Westfield Capital Management Co. LP Raises Position in Teradyne, Inc. (NASDAQ:TER)

Key Points

• Westfield Capital Management Co. LP has increased its stake in Teradyne, Inc. by 17.8% during the first quarter, accumulating a total of 574,467 shares valued at approximately $47.45 million.
• Teradyne's recent earnings report showed a net margin of 16.59% and a year-over-year revenue decline of 10.7%, despite beating EPS estimates with $0.57 per share.
• The company's Board authorized a $1 billion stock repurchase program, indicating confidence in the stock's value as it enables the repurchase of up to 8.1% of its outstanding shares.

Westfield Capital Management Co. LP boosted its stake in Teradyne, Inc. (NASDAQ:TER - Free Report) by 17.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 574,467 shares of the company's stock after buying an additional 86,626 shares during the quarter. Westfield Capital Management Co. LP owned approximately 0.36% of Teradyne worth $47,451,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of TER. IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its position in shares of Teradyne by 62.7% during the 1st quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 45,995 shares of the company's stock worth $3,799,000 after buying an additional 17,717 shares in the last quarter. Earned Wealth Advisors LLC purchased a new stake in shares of Teradyne during the first quarter valued at approximately $219,000. Manchester Capital Management LLC lifted its holdings in Teradyne by 44.7% during the first quarter. Manchester Capital Management LLC now owns 453 shares of the company's stock worth $37,000 after acquiring an additional 140 shares during the period. OVERSEA CHINESE BANKING Corp Ltd boosted its position in Teradyne by 12.0% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 419,721 shares of the company's stock worth $34,681,000 after purchasing an additional 44,822 shares during the last quarter. Finally, Blueshift Asset Management LLC bought a new position in Teradyne in the 1st quarter valued at $353,000. 99.77% of the stock is currently owned by institutional investors.

Teradyne Stock Performance

TER stock traded up $1.58 during midday trading on Thursday, reaching $106.46. 2,958,501 shares of the company's stock traded hands, compared to its average volume of 5,052,279. The firm has a market capitalization of $16.93 billion, a PE ratio of 36.84, a price-to-earnings-growth ratio of 2.20 and a beta of 1.72. The company has a 50-day moving average price of $91.78 and a two-hundred day moving average price of $92.22. Teradyne, Inc. has a 52 week low of $65.77 and a 52 week 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 for the quarter, beating 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 company had revenue of $651.80 million during the quarter, compared to analysts' expectations of $649.02 million. During the same period in the previous year, the business earned $0.86 earnings per share. The firm's quarterly revenue was down 10.7% compared to the same quarter last year. As a group, analysts predict that Teradyne, Inc. will post 3.88 EPS for the current fiscal year.

Teradyne declared that its Board of Directors has approved a stock repurchase plan on Monday, April 28th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the company to reacquire up to 8.1% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's management believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on TER shares. Morgan Stanley upgraded Teradyne from an "underweight" rating to an "equal weight" rating and lifted their target price for the stock from $74.00 to $100.00 in a research note on Thursday, July 31st. Cowen restated a "buy" rating on shares of Teradyne in a report on Wednesday, July 30th. Wall Street Zen cut shares of Teradyne from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. 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 research report on Wednesday, April 30th. Finally, Stifel Nicolaus raised their price target on shares of Teradyne from $85.00 to $100.00 and gave the stock a "hold" rating in a research note on Thursday, July 31st. Three analysts have rated the stock with a sell rating, five have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $114.44.

Insiders Place Their Bets

In other news, CEO Gregory Stephen Smith sold 554 shares of the company's stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $105.73, for a total transaction of $58,574.42. Following the sale, the chief executive officer directly owned 97,547 shares in the company, valued at $10,313,644.31. This represents a 0.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 0.16% of the stock is owned by insiders.

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.