TTM Technologies (NASDAQ:TTMI) Cut to “Buy” at Wall Street Zen

Wall Street Zen downgraded shares of TTM Technologies (NASDAQ:TTMI) from a strong-buy rating to a buy rating in a research note published on Sunday morning,Wall Street Zen reports.

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

TTM Technologies Stock Performance

NASDAQ TTMI opened at $81.63 on Friday. TTM Technologies has a 1 year low of $55.44 and a 1 year high of $223.83. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.67 and a quick ratio of 1.49. The firm has a market cap of $8.60 billion, a price-to-earnings ratio of 32.52 and a beta of 2.25. The company has a fifty day moving average price of $112.10 and a 200-day moving average price of $127.40.

TTM Technologies (NASDAQ:TTMI) last announced its earnings results on Thursday, October 22nd. The technology company reported $1.46 EPS for the quarter, beating the consensus estimate of $1.25 by $0.21. The company 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 for the quarter was up 59.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.50 earnings per share. As a group, equities research analysts predict that TTM Technologies will post 4.36 EPS for the current fiscal year.

Insider Activity at TTM Technologies

In other TTM Technologies news, Director Wajid Ali acquired 10,000 shares of the company’s stock in a transaction on Wednesday, October 28th. The shares were acquired at an average cost of $90.25 per share, with a total value of $902,500.00. Following the completion of the acquisition, the director directly owned 35,835 shares in the company, valued at $3,234,108.75. This trade represents a 38.71% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Dale Knecht sold 26,198 shares of the company’s stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $142.00, for a total transaction of $3,720,116.00. Following the sale, the senior vice president directly owned 40,138 shares in the company, valued at approximately $5,699,596. This trade represents a 39.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have bought 25,000 shares of company stock worth $2,460,550. Company insiders own 1.30% of the company’s stock.

Institutional Trading of TTM Technologies

Institutional investors have recently modified their holdings of the business. BlackRock Inc. purchased a new stake in TTM Technologies during the 2nd quarter worth about $2,053,347,000. Wellington Management Group LLP boosted its stake in TTM Technologies by 61.9% in the 2nd quarter. Wellington Management Group LLP now owns 2,268,404 shares of the technology company’s stock worth $424,237,000 after purchasing an additional 867,255 shares during the period. Atalan Capital Partners LP bought a new position in TTM Technologies in the 2nd quarter worth about $189,234,000. Bank of New York Mellon Corp boosted its stake in TTM Technologies by 1.6% in the 1st quarter. Bank of New York Mellon Corp now owns 715,543 shares of the technology company’s stock worth $69,708,000 after purchasing an additional 11,610 shares during the period. Finally, Bank of America Corp DE grew its holdings in TTM Technologies by 6.5% during the 1st quarter. Bank of America Corp DE now owns 636,152 shares of the technology company’s stock valued at $61,974,000 after buying an additional 38,710 shares in the last quarter. 95.79% of the stock is currently owned by hedge funds and other institutional investors.

TTM Technologies Company Profile

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.