TTM Technologies (NASDAQ:TTMI) to Repurchase $100.00 million in Outstanding Shares

TTM Technologies (NASDAQ:TTMI) announced that its Board of Directors has initiated a stock buyback program on Friday, May 9th, RTT News reports. The company plans to repurchase $100.00 million in shares. This repurchase authorization permits the technology company to reacquire up to 3.7% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Needham & Company LLC raised their target price on shares of TTM Technologies from $33.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, May 1st. Truist Financial cut their price objective on shares of TTM Technologies from $38.00 to $36.00 and set a “buy” rating on the stock in a report on Thursday, May 1st. Stifel Nicolaus initiated coverage on shares of TTM Technologies in a report on Tuesday, February 11th. They set a “buy” rating and a $33.00 price objective on the stock. Finally, B. Riley lifted their price target on shares of TTM Technologies from $35.00 to $36.00 and gave the stock a “buy” rating in a report on Thursday, May 1st.

TTM Technologies Trading Up 2.8%

NASDAQ TTMI opened at $26.88 on Monday. The company has a market capitalization of $2.73 billion, a PE ratio of 49.78 and a beta of 1.20. The company has a fifty day moving average of $21.16 and a 200 day moving average of $23.40. TTM Technologies has a 1 year low of $15.77 and a 1 year high of $30.41. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.99 and a quick ratio of 1.71.

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

Insider Buying and Selling at TTM Technologies

In other TTM Technologies news, EVP Catherine A. Gridley sold 6,000 shares of TTM Technologies stock in a transaction on Friday, February 14th. The shares were sold at an average price of $26.25, for a total value of $157,500.00. Following the completion of the transaction, the executive vice president now owns 125,206 shares of the company’s stock, valued at approximately $3,286,657.50. The trade was a 4.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Dale Martin Knecht sold 3,848 shares of the business’s stock in a transaction dated 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 directly owns 86,346 shares of the company’s stock, valued at $2,245,859.46. This represents a 4.27% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 50,600 shares of company stock valued at $1,310,642. Corporate insiders own 1.30% of the company’s stock.

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.