CCM Investment Group LLC Purchases New Shares in Teradyne, Inc. (NASDAQ:TER)

Key Points

• CCM Investment Group LLC has invested approximately $538,000 in Teradyne, Inc., acquiring 6,495 shares of the stock during the first quarter.
• Teradyne's board approved a $1.00 billion share buyback program, allowing the company to buy back up to 8.1% of its stock, indicating confidence in the company's valuation.
• The company's recent earnings report showed a 10.7% decline in revenue year-over-year, although it exceeded analyst expectations with an EPS of $0.57.

CCM Investment Group LLC acquired a new stake in Teradyne, Inc. (NASDAQ:TER - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 6,495 shares of the company's stock, valued at approximately $538,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Berbice Capital Management LLC raised its holdings in shares of Teradyne by 200.0% in the first quarter. Berbice Capital Management LLC now owns 300 shares of the company's stock valued at $25,000 after acquiring an additional 200 shares in the last quarter. Strategic Investment Solutions Inc. IL bought a new stake in shares of Teradyne in the fourth quarter valued at about $34,000. Manchester Capital Management LLC raised its holdings in shares of Teradyne by 44.7% in the first quarter. Manchester Capital Management LLC now owns 453 shares of the company's stock valued at $37,000 after acquiring an additional 140 shares in the last quarter. Sentry Investment Management LLC bought a new position in Teradyne in the first quarter worth about $45,000. Finally, AdvisorNet Financial Inc raised its holdings in Teradyne by 319.0% in the first quarter. AdvisorNet Financial Inc now owns 595 shares of the company's stock worth $49,000 after purchasing an additional 453 shares in the last quarter. 99.77% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CEO Gregory Stephen Smith sold 554 shares of Teradyne stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $105.73, for a total value of $58,574.42. Following the sale, the chief executive officer owned 97,547 shares of the company's stock, valued at approximately $10,313,644.31. This trade represents a 0.56% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.16% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have commented on TER shares. Susquehanna reduced their target price on shares of Teradyne from $155.00 to $133.00 and set a "positive" rating for the company in a report on Wednesday, April 30th. The Goldman Sachs Group reiterated a "sell" rating and issued a $85.00 target price on shares of Teradyne in a report on Wednesday, July 30th. UBS Group reiterated a "buy" rating and issued a $130.00 target price (up from $120.00) on shares of Teradyne in a report on Thursday, July 31st. KeyCorp reiterated a "sector weight" rating on shares of Teradyne in a report on Thursday, April 17th. Finally, Morgan Stanley upgraded shares of Teradyne from an "underweight" rating to an "equal weight" rating and upped their price objective for the company from $74.00 to $100.00 in a report on Thursday, July 31st. Three analysts have rated the stock with a sell rating, five have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Teradyne has a consensus rating of "Hold" and a consensus target price of $114.44.

Teradyne Trading Up 2.1%

Teradyne stock traded up $2.38 during mid-day trading on Wednesday, hitting $114.01. The company had a trading volume of 5,223,735 shares, compared to its average volume of 4,809,267. Teradyne, Inc. has a 12-month low of $65.77 and a 12-month high of $144.16. The company's fifty day moving average is $94.12 and its 200-day moving average is $91.59. The company has a market capitalization of $18.14 billion, a price-to-earnings ratio of 39.45, a P/E/G ratio of 2.34 and a beta of 1.72.

Teradyne (NASDAQ:TER - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.54 by $0.03. Teradyne had a return on equity of 18.16% and a net margin of 16.59%. The business had revenue of $651.80 million for the quarter, compared to analyst estimates of $649.02 million. During the same quarter in the prior year, the firm posted $0.86 EPS. The business's quarterly revenue was down 10.7% compared to the same quarter last year. As a group, sell-side analysts expect that Teradyne, Inc. will post 3.88 EPS for the current fiscal year.

Teradyne announced that its board has initiated a share repurchase plan on Monday, April 28th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 8.1% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board believes its shares are undervalued.

Teradyne Company Profile

Teradyne, Inc designs, develops, manufactures, and sells automated test systems and robotics products worldwide. It operates through four segments; Semiconductor Test, System Test, Robotics, and Wireless Test. The Semiconductor Test segment offers products and services for wafer level and device package testing of semiconductor devices in automotive, industrial, communications, consumer, smartphones, cloud, computer and electronic game, and other applications.