Central Securities Corp Grows Stock Holdings in Teledyne Technologies Incorporated (NYSE:TDY)

Key Points

• Central Securities Corp has increased its holdings in Teledyne Technologies by 16.7%, owning a total of 70,000 shares, which now comprises about 3.3% of their investment portfolio.
• Teledyne Technologies recently reported a quarterly EPS of $5.20, exceeding analyst expectations, with a revenue of $1.51 billion for the quarter, marking a 10.2% increase year-over-year.
• Several institutional investors have significantly increased their stakes in Teledyne, with 91.58% of the stock now held by institutional investors and hedge funds.

Central Securities Corp boosted its stake in Teledyne Technologies Incorporated (NYSE:TDY - Free Report) by 16.7% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 70,000 shares of the scientific and technical instruments company's stock after purchasing an additional 10,000 shares during the period. Teledyne Technologies comprises approximately 3.3% of Central Securities Corp's investment portfolio, making the stock its 14th biggest position. Central Securities Corp owned approximately 0.15% of Teledyne Technologies worth $34,840,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Teacher Retirement System of Texas bought a new position in shares of Teledyne Technologies during the 4th quarter worth about $203,000. American Century Companies Inc. boosted its position 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 in the last quarter. LPL Financial LLC boosted its position in shares of Teledyne Technologies by 8.5% during the 4th quarter. LPL Financial LLC now owns 28,366 shares of the scientific and technical instruments company's stock worth $13,166,000 after purchasing an additional 2,224 shares in the last quarter. Modern Wealth Management LLC bought a new position in shares of Teledyne Technologies during the 4th quarter worth about $229,000. Finally, Meiji Yasuda Asset Management Co Ltd. boosted its position in shares of Teledyne Technologies by 18.1% during the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 1,316 shares of the scientific and technical instruments company's stock worth $611,000 after purchasing an additional 202 shares in the last quarter. 91.58% of the stock is currently owned by institutional investors and hedge funds.

Teledyne Technologies Stock Performance

Shares of NYSE TDY traded up $1.39 during mid-day trading on Monday, reaching $557.28. 467,770 shares of the company's stock were exchanged, compared to its average volume of 447,356. The firm has a market capitalization of $26.11 billion, a price-to-earnings ratio of 26.76, a price-to-earnings-growth ratio of 2.62 and a beta of 1.04. Teledyne Technologies Incorporated has a 52 week low of $397.78 and a 52 week high of $570.56. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.66 and a quick ratio of 1.07. The firm has a 50-day moving average price of $510.59 and a two-hundred day moving average price of $494.89.

Teledyne Technologies (NYSE:TDY - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The scientific and technical instruments company reported $5.20 earnings per share (EPS) for the quarter, topping 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 analyst estimates of $1.47 billion. During the same quarter last year, the business posted $4.58 EPS. Teledyne Technologies's quarterly revenue was up 10.2% compared to the same quarter last year. Analysts predict that Teledyne Technologies Incorporated will post 21.55 EPS for the current year.

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

Insider Activity

In other news, Director Simon M. Lorne sold 6,311 shares of the firm's stock in a transaction that occurred on 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 sale, the director owned 61,913 shares in the company, valued at $34,029,861.32. This trade represents a 9.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.50% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on TDY shares. Stifel Nicolaus started coverage on shares of Teledyne Technologies in a research report on Tuesday, June 24th. They set a "buy" rating and a $626.00 price objective on the stock. Needham & Company LLC dropped their price target on shares of Teledyne Technologies from $585.00 to $550.00 and set a "buy" rating on the stock in a research report on Thursday, April 24th. Morgan Stanley raised their price target on shares of Teledyne Technologies from $535.00 to $580.00 and gave the company an "equal weight" rating in a research report on Thursday, July 17th. Wall Street Zen raised shares of Teledyne Technologies from a "hold" rating to a "buy" rating in a research report on Friday, May 9th. Finally, TD Securities reaffirmed a "buy" rating and issued a $550.00 price target on shares of Teledyne Technologies in a research report on Thursday, April 24th. 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 company currently has an average rating of "Moderate Buy" and an average price target of $576.57.

Teledyne Technologies Company 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.