TTM Technologies (NASDAQ:TTMI) to Repurchase $100.00 million in Outstanding Shares

TTM Technologies (NASDAQ:TTMI) announced that its Board of Directors has approved a stock repurchase program on Friday, May 9th, RTT News reports. The company plans to buyback $100.00 million in outstanding shares. This buyback authorization allows the technology company to buy up to 3.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

TTMI has been the topic of several analyst reports. B. Riley increased their target price on TTM Technologies from $35.00 to $36.00 and gave the company a “buy” rating in a research note on Thursday, May 1st. Truist Financial reduced their target price on TTM Technologies from $38.00 to $36.00 and set a “buy” rating for the company in a research note on Thursday, May 1st. Needham & Company LLC boosted their price target on TTM Technologies from $33.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, May 1st. Finally, Stifel Nicolaus assumed coverage on TTM Technologies in a research report on Tuesday, February 11th. They set a “buy” rating and a $33.00 target price for the company.

TTM Technologies Trading Up 2.8%

NASDAQ TTMI opened at $26.88 on Monday. TTM Technologies has a 12 month low of $15.77 and a 12 month high of $30.41. The company has a current ratio of 1.99, a quick ratio of 1.71 and a debt-to-equity ratio of 0.58. The business’s 50-day moving average price is $21.16 and its two-hundred day moving average price is $23.40. The firm has a market capitalization of $2.73 billion, a PE ratio of 49.78 and a beta of 1.20.

TTM Technologies (NASDAQ:TTMI) last announced its quarterly earnings results on Wednesday, April 30th. The technology company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.11. The business had revenue of $648.67 million for the quarter, compared to analyst estimates of $621.44 million. TTM Technologies had a return on equity of 9.74% and a net margin of 2.30%. The company’s quarterly revenue was up 13.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.28 earnings per share. On average, analysts expect that TTM Technologies will post 1.76 EPS for the current year.

Insider Activity

In other news, SVP Dale Martin Knecht sold 3,848 shares of the business’s stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $26.01, for a total value of $100,086.48. Following the completion of the sale, the senior vice president now owns 86,346 shares of the company’s stock, valued at approximately $2,245,859.46. The trade was a 4.27% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Philip Titterton sold 24,792 shares of the business’s stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $25.56, for a total value of $633,683.52. Following the completion of the sale, the chief operating officer now directly owns 157,528 shares of the company’s stock, valued at approximately $4,026,415.68. This trade represents a 13.60% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 50,600 shares of company stock worth $1,310,642. 1.30% of the stock is owned by corporate insiders.

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.