TTM Technologies (NASDAQ:TTMI) Earns Buy Rating from Needham & Company LLC

TTM Technologies (NASDAQ:TTMI)‘s stock had its “buy” rating reaffirmed by Needham & Company LLC in a research note issued on Friday,Benzinga reports. They currently have a $56.00 price objective on the technology company’s stock. Needham & Company LLC’s price objective points to a potential upside of 33.97% from the company’s current price.

TTMI has been the topic of a number of other research reports. 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 note on Thursday, July 17th. Wall Street Zen upgraded TTM Technologies from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 2nd. 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 note on Thursday, July 31st. Finally, 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 note on Monday, July 7th. Four investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $52.25.

TTM Technologies Price Performance

Shares of TTM Technologies stock opened at $41.80 on Friday. TTM Technologies has a twelve month low of $15.77 and a twelve month high of $51.15. The stock has a market capitalization of $4.32 billion, a P/E ratio of 46.44 and a beta of 1.48. The company has a current ratio of 2.03, a quick ratio of 1.72 and a debt-to-equity ratio of 0.56. The business’s fifty day moving average price is $42.36 and its 200 day moving average price is $30.41.

TTM Technologies (NASDAQ:TTMI) last issued its earnings results on Wednesday, July 30th. The technology company reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.06. TTM Technologies had a return on equity of 11.80% and a net margin of 3.52%. The firm had revenue of $730.62 million for the quarter, compared to analysts’ expectations of $668.42 million. During the same quarter last year, the firm earned $0.39 earnings per share. The firm’s revenue for the quarter was up 20.7% compared to the same quarter last year. As a group, research analysts anticipate that TTM Technologies will post 1.76 earnings per share for the current year.

TTM Technologies declared that its board has approved a stock buyback program on Friday, May 9th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the technology company to reacquire up to 3.7% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In other TTM Technologies news, insider Tom Clapprood sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $44.68, for a total transaction of $670,200.00. Following the sale, the insider owned 23,531 shares in the company, valued at $1,051,365.08. This represents a 38.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Steven Spoto sold 3,484 shares of the company’s stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $46.58, for a total value of $162,284.72. Following the sale, the insider owned 28,649 shares in the company, valued at $1,334,470.42. The trade was a 10.84% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 71,568 shares of company stock worth $2,697,400. 1.30% of the stock is owned by insiders.

Institutional Trading of TTM Technologies

Several institutional investors and hedge funds have recently bought and sold shares of TTMI. Nuveen LLC acquired a new stake in TTM Technologies during the first quarter valued at approximately $31,763,000. T. Rowe Price Investment Management Inc. acquired a new stake in shares of TTM Technologies during the 4th quarter worth approximately $19,040,000. Invesco Ltd. raised its position in shares of TTM Technologies by 55.7% during the 2nd quarter. Invesco Ltd. now owns 2,114,409 shares of the technology company’s stock worth $86,310,000 after purchasing an additional 756,702 shares during the period. Neumeier Poma Investment Counsel LLC acquired a new stake in shares of TTM Technologies during the 2nd quarter worth approximately $25,824,000. Finally, Cubist Systematic Strategies LLC raised its position in shares of TTM Technologies by 1,070.1% during the 1st quarter. Cubist Systematic Strategies LLC now owns 470,679 shares of the technology company’s stock worth $9,654,000 after purchasing an additional 430,453 shares during the period. Institutional investors and hedge funds own 95.79% of the company’s stock.

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.