Sumitomo Mitsui Trust Group Inc. Has $540.50 Million Stock Position in Teradyne, Inc. $TER

Key Points

• Sumitomo Mitsui Trust Group cut its Teradyne stake by 34.4% in the second quarter, selling 586,618 shares but retaining 1.12 million shares worth approximately $540.5 million. Institutional investors and hedge funds collectively own 99.77% of the stock.
• Analyst sentiment remains positive, with an overall “Moderate Buy” rating, 13 Buy or Strong Buy recommendations, and an average price target of $396.80. Bank of America and UBS recently raised their targets to $525 and $500, respectively.
• Teradyne reported strong quarterly results, posting $2.47 in EPS versus the $2.09 consensus estimate and $1.33 billion in revenue, up 103.9% year over year. Shares opened at $418.79, near the upper end of their 52-week range.

Sumitomo Mitsui Trust Group Inc. reduced its holdings in shares of Teradyne, Inc. (NASDAQ:TER - Free Report) by 34.4% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,117,097 shares of the company's stock after selling 586,618 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.71% of Teradyne worth $540,496,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in TER. Gouws Capital LLC boosted its stake in shares of Teradyne by 96.0% during the 4th quarter. Gouws Capital LLC now owns 15,323 shares of the company's stock worth $2,966,000 after buying an additional 7,505 shares during the last quarter. Merit Financial Group LLC increased its position in shares of Teradyne by 81.3% in the fourth quarter. Merit Financial Group LLC now owns 6,659 shares of the company's stock valued at $1,289,000 after acquiring an additional 2,986 shares during the last quarter. Wealthfront Advisers LLC increased its position in shares of Teradyne by 56.0% in the fourth quarter. Wealthfront Advisers LLC now owns 29,336 shares of the company's stock valued at $5,678,000 after acquiring an additional 10,526 shares during the last quarter. Lecap Asset Management Ltd. raised its holdings in Teradyne by 88.5% during the fourth quarter. Lecap Asset Management Ltd. now owns 8,392 shares of the company's stock worth $1,624,000 after acquiring an additional 3,941 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in Teradyne by 24.0% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 267,080 shares of the company's stock valued at $51,696,000 after purchasing an additional 51,678 shares during the last quarter. 99.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have weighed in on TER. Bank of America raised their price target on Teradyne from $365.00 to $525.00 and gave the company a "buy" rating in a research note on Tuesday, June 23rd. Robert W. Baird set a $420.00 price objective on Teradyne in a research note on Thursday, July 30th. Weiss Ratings raised Teradyne from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, August 6th. JPMorgan Chase & Co. raised shares of Teradyne from a "neutral" rating to an "overweight" rating and set a $400.00 target price for the company in a research note on Thursday, April 30th. Finally, UBS Group boosted their target price on shares of Teradyne from $440.00 to $500.00 and gave the stock a "buy" rating in a report on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Teradyne currently has an average rating of "Moderate Buy" and an average price target of $396.80.

Teradyne Stock Performance

Teradyne stock opened at $418.79 on Friday. The stock has a 50-day simple moving average of $384.26 and a 200 day simple moving average of $348.39. The stock has a market capitalization of $65.47 billion, a P/E ratio of 57.45, a PEG ratio of 0.83 and a beta of 1.78. Teradyne, Inc. has a 52 week low of $106.30 and a 52 week high of $487.91.

Teradyne (NASDAQ:TER - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The company reported $2.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.09 by $0.38. Teradyne had a return on equity of 39.93% and a net margin of 25.77%.The firm had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same quarter in the prior year, the company earned $0.57 earnings per share. The business's revenue for the quarter was up 103.9% compared to the same quarter last year. Research analysts forecast that Teradyne, Inc. will post 9.1 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Shannon John Poulin sold 1,008 shares of the stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $345.37, for a total value of $348,132.96. Following the sale, the insider owned 15,066 shares in the company, valued at approximately $5,203,344.42. This represents a 6.27% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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. Also, CEO Gregory Stephen Smith sold 4,000 shares of the firm's stock in a transaction on Monday, June 15th. The shares were sold at an average price of $423.03, for a total value of $1,692,120.00. Following the sale, the chief executive officer directly owned 120,470 shares of the company's stock, valued at $50,962,424.10. This represents a 3.21% 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. Insiders have sold a total of 5,664 shares of company stock worth $2,273,133 over the last three months. 0.19% of the stock is owned by insiders.

Teradyne Company 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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source