Zweig DiMenna Associates LLC Has $4.24 Million Stock Position in Teradyne, Inc. (NASDAQ:TER)

Key Points

• Zweig DiMenna Associates LLC significantly reduced its holdings in Teradyne, Inc. by 73% in the 1st quarter, owning 51,329 shares valued at approximately $4.24 million.
• Teradyne recently reported earnings of $0.75 per share, exceeding analysts' expectations of $0.61, with a revenue increase of 14.3% year-over-year, totaling $685.7 million for the quarter.
• The company announced a $1 billion stock repurchase plan, intending to buy back up to 8.1% of its outstanding shares, indicating confidence in the stock's valuation.

Zweig DiMenna Associates LLC reduced its position in shares of Teradyne, Inc. (NASDAQ:TER - Free Report) by 73.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 51,329 shares of the company's stock after selling 138,829 shares during the quarter. Zweig DiMenna Associates LLC's holdings in Teradyne were worth $4,240,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. DAVENPORT & Co LLC increased its stake in shares of Teradyne by 29.8% in the 1st quarter. DAVENPORT & Co LLC now owns 5,094 shares of the company's stock valued at $421,000 after acquiring an additional 1,170 shares during the last quarter. Park Avenue Securities LLC increased its stake in shares of Teradyne by 56.0% in the 1st quarter. Park Avenue Securities LLC now owns 3,045 shares of the company's stock valued at $252,000 after acquiring an additional 1,093 shares during the last quarter. Crossmark Global Holdings Inc. increased its stake in shares of Teradyne by 6.4% in the 1st quarter. Crossmark Global Holdings Inc. now owns 4,328 shares of the company's stock valued at $357,000 after acquiring an additional 261 shares during the last quarter. California Public Employees Retirement System increased its stake in shares of Teradyne by 87.5% in the 4th quarter. California Public Employees Retirement System now owns 498,614 shares of the company's stock valued at $62,785,000 after acquiring an additional 232,730 shares during the last quarter. Finally, Asset Management One Co. Ltd. increased its stake in shares of Teradyne by 5.5% in the 1st quarter. Asset Management One Co. Ltd. now owns 68,612 shares of the company's stock valued at $5,667,000 after acquiring an additional 3,589 shares during the last quarter. 99.77% of the stock is owned by institutional investors.

Teradyne Stock Down 0.5%

Shares of NASDAQ TER traded down $0.42 during trading hours on Tuesday, hitting $90.72. The company had a trading volume of 1,960,239 shares, compared to its average volume of 3,281,328. The stock has a market capitalization of $14.55 billion, a P/E ratio of 25.63, a price-to-earnings-growth ratio of 3.99 and a beta of 1.70. Teradyne, Inc. has a 1-year low of $65.77 and a 1-year high of $144.16. The firm's 50 day moving average is $87.83 and its 200-day moving average is $93.39.

Teradyne (NASDAQ:TER - Get Free Report) last released its quarterly earnings data on Monday, April 28th. The company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.61 by $0.14. Teradyne had a return on equity of 20.06% and a net margin of 19.86%. The company had revenue of $685.70 million during the quarter, compared to the consensus estimate of $680.54 million. During the same quarter in the prior year, the firm posted $0.51 EPS. The firm's revenue for the quarter was up 14.3% compared to the same quarter last year. On average, sell-side analysts predict that Teradyne, Inc. will post 3.88 earnings per share for the current year.

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

Teradyne Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Thursday, May 22nd were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.53%. The ex-dividend date of this dividend was Thursday, May 22nd. Teradyne's dividend payout ratio is 13.56%.

Wall Street Analysts Forecast Growth

TER has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. reaffirmed a "neutral" rating and issued a $102.00 price target (up from $88.00) on shares of Teradyne in a research note on Thursday, July 17th. Cantor Fitzgerald set a $105.00 target price on Teradyne and gave the stock an "overweight" rating in a research note on Tuesday, June 24th. Susquehanna lowered their target price on Teradyne from $155.00 to $133.00 and set a "positive" rating for the company in a research note on Wednesday, April 30th. UBS Group increased their target price on Teradyne from $110.00 to $120.00 and gave the stock a "buy" rating in a research note on Monday, July 21st. Finally, KeyCorp reissued a "sector weight" rating on shares of Teradyne in a research note on Thursday, April 17th. Three analysts have rated the stock with a sell rating, five have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Teradyne presently has an average rating of "Hold" and a consensus target price of $112.50.

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.