Teledyne Technologies Incorporated (NYSE:TDY) Shares Bought by Citigroup Inc.

Key Points

• Citigroup Inc. increased its stake in Teledyne Technologies by 278.0%, acquiring an additional 73,831 shares during the first quarter, bringing its total holdings to 100,387 shares valued at approximately $50 million.
• Other hedge funds, including GAMMA Investing LLC and Alyeska Investment Group, significantly raised their stakes in Teledyne Technologies, demonstrating robust institutional interest, with 91.58% of the company owned by institutional investors.
• Teledyne Technologies announced a $2 billion share buyback plan, which reflects the management's belief that the stock is undervalued, following a quarterly earnings report that exceeded analysts' expectations.

Citigroup Inc. boosted its position in shares of Teledyne Technologies Incorporated (NYSE:TDY - Free Report) by 278.0% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 100,387 shares of the scientific and technical instruments company's stock after purchasing an additional 73,831 shares during the quarter. Citigroup Inc. owned about 0.21% of Teledyne Technologies worth $49,964,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Tidal Investments LLC grew its position in shares of 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 valued at $2,556,000 after acquiring an additional 22 shares during the period. Keel Point LLC increased its holdings in shares of Teledyne Technologies by 4.5% in the 4th quarter. Keel Point LLC now owns 532 shares of the scientific and technical instruments company's stock worth $247,000 after buying an additional 23 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in shares of Teledyne Technologies by 0.4% in 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 buying an additional 23 shares during the last quarter. Sequoia Financial Advisors LLC increased its holdings in shares of Teledyne Technologies by 2.6% in the 1st quarter. Sequoia Financial Advisors LLC now owns 947 shares of the scientific and technical instruments company's stock worth $471,000 after buying an additional 24 shares during the last quarter. Finally, HighPoint Advisor Group LLC raised its holdings in shares of Teledyne Technologies by 3.2% in the first quarter. HighPoint Advisor Group LLC now owns 776 shares of the scientific and technical instruments company's stock worth $359,000 after buying an additional 24 shares during the period. 91.58% of the stock is owned by institutional investors.

Teledyne Technologies Price Performance

Shares of NYSE:TDY traded down $2.04 during midday trading on Wednesday, hitting $550.26. The company's stock had a trading volume of 387,845 shares, compared to its average volume of 329,288. The business's 50 day simple moving average is $525.22 and its 200 day simple moving average is $500.86. 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 company has a market cap of $25.80 billion, a P/E ratio of 30.30, a price-to-earnings-growth ratio of 2.52 and a beta of 1.07. Teledyne Technologies Incorporated has a 12-month low of $406.42 and a 12-month high of $570.56.

Teledyne Technologies (NYSE:TDY - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The scientific and technical instruments company reported $5.20 earnings per share for the quarter, topping the consensus estimate of $5.05 by $0.15. The firm 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 revenue for the quarter was up 10.2% on a year-over-year basis. During the same period last year, the firm posted $4.58 earnings per share. On average, analysts forecast that Teledyne Technologies Incorporated will post 21.55 EPS for the current year.

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

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. TD Securities reissued a "buy" rating and issued a $550.00 price objective on shares of Teledyne Technologies in a research note on Thursday, April 24th. UBS Group upped their price target on shares of Teledyne Technologies from $585.00 to $630.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Stifel Nicolaus began coverage on shares of Teledyne Technologies in a research note on Tuesday, June 24th. They issued 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. Finally, Morgan Stanley lifted 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 note on Thursday, July 17th. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Teledyne Technologies presently 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 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Michael T. Smith sold 1,975 shares of Teledyne Technologies stock in a transaction that occurred 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 sale, the director directly owned 51,328 shares in the company, valued at approximately $28,748,812.80. The trade was a 3.71% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 15,021 shares of company stock valued at $8,315,662 over the last ninety days. Company insiders own 1.50% of the company's stock.

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.