Pinpoint Asset Management Ltd Decreases Holdings in Teradyne, Inc. (NASDAQ:TER)

Key Points

• Pinpoint Asset Management Ltd reduced its holdings in Teradyne, Inc. by 27.1%, owning 27,330 shares valued at approximately $2.26 million, making it the firm’s 27th largest position.
• Teradyne reported a Q2 EPS of $0.57, exceeding estimates, but its revenue declined 10.7% year-over-year to $651.8 million.
• The company's board has authorized a $1 billion share buyback plan, indicating confidence in the stock's value amidst fluctuating analyst ratings.

Pinpoint Asset Management Ltd trimmed its holdings in shares of Teradyne, Inc. (NASDAQ:TER - Free Report) by 27.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 27,330 shares of the company's stock after selling 10,163 shares during the quarter. Teradyne makes up approximately 0.4% of Pinpoint Asset Management Ltd's investment portfolio, making the stock its 27th biggest holding. Pinpoint Asset Management Ltd's holdings in Teradyne were worth $2,257,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of TER. DAVENPORT & Co LLC raised its stake in shares of Teradyne by 29.8% during the 1st quarter. DAVENPORT & Co LLC now owns 5,094 shares of the company's stock worth $421,000 after acquiring an additional 1,170 shares in the last quarter. Park Avenue Securities LLC increased its position in shares of Teradyne by 56.0% during the first quarter. Park Avenue Securities LLC now owns 3,045 shares of the company's stock worth $252,000 after purchasing an additional 1,093 shares in the last quarter. Crossmark Global Holdings Inc. increased its position in shares of Teradyne by 6.4% during the first quarter. Crossmark Global Holdings Inc. now owns 4,328 shares of the company's stock worth $357,000 after purchasing an additional 261 shares in the last quarter. Asset Management One Co. Ltd. lifted its holdings in shares of Teradyne by 5.5% during the 1st quarter. Asset Management One Co. Ltd. now owns 68,612 shares of the company's stock valued at $5,667,000 after purchasing an additional 3,589 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its position in shares of Teradyne by 306.9% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 37,661 shares of the company's stock worth $3,111,000 after purchasing an additional 28,406 shares in the last quarter. Institutional investors own 99.77% of the company's stock.

Teradyne Stock Up 0.9%

Shares of NASDAQ TER traded up $1.01 during midday trading on Friday, reaching $107.47. 3,184,304 shares of the stock were exchanged, compared to its average volume of 4,835,940. The firm has a market cap of $17.10 billion, a price-to-earnings ratio of 37.19, a PEG ratio of 2.23 and a beta of 1.72. The firm has a 50-day simple moving average of $92.38 and a two-hundred day simple moving average of $92.05. Teradyne, Inc. has a twelve month low of $65.77 and a twelve month high of $144.16.

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

Teradyne announced that its board has approved a share buyback plan on Monday, April 28th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the company to repurchase up to 8.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several brokerages have weighed in on TER. Susquehanna lowered their price target on Teradyne from $155.00 to $133.00 and set a "positive" rating for the company in a report on Wednesday, April 30th. KeyCorp reaffirmed a "sector weight" rating on shares of Teradyne in a report on Thursday, April 17th. Stifel Nicolaus boosted their price objective on shares of Teradyne from $85.00 to $100.00 and gave the company a "hold" rating in a report on Thursday, July 31st. Wall Street Zen lowered Teradyne from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. Finally, Cowen reiterated a "buy" rating on shares of Teradyne in a research note on Wednesday, July 30th. Three research analysts have rated the stock with a sell rating, five have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Teradyne presently has an average rating of "Hold" and a consensus price target of $114.44.

Insider Activity

In related news, CEO Gregory Stephen Smith sold 554 shares of Teradyne stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $105.73, for a total value of $58,574.42. Following the completion of the transaction, the chief executive officer owned 97,547 shares in the company, valued at $10,313,644.31. The trade was a 0.56% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.16% of the stock is currently owned by insiders.

About Teradyne

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.