Carmel Capital Management L.L.C. Sells 9,720 Shares of Teradyne, Inc. $TER

Key Points

• Carmel Capital Management cut its Teradyne stake by 16.3% in the first quarter, selling 9,720 shares and leaving it with 50,064 shares worth about $14.8 million.
• Teradyne shares were up 4.5% and were trading near their 52-week high, with the stock opening at $483.84 after reaching a high of $487.91.
• The company posted strong quarterly results, beating estimates with earnings of $2.56 per share on revenue of $1.28 billion, and it also raised its quarterly dividend to $0.13 per share.

Carmel Capital Management L.L.C. reduced its holdings in Teradyne, Inc. (NASDAQ:TER - Free Report) by 16.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 50,064 shares of the company's stock after selling 9,720 shares during the quarter. Teradyne accounts for 4.3% of Carmel Capital Management L.L.C.'s holdings, making the stock its 9th biggest position. Carmel Capital Management L.L.C.'s holdings in Teradyne were worth $14,842,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in TER. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Teradyne during the 4th quarter valued at $28,000. SJS Investment Consulting Inc. grew its holdings in shares of Teradyne by 192.9% in the 1st quarter. SJS Investment Consulting Inc. now owns 164 shares of the company's stock worth $49,000 after acquiring an additional 108 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Teradyne in the 4th quarter worth $37,000. True Wealth Design LLC raised its position in shares of Teradyne by 49.6% during the fourth quarter. True Wealth Design LLC now owns 211 shares of the company's stock worth $41,000 after purchasing an additional 70 shares during the period. Finally, University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Teradyne during the fourth quarter valued at $41,000. 99.77% of the stock is owned by institutional investors and hedge funds.

Teradyne Trading Up 4.5%

Shares of Teradyne stock opened at $483.84 on Wednesday. Teradyne, Inc. has a 1 year low of $88.60 and a 1 year high of $487.91. The company has a market cap of $75.74 billion, a P/E ratio of 89.60, a P/E/G ratio of 1.34 and a beta of 1.79. The stock has a 50-day moving average price of $386.08 and a 200 day moving average price of $313.30.

Teradyne (NASDAQ:TER - Get Free Report) last released its earnings results on Wednesday, April 29th. The company reported $2.56 earnings per share for the quarter, beating the consensus estimate of $2.11 by $0.45. The company had revenue of $1.28 billion for the quarter, compared to analysts' expectations of $1.20 billion. Teradyne had a return on equity of 31.79% and a net margin of 22.55%.The business's revenue for the quarter was up 87.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.75 EPS. On average, equities analysts forecast that Teradyne, Inc. will post 7.2 earnings per share for the current fiscal year.

Teradyne Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 12th. Investors of record on Thursday, May 21st were given a dividend of $0.13 per share. 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 yield of 0.1%. Teradyne's payout ratio is presently 9.63%.

Insider Activity at Teradyne

In other Teradyne news, VP Ryan Driscoll sold 680 shares of the company's stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $377.60, for a total value of $256,768.00. Following the transaction, the vice president owned 7,665 shares in the company, valued at approximately $2,894,304. This represents a 8.15% decrease in their position. The transaction was disclosed in a filing 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, CEO Gregory Stephen Smith sold 8,597 shares of the stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $338.98, for a total transaction of $2,914,211.06. Following the completion of the sale, the chief executive officer owned 124,470 shares of the company's stock, valued at approximately $42,192,840.60. The trade was a 6.46% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 14,941 shares of company stock valued at $5,444,112. Corporate insiders own 0.19% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on TER shares. Cantor Fitzgerald lifted their price target on Teradyne from $400.00 to $550.00 and gave the stock an "overweight" rating in a research note on Monday. Citigroup raised their target price on shares of Teradyne from $325.00 to $400.00 and gave the stock a "buy" rating in a report on Thursday, April 30th. Morgan Stanley set a $387.00 price target on shares of Teradyne in a report on Thursday, April 30th. Zacks Research upgraded shares of Teradyne from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 12th. Finally, Robert W. Baird raised their price objective on shares of Teradyne from $350.00 to $446.00 and gave the stock an "outperform" rating in a research note on Tuesday, June 23rd. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, Teradyne has an average rating of "Moderate Buy" and an average price target of $382.87.

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.

Want to see what other hedge funds are holding TER? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Teradyne, Inc. (NASDAQ:TER - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.