M&T Bank Corp Reduces Holdings in Teradyne, Inc. (NASDAQ:TER)

M&T Bank Corp reduced its holdings in shares of Teradyne, Inc. (NASDAQ:TER) by 16.9% in the 1st quarter, HoldingsChannel.com reports. The fund owned 7,355 shares of the company’s stock after selling 1,496 shares during the period. M&T Bank Corp’s holdings in Teradyne were worth $608,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in Teradyne by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 20,405,899 shares of the company’s stock valued at $2,569,511,000 after acquiring an additional 92,428 shares in the last quarter. Ameriprise Financial Inc. raised its holdings in Teradyne by 28.3% in the fourth quarter. Ameriprise Financial Inc. now owns 4,828,689 shares of the company’s stock valued at $608,025,000 after acquiring an additional 1,065,474 shares in the last quarter. Geode Capital Management LLC raised its holdings in Teradyne by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 4,105,505 shares of the company’s stock valued at $515,665,000 after acquiring an additional 94,374 shares in the last quarter. Aspex Management HK Ltd raised its holdings in Teradyne by 35.5% in the fourth quarter. Aspex Management HK Ltd now owns 3,234,842 shares of the company’s stock valued at $407,331,000 after acquiring an additional 847,409 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. raised its holdings in Teradyne by 4.6% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,957,049 shares of the company’s stock valued at $244,252,000 after acquiring an additional 131,152 shares in the last quarter. 99.77% of the stock is currently owned by hedge funds and other institutional investors.

Teradyne Trading Down 2.3%

NASDAQ:TER opened at $93.03 on Wednesday. Teradyne, Inc. has a twelve month low of $65.77 and a twelve month high of $163.21. The company has a 50-day moving average of $85.75 and a 200-day moving average of $96.15. The firm has a market cap of $14.92 billion, a price-to-earnings ratio of 26.28, a price-to-earnings-growth ratio of 4.15 and a beta of 1.70.

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

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

Teradyne Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Thursday, May 22nd were given a dividend of $0.12 per share. The ex-dividend date was Thursday, May 22nd. This represents a $0.48 annualized dividend and a dividend yield of 0.52%. Teradyne’s dividend payout ratio (DPR) is 13.56%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. The Goldman Sachs Group assumed coverage on shares of Teradyne in a research report on Thursday, July 10th. They set a “sell” rating and a $80.00 price target for the company. JPMorgan Chase & Co. lowered their price target on shares of Teradyne from $120.00 to $92.00 and set an “overweight” rating for the company in a research report on Thursday, April 17th. KeyCorp restated a “sector weight” rating on shares of Teradyne in a research report on Thursday, April 17th. Susquehanna decreased 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, Cantor Fitzgerald set a $105.00 target price on shares of Teradyne and gave the company an “overweight” rating in a research report on Tuesday, June 24th. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” 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.