TTM Technologies (NASDAQ:TTMI) Shares Gap Up on Insider Buying Activity

TTM Technologies, Inc. (NASDAQ:TTMI) shares gapped up before the market opened on Friday after an insider bought additional shares in the company. The stock had previously closed at $62.22, but opened at $69.00. TTM Technologies shares last traded at $65.2760, with a volume of 989,157 shares.

Specifically, Director Wajid Ali purchased 10,000 shares of the firm’s stock in a transaction on Thursday, November 5th. The shares were bought at an average cost of $63.15 per share, for a total transaction of $631,500.00. Following the completion of the purchase, the director directly owned 45,835 shares of the company’s stock, valued at approximately $2,894,480.25. This trade represents a 27.91% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Analyst Ratings Changes

TTMI has been the subject of several research analyst reports. Stifel Nicolaus lowered their price target on TTM Technologies from $205.00 to $165.00 and set a “buy” rating for the company in a research report on Friday, October 23rd. Weiss Ratings cut TTM Technologies from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, August 25th. Needham & Company LLC cut their price objective on TTM Technologies from $175.00 to $150.00 and set a “buy” rating on the stock in a report on Friday, October 23rd. Truist Financial decreased their target price on TTM Technologies from $231.00 to $170.00 and set a “buy” rating on the stock in a research note on Friday, October 23rd. Finally, Zacks Research lowered shares of TTM Technologies from a “strong-buy” rating to a “hold” rating in a report on Monday, October 5th. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $173.25.

TTM Technologies Price Performance

The stock has a market cap of $6.83 billion, a price-to-earnings ratio of 25.75 and a beta of 2.25. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.49 and a current ratio of 1.67. The company has a 50-day moving average of $110.13 and a 200-day moving average of $127.06.

TTM Technologies (NASDAQ:TTMI) last announced its quarterly earnings data on Thursday, October 22nd. The technology company reported $1.46 EPS for the quarter, beating analysts’ consensus estimates of $1.25 by $0.21. The firm had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.13 billion. TTM Technologies had a net margin of 7.01% and a return on equity of 19.19%. The firm’s revenue was up 59.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.50 earnings per share. As a group, equities research analysts predict that TTM Technologies, Inc. will post 4.36 earnings per share for the current year.

Institutional Trading of TTM Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. purchased a new position in TTM Technologies in the second quarter valued at about $2,053,347,000. Atalan Capital Partners LP purchased a new stake in shares of TTM Technologies during the 2nd quarter worth approximately $189,234,000. Wellington Management Group LLP boosted its stake in shares of TTM Technologies by 61.9% during the 2nd quarter. Wellington Management Group LLP now owns 2,268,404 shares of the technology company’s stock worth $424,237,000 after acquiring an additional 867,255 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of TTM Technologies during the 2nd quarter worth approximately $114,470,000. Finally, Palestra Capital Management LLC acquired a new stake in shares of TTM Technologies in the 2nd quarter worth approximately $105,214,000. Institutional investors and hedge funds own 95.79% of the company’s stock.

About TTM Technologies

TTM Technologies, Inc is a manufacturer of technology solutions and printed circuit boards (PCBs), which are used to connect and support electronic components in a wide range of products. The company produces conventional rigid PCBs as well as high-density interconnect, flexible and rigid-flex circuit boards, and other advanced circuit technologies.

TTM also provides radio-frequency and microwave/microelectronic assembly capabilities, including components and assemblies used in communications, radar and other high-frequency applications.