Locust Wood Capital Advisers LLC Invests $761,000 in Teledyne Technologies Incorporated (NYSE:TDY)

Key Points

• Locust Wood Capital Advisers LLC has acquired 1,530 shares of Teledyne Technologies, valued at approximately $761,000, as part of their 1st quarter 13F filing with the SEC.
• Teledyne Technologies has initiated a $2.00 billion share buyback program, allowing it to repurchase up to 7.7% of its shares, suggesting confidence in the stock's value.
• Analysts report a consensus price target of $576.57 for Teledyne Technologies, with an average rating of "Moderate Buy" based on multiple buy ratings from equities research analysts.

Locust Wood Capital Advisers LLC purchased a new stake in Teledyne Technologies Incorporated (NYSE:TDY - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 1,530 shares of the scientific and technical instruments company's stock, valued at approximately $761,000.

Other institutional investors have also recently modified their holdings of the company. American Century Companies Inc. grew its stake in shares of Teledyne Technologies by 1.0% during the 4th quarter. American Century Companies Inc. now owns 3,195 shares of the scientific and technical instruments company's stock worth $1,483,000 after purchasing an additional 32 shares during the period. Wellington Management Group LLP boosted its holdings in Teledyne Technologies by 5.8% during the fourth quarter. Wellington Management Group LLP now owns 7,725 shares of the scientific and technical instruments company's stock worth $3,585,000 after buying an additional 424 shares in the last quarter. Franklin Resources Inc. grew its position in Teledyne Technologies by 2.1% during the fourth quarter. Franklin Resources Inc. now owns 2,626 shares of the scientific and technical instruments company's stock worth $1,219,000 after buying an additional 53 shares during the period. Peapack Gladstone Financial Corp purchased a new position in Teledyne Technologies in the fourth quarter valued at about $240,000. Finally, Federated Hermes Inc. purchased a new position in Teledyne Technologies in the fourth quarter valued at about $109,000. 91.58% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on TDY. Needham & Company LLC lowered their price target on Teledyne Technologies from $585.00 to $550.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. Morgan Stanley upped their target price on Teledyne Technologies from $535.00 to $580.00 and gave the company an "equal weight" rating in a report on Thursday, July 17th. Stifel Nicolaus initiated coverage on Teledyne Technologies in a research report on Tuesday, June 24th. They issued a "buy" rating and a $626.00 price target for the company. UBS Group boosted their price objective on shares of Teledyne Technologies from $585.00 to $630.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Finally, Wall Street Zen raised shares of Teledyne Technologies from a "hold" rating to a "buy" rating in a research note on Friday, May 9th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $576.57.

Insiders Place Their Bets

In other news, Director Simon M. Lorne sold 6,311 shares of the company's stock in a transaction dated Friday, July 25th. The shares were sold at an average price of $549.64, for a total transaction of $3,468,778.04. Following the completion of the transaction, the director owned 61,913 shares of the company's stock, valued at $34,029,861.32. This represents a 9.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Michael T. Smith sold 1,975 shares of Teledyne Technologies stock in a transaction on Monday, July 28th. The shares were sold at an average price of $560.10, for a total transaction of $1,106,197.50. Following the completion of the transaction, the director owned 51,328 shares in the company, valued at approximately $28,748,812.80. This trade represents a 3.71% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 15,021 shares of company stock valued at $8,315,662. Insiders own 1.50% of the company's stock.

Teledyne Technologies Trading Down 0.7%

NYSE:TDY traded down $3.78 on Friday, reaching $546.35. The stock had a trading volume of 207,467 shares, compared to its average volume of 490,297. Teledyne Technologies Incorporated has a 12-month low of $404.75 and a 12-month high of $570.56. The company has a market cap of $25.62 billion, a price-to-earnings ratio of 30.09, a P/E/G ratio of 2.54 and a beta of 1.07. The firm's fifty day moving average is $522.15 and its two-hundred day moving average is $499.97. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.66 and a quick ratio of 1.07.

Teledyne Technologies (NYSE:TDY - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The scientific and technical instruments company reported $5.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.05 by $0.15. The business had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.47 billion. Teledyne Technologies had a net margin of 14.54% and a return on equity of 9.96%. The company's quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.58 earnings per share. Equities analysts expect that Teledyne Technologies Incorporated will post 21.55 EPS for the current fiscal year.

Teledyne Technologies declared that its board has approved a share repurchase program on Wednesday, July 23rd that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the scientific and technical instruments company to repurchase up to 7.7% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's board of directors believes its stock is undervalued.

Teledyne Technologies Profile

Teledyne Technologies Incorporated, together with its subsidiaries, provides enabling technologies for industrial growth markets in the United States and internationally. Its Digital Imaging segment provides visible spectrum sensors and digital cameras; and infrared, ultraviolet, visible, and X-ray spectra; as well as micro electromechanical systems and semiconductors, including analog-to-digital and digital-to-analog converters.