Donoghue Forlines LLC Makes New Investment in Teledyne Technologies Incorporated (NYSE:TDY)

Key Points

• Donoghue Forlines LLC purchased 4,639 shares of Teledyne Technologies Incorporated for approximately $2.3 million during the first quarter, indicating strong interest in the stock.
• Teledyne Technologies reported quarterly earnings with an EPS of $5.20, surpassing analyst expectations of $5.05, and achieved a 10.2% increase in revenue year-over-year.
• The company has initiated a $2 billion share repurchase plan, allowing it to buy back up to 7.7% of its stock, suggesting management believes the stock is undervalued.

Donoghue Forlines LLC acquired a new stake in Teledyne Technologies Incorporated (NYSE:TDY - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 4,639 shares of the scientific and technical instruments company's stock, valued at approximately $2,309,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Tidal Investments LLC increased its holdings in Teledyne Technologies by 0.4% during the 4th quarter. Tidal Investments LLC now owns 5,508 shares of the scientific and technical instruments company's stock worth $2,556,000 after purchasing an additional 22 shares during the last quarter. Keel Point LLC increased its holdings in Teledyne Technologies by 4.5% during the 4th quarter. Keel Point LLC now owns 532 shares of the scientific and technical instruments company's stock worth $247,000 after purchasing an additional 23 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in Teledyne Technologies by 0.4% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 6,538 shares of the scientific and technical instruments company's stock worth $3,254,000 after purchasing an additional 23 shares during the last quarter. Sequoia Financial Advisors LLC increased its holdings in Teledyne Technologies by 2.6% during the 1st quarter. Sequoia Financial Advisors LLC now owns 947 shares of the scientific and technical instruments company's stock worth $471,000 after purchasing an additional 24 shares during the last quarter. Finally, HighPoint Advisor Group LLC increased its holdings in Teledyne Technologies by 3.2% during the 1st quarter. HighPoint Advisor Group LLC now owns 776 shares of the scientific and technical instruments company's stock worth $359,000 after purchasing an additional 24 shares during the last quarter. 91.58% of the stock is owned by institutional investors and hedge funds.

Teledyne Technologies Stock Performance

Shares of TDY traded up $10.60 during midday trading on Tuesday, hitting $552.63. 220,513 shares of the stock traded hands, compared to its average volume of 328,903. Teledyne Technologies Incorporated has a 1-year low of $406.36 and a 1-year high of $570.56. The firm has a market capitalization of $25.91 billion, a PE ratio of 30.43, a price-to-earnings-growth ratio of 2.54 and a beta of 1.07. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.07 and a current ratio of 1.66. The business's 50 day moving average price is $523.11 and its two-hundred day moving average price is $500.16.

Teledyne Technologies (NYSE:TDY - Get Free Report) last announced its quarterly earnings results 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. Teledyne Technologies had a net margin of 14.54% and a return on equity of 9.96%. The company had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.47 billion. During the same quarter in the previous year, the company posted $4.58 earnings per share. The company's revenue for the quarter was up 10.2% compared to the same quarter last year. Equities research analysts predict that Teledyne Technologies Incorporated will post 21.55 EPS for the current fiscal year.

Teledyne Technologies declared that its Board of Directors has initiated a share buyback program on Wednesday, July 23rd that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the scientific and technical instruments company to buy up to 7.7% of its stock through open market purchases. Stock buyback programs are often a sign that the company's board believes its stock is undervalued.

Insider Activity

In other Teledyne Technologies news, Director Simon M. Lorne sold 6,311 shares of the business's stock in a transaction on Friday, July 25th. The stock was 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 in the company, valued at approximately $34,029,861.32. The trade was a 9.25% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO George C. Bobb III sold 6,735 shares of the business's stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $555.41, for a total value of $3,740,686.35. Following the transaction, the chief executive officer owned 10,391 shares of the company's stock, valued at $5,771,265.31. This trade represents a 39.33% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 15,021 shares of company stock valued at $8,315,662. 1.50% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

TDY has been the subject of a number of research analyst reports. Needham & Company LLC lowered their price target on Teledyne Technologies from $585.00 to $550.00 and set a "buy" rating for the company in a report on Thursday, April 24th. TD Securities reiterated a "buy" rating and issued a $550.00 price target on shares of Teledyne Technologies in a report on Thursday, April 24th. Stifel Nicolaus initiated coverage on Teledyne Technologies in a report on Tuesday, June 24th. They issued a "buy" rating and a $626.00 price target for the company. UBS Group boosted their price target on Teledyne Technologies from $585.00 to $630.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Finally, Morgan Stanley boosted their price target on Teledyne Technologies from $535.00 to $580.00 and gave the company an "equal weight" rating in a report on Thursday, July 17th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $576.57.

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.