TTM Technologies (NASDAQ:TTMI) Shares Gap Up on Better-Than-Expected Earnings

TTM Technologies, Inc. (NASDAQ:TTMI) shares gapped up before the market opened on Thursday following a better than expected earnings announcement. The stock had previously closed at $20.02, but opened at $24.43. TTM Technologies shares last traded at $23.02, with a volume of 318,571 shares trading hands.

The technology company reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.11. The firm had revenue of $648.67 million for the quarter, compared to analysts’ expectations of $621.44 million. TTM Technologies had a net margin of 2.30% and a return on equity of 9.74%. The company’s revenue for the quarter was up 13.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.28 earnings per share.

Wall Street Analyst Weigh In

TTMI has been the topic of several research 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 research report on Thursday. Truist Financial dropped their target price on shares of TTM Technologies from $38.00 to $36.00 and set a “buy” rating on the stock in a research note on Thursday. Stifel Nicolaus initiated coverage on TTM Technologies in a research report on Tuesday, February 11th. They set a “buy” rating and a $33.00 price objective on the stock. Finally, B. Riley increased their price objective on shares of TTM Technologies from $35.00 to $36.00 and gave the company a “buy” rating in a research report on Thursday.

Insider Buying and Selling

In related news, SVP Dale Martin Knecht sold 3,848 shares of the stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $26.01, for a total transaction of $100,086.48. Following the sale, the senior vice president now owns 86,346 shares in the company, valued at approximately $2,245,859.46. This represents a 4.27 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Daniel J. Weber sold 15,000 shares of the stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $26.34, for a total transaction of $395,100.00. Following the completion of the sale, the executive vice president now directly owns 95,153 shares in the company, valued at approximately $2,506,330.02. This represents a 13.62 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 50,817 shares of company stock worth $1,316,006. Corporate insiders own 1.30% of the company’s stock.

Institutional Trading of TTM Technologies

Hedge funds and other institutional investors have recently bought and sold shares of the business. Barclays PLC boosted its position in TTM Technologies by 59.8% in the 3rd quarter. Barclays PLC now owns 407,524 shares of the technology company’s stock valued at $7,437,000 after buying an additional 152,456 shares during the period. Virtu Financial LLC bought a new stake in shares of TTM Technologies in the third quarter valued at about $197,000. Franklin Resources Inc. grew its holdings in TTM Technologies by 262.5% during the 3rd quarter. Franklin Resources Inc. now owns 309,724 shares of the technology company’s stock worth $5,937,000 after acquiring an additional 224,286 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of TTM Technologies by 27.7% in the 4th quarter. GAMMA Investing LLC now owns 2,041 shares of the technology company’s stock valued at $51,000 after purchasing an additional 443 shares in the last quarter. Finally, Diversified Trust Co boosted its stake in shares of TTM Technologies by 9.2% during the fourth quarter. Diversified Trust Co now owns 27,335 shares of the technology company’s stock valued at $677,000 after purchasing an additional 2,292 shares in the last quarter. Hedge funds and other institutional investors own 95.79% of the company’s stock.

TTM Technologies Stock Up 16.6 %

The company has a quick ratio of 1.71, a current ratio of 1.99 and a debt-to-equity ratio of 0.58. The company has a market cap of $2.37 billion, a P/E ratio of 43.24 and a beta of 1.17. The business’s 50 day moving average is $20.93 and its 200 day moving average is $23.09.

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.