Stifel Nicolaus Reiterates “Buy” Rating for TTM Technologies (NASDAQ:TTMI)

TTM Technologies (NASDAQ:TTMI)‘s stock had its “buy” rating reaffirmed by Stifel Nicolaus in a research report issued to clients and investors on Monday,Benzinga reports. They presently have a $40.00 target price on the technology company’s stock, up from their previous target price of $33.00. Stifel Nicolaus’ price target suggests a potential upside of 6.64% from the company’s previous close.

TTMI has been the subject of several other reports. Needham & Company LLC upped their price objective on TTM Technologies from $33.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, May 1st. Truist Financial boosted their price objective on TTM Technologies from $36.00 to $41.00 and gave the company a “buy” rating in a research note on Monday, June 9th. Finally, B. Riley upped their price target on shares of TTM Technologies from $35.00 to $36.00 and gave the stock a “buy” rating in a research report on Thursday, May 1st.

TTM Technologies Stock Up 6.0%

NASDAQ:TTMI traded up $2.13 on Monday, reaching $37.51. 1,013,128 shares of the stock traded hands, compared to its average volume of 822,819. 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 company has a market capitalization of $3.81 billion, a price-to-earnings ratio of 69.53 and a beta of 1.37. TTM Technologies has a 12 month low of $15.77 and a 12 month high of $37.64. The company’s fifty day simple moving average is $26.06 and its 200 day simple moving average is $24.80.

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

TTM Technologies announced that its Board of Directors has initiated a share repurchase plan on Friday, May 9th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the technology company to purchase up to 3.7% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity

In related news, SVP Dale Martin Knecht sold 10,000 shares of the company’s stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $29.52, for a total transaction of $295,200.00. Following the transaction, the senior vice president now directly owns 76,346 shares in the company, valued at approximately $2,253,733.92. This represents a 11.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through 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 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 approximately $5,190,780. This represents a 12.61% decrease in their position. The disclosure for this sale can be found here. Insiders sold 73,944 shares of company stock valued at $2,235,071 in the last ninety days. Insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On TTM Technologies

A number of institutional investors and hedge funds have recently modified their holdings of the business. Inspire Investing LLC grew its holdings in TTM Technologies by 214.1% in the 1st quarter. Inspire Investing LLC now owns 50,880 shares of the technology company’s stock valued at $1,044,000 after buying an additional 34,680 shares in the last quarter. Strs Ohio acquired a new stake in shares of TTM Technologies in the first quarter valued at $800,000. Intech Investment Management LLC raised its position in TTM Technologies by 5.4% in the 1st 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 grew its holdings in TTM Technologies by 1.1% during the 1st quarter. Focus Partners Wealth now owns 31,944 shares of the technology company’s stock worth $655,000 after acquiring an additional 343 shares in the last quarter. Finally, Jane Street Group LLC raised its holdings in shares of TTM Technologies by 1,150.2% in the 1st 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. 95.79% of the stock is owned by institutional investors.

TTM Technologies Company Profile

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.