Ashford Capital Management Inc. Sells 8,163 Shares of Teradyne, Inc. $TER

Key Points

• Ashford Capital Management cut its Teradyne stake by 41.1% in the first quarter, selling 8,163 shares and retaining 11,693 shares valued at approximately $3.47 million. Institutional investors collectively own 99.77% of Teradyne.
• Analysts remain broadly optimistic, with Teradyne carrying a consensus “Moderate Buy” rating and an average price target of $394.53. JPMorgan, Susquehanna, and Bank of America recently upgraded ratings or raised price targets, although Weiss Ratings downgraded the stock to “Hold.”
• Teradyne reported strong quarterly results, posting $2.56 in earnings per share and $1.28 billion in revenue, with revenue rising 87% year over year. The company also increased its quarterly dividend from $0.12 to $0.13 per share.

Ashford Capital Management Inc. trimmed its holdings in Teradyne, Inc. (NASDAQ:TER - Free Report) by 41.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,693 shares of the company's stock after selling 8,163 shares during the period. Ashford Capital Management Inc.'s holdings in Teradyne were worth $3,467,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank acquired a new position in shares of Teradyne during the 4th quarter worth approximately $398,777,000. Wellington Management Group LLP lifted its holdings in Teradyne by 13,949.4% during the 3rd quarter. Wellington Management Group LLP now owns 2,036,887 shares of the company's stock valued at $280,357,000 after purchasing an additional 2,022,389 shares during the last quarter. Aspex Management HK Ltd acquired a new stake in Teradyne during the 4th quarter valued at $199,723,000. Corient Private Wealth LLC lifted its holdings in Teradyne by 2,189.2% during the 4th quarter. Corient Private Wealth LLC now owns 1,075,916 shares of the company's stock valued at $208,254,000 after purchasing an additional 1,028,916 shares during the last quarter. Finally, Rafferty Asset Management LLC boosted its position in Teradyne by 65.4% during the second quarter. Rafferty Asset Management LLC now owns 2,166,039 shares of the company's stock worth $194,770,000 after purchasing an additional 856,540 shares during the period. 99.77% of the stock is currently owned by institutional investors.

Insider Activity at Teradyne

In other Teradyne news, VP Ryan Driscoll sold 680 shares of Teradyne stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $377.60, for a total value of $256,768.00. Following the completion of the sale, the vice president owned 7,665 shares in the company, valued at $2,894,304. The trade was a 8.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Shannon John Poulin sold 1,008 shares of the business's stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $345.37, for a total transaction of $348,132.96. Following the completion of the sale, the insider directly owned 15,066 shares of the company's stock, valued at $5,203,344.42. This represents a 6.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 14,941 shares of company stock worth $5,444,112. Corporate insiders own 0.19% of the company's stock.

Analyst Ratings Changes

Several research firms have commented on TER. JPMorgan Chase & Co. upgraded shares of Teradyne from a "neutral" rating to an "overweight" rating and set a $400.00 price objective on the stock in a report on Thursday, April 30th. Susquehanna raised their target price on shares of Teradyne from $415.00 to $550.00 and gave the stock a "positive" rating in a research note on Tuesday, June 30th. Bank of America lifted their target price on shares of Teradyne from $365.00 to $525.00 and gave the stock a "buy" rating in a report on Tuesday, June 23rd. Weiss Ratings lowered shares of Teradyne from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Monday, July 20th. Finally, Stifel Nicolaus increased their price target on shares of Teradyne from $325.00 to $390.00 and gave the company a "buy" rating in a report on Tuesday, April 28th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, Teradyne presently has a consensus rating of "Moderate Buy" and a consensus price target of $394.53.

Teradyne Price Performance

TER opened at $334.77 on Tuesday. The business has a fifty day simple moving average of $382.69 and a 200 day simple moving average of $334.39. The company has a market capitalization of $52.40 billion, a PE ratio of 61.99, a price-to-earnings-growth ratio of 1.01 and a beta of 1.74. Teradyne, Inc. has a 1 year low of $89.18 and a 1 year high of $487.91.

Teradyne (NASDAQ:TER - Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The company reported $2.56 EPS for the quarter, beating analysts' consensus estimates of $2.11 by $0.45. The firm had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.20 billion. Teradyne had a return on equity of 31.79% and a net margin of 22.55%.The company's revenue for the quarter was up 87.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.75 EPS. Equities analysts anticipate that Teradyne, Inc. will post 7.2 earnings per share for the current fiscal year.

Teradyne Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 12th. Stockholders of record on Thursday, May 21st were given a $0.13 dividend. The ex-dividend date of this dividend was Thursday, May 21st. This is a boost from Teradyne's previous quarterly dividend of $0.12. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.2%. Teradyne's dividend payout ratio (DPR) is presently 9.63%.

Teradyne Profile

Teradyne, Inc is a global supplier of automatic test equipment and related services principally used to test semiconductors, wireless products and complex electronic systems. Founded in 1960, the company is headquartered in North Reading, Massachusetts, and has a long history of developing capital equipment and software that help semiconductor manufacturers, electronics OEMs and contract manufacturers validate product performance and reliability during design and production.

The company's product portfolio centers on automatic test equipment (ATE) and system-level test solutions that address chip- and board-level validation, burn-in and reliability screening.

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