1,705,963 shares of the technology company’s stock valued at $34,989,000 after buying an additional 115,766 shares in the last quarter. Nuveen LLC bought a new position in shares of TTM Technologies in the first quarter valued at $31,763,000. Massachusetts Financial Services Co. MA increased its holdings in shares of 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 increased its holdings in shares of 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. 95.79% of the stock is currently owned by institutional investors and hedge funds.

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.