TTM Technologies (NASDAQ:TTMI) Stock Price Up 5.2% – Here’s What Happened

TTM Technologies, Inc. (NASDAQ:TTMI) was up 5.2% during mid-day trading on Tuesday . The company traded as high as $31.50 and last traded at $31.40. Approximately 276,856 shares changed hands during mid-day trading, a decline of 64% from the average daily volume of 773,479 shares. The stock had previously closed at $29.84.

Analyst Ratings Changes

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

TTM Technologies Stock Performance

The company has a market cap of $3.27 billion, a P/E ratio of 59.65 and a beta of 1.20. The firm’s fifty day moving average price is $23.39 and its 200-day moving average price is $24.13. The company has a current ratio of 1.99, a quick ratio of 1.71 and a debt-to-equity ratio of 0.58.

TTM Technologies (NASDAQ:TTMI) last released its quarterly earnings results on Wednesday, April 30th. The technology company reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.11. TTM Technologies had a net margin of 2.30% and a return on equity of 9.74%. The firm had revenue of $648.67 million for the quarter, compared to analyst estimates of $621.44 million. During the same period in the previous year, the business earned $0.28 earnings per share. The company’s revenue for the quarter was up 13.8% compared to the same quarter last year. As a group, research analysts forecast that TTM Technologies, Inc. will post 1.76 EPS for the current fiscal year.

TTM Technologies declared that its Board of Directors has initiated a share buyback program on Friday, May 9th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the technology company to repurchase up to 3.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its shares are undervalued.

Insider Activity at TTM Technologies

In related news, EVP Douglas L. Soder sold 24,972 shares of the stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $30.00, for a total value of $749,160.00. Following the transaction, the executive vice president now directly owns 173,026 shares in the company, valued at $5,190,780. This represents a 12.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Daniel J. Weber sold 20,170 shares of the stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $29.51, for a total transaction of $595,216.70. Following the completion of the transaction, the executive vice president now owns 74,983 shares in the company, valued at $2,212,748.33. This represents a 21.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 65,142 shares of company stock worth $1,934,577 over the last ninety days. Company insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On TTM Technologies

Several large investors have recently bought and sold shares of TTMI. Strs Ohio bought a new stake in TTM Technologies in the first quarter valued at approximately $800,000. Intech Investment Management LLC increased its stake in TTM Technologies by 5.4% in the first quarter. Intech Investment Management LLC now owns 118,782 shares of the technology company’s stock valued at $2,436,000 after purchasing an additional 6,125 shares in the last quarter. Focus Partners Wealth increased its stake in TTM Technologies by 1.1% in the first quarter. Focus Partners Wealth now owns 31,944 shares of the technology company’s stock valued at $655,000 after purchasing an additional 343 shares in the last quarter. Jane Street Group LLC increased its stake in TTM Technologies by 1,150.2% in the first quarter. Jane Street Group LLC now owns 139,889 shares of the technology company’s stock valued at $2,869,000 after purchasing an additional 128,700 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in TTM Technologies by 7.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 190,563 shares of the technology company’s stock valued at $3,908,000 after purchasing an additional 13,691 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.