Zacks Investment Research Upgrades TTM Technologies (NASDAQ:TTMI) to Buy

TTM Technologies (NASDAQ:TTMI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Thursday, Zacks.com reports. The brokerage presently has a $13.00 price objective on the technology company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 7.88% from the stock’s previous close.

According to Zacks, “TTM Technologies, Inc. is a leading global printed circuit board manufacturer, focusing on quick-turn and volume production of technologically advanced PCBs, backplane assemblies and electro-mechanical solutions. TTM stands for time-to-market, representing how TTM’s time-critical, one-stop manufacturing services enable customers to shorten the time required to develop new products and bring them to market. “

TTMI has been the topic of several other reports. JPMorgan Chase & Co. lowered shares of TTM Technologies from an “overweight” rating to a “neutral” rating and set a $14.00 price target on the stock. in a research note on Monday, August 5th. Stifel Nicolaus lifted their price objective on shares of TTM Technologies from $12.00 to $13.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. BidaskClub downgraded shares of TTM Technologies from a “buy” rating to a “hold” rating in a research report on Thursday. ValuEngine raised shares of TTM Technologies from a “hold” rating to a “buy” rating in a research report on Thursday, September 5th. Finally, B. Riley started coverage on shares of TTM Technologies in a research report on Thursday, September 5th. They issued a “buy” rating and a $17.75 price objective for the company. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $14.44.

Shares of TTMI stock opened at $12.05 on Thursday. The company has a current ratio of 1.91, a quick ratio of 1.71 and a debt-to-equity ratio of 1.21. TTM Technologies has a 1 year low of $8.49 and a 1 year high of $14.87. The firm’s fifty day moving average price is $11.58 and its two-hundred day moving average price is $10.98. The firm has a market capitalization of $1.27 billion, a P/E ratio of 8.73 and a beta of 2.52.

TTM Technologies (NASDAQ:TTMI) last issued its quarterly earnings results on Wednesday, July 31st. The technology company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.03. TTM Technologies had a net margin of 2.93% and a return on equity of 6.56%. The firm had revenue of $633.04 million for the quarter, compared to analyst estimates of $622.68 million. During the same period in the previous year, the business earned $0.48 EPS. The company’s revenue was down 11.7% compared to the same quarter last year. As a group, equities research analysts forecast that TTM Technologies will post 0.46 EPS for the current fiscal year.

In other news, EVP Tai Keung Chung sold 29,839 shares of TTM Technologies stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $10.58, for a total value of $315,696.62. Following the completion of the transaction, the executive vice president now owns 48,518 shares of the company’s stock, valued at approximately $513,320.44. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Daniel J. Weber sold 20,000 shares of TTM Technologies stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $10.70, for a total transaction of $214,000.00. Following the completion of the transaction, the senior vice president now directly owns 57,734 shares of the company’s stock, valued at approximately $617,753.80. The disclosure for this sale can be found here. In the last three months, insiders sold 74,939 shares of company stock valued at $784,007. Insiders own 6.90% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the company. Sawtooth Solutions LLC bought a new stake in shares of TTM Technologies during the 1st quarter worth about $161,000. State of Wisconsin Investment Board boosted its holdings in shares of TTM Technologies by 26.0% during the 1st quarter. State of Wisconsin Investment Board now owns 728,000 shares of the technology company’s stock worth $8,539,000 after buying an additional 150,000 shares during the period. Nordea Investment Management AB boosted its holdings in shares of TTM Technologies by 2.6% during the 1st quarter. Nordea Investment Management AB now owns 403,635 shares of the technology company’s stock worth $4,734,000 after buying an additional 10,357 shares during the period. Crossmark Global Holdings Inc. boosted its holdings in shares of TTM Technologies by 6.3% during the 2nd quarter. Crossmark Global Holdings Inc. now owns 34,160 shares of the technology company’s stock worth $348,000 after buying an additional 2,028 shares during the period. Finally, Campbell & CO Investment Adviser LLC bought a new stake in shares of TTM Technologies during the 2nd quarter worth about $535,000.

TTM Technologies Company Profile

TTM Technologies, Inc, together with its subsidiaries, manufactures printed circuit boards (PCBs) worldwide. It operates through two segments, PCB and E-M Solutions. The company offers a range of PCBs and electro-mechanical solutions, including conventional PCBs, high density interconnect PCBs, flexible PCBs, rigid-flex PCBs, custom assemblies and system integration products, and IC substrates.

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