Driehaus Capital Management LLC Raises Position in Teledyne Technologies Incorporated $TDY

Key Points

• Driehaus Capital Management LLC increased its holdings in Teledyne Technologies by 85.2%, acquiring an additional 20,843 shares during the first quarter, totaling approximately $22.55 million in value.
• Teledyne Technologies' quarterly earnings surpassed expectations, reporting $5.20 EPS against forecasts of $5.05, with a revenue increase of 10.2% year-over-year.
• The company has authorized a $2 billion stock repurchase plan, allowing it to buy back up to 7.7% of its shares, indicating management's belief that the stock is undervalued.

Driehaus Capital Management LLC increased its stake in Teledyne Technologies Incorporated (NYSE:TDY - Free Report) by 85.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 45,310 shares of the scientific and technical instruments company's stock after buying an additional 20,843 shares during the period. Driehaus Capital Management LLC owned 0.10% of Teledyne Technologies worth $22,551,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in Teledyne Technologies by 1.9% in the first quarter. Vanguard Group Inc. now owns 5,718,295 shares of the scientific and technical instruments company's stock worth $2,846,053,000 after buying an additional 105,811 shares in the last quarter. Janus Henderson Group PLC raised its stake in Teledyne Technologies by 0.8% in the fourth quarter. Janus Henderson Group PLC now owns 1,723,082 shares of the scientific and technical instruments company's stock worth $799,734,000 after buying an additional 13,607 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC raised its stake in Teledyne Technologies by 10.9% in the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,459,422 shares of the scientific and technical instruments company's stock worth $726,369,000 after buying an additional 143,062 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Teledyne Technologies by 7.1% in the first quarter. JPMorgan Chase & Co. now owns 1,102,795 shares of the scientific and technical instruments company's stock worth $548,872,000 after buying an additional 73,009 shares in the last quarter. Finally, Northern Trust Corp raised its stake in Teledyne Technologies by 0.5% in the first quarter. Northern Trust Corp now owns 539,364 shares of the scientific and technical instruments company's stock worth $268,447,000 after buying an additional 2,490 shares in the last quarter. 91.58% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on TDY. 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 target for the company. UBS Group raised their target price 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. Morgan Stanley raised their target price 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. 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. Six analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $576.57.

Insider Buying and Selling

In related news, Director Michael T. Smith sold 1,975 shares of the firm's stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $560.10, for a total value of $1,106,197.50. Following the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO George C. Bobb III sold 6,735 shares of the firm's stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $555.41, for a total transaction of $3,740,686.35. Following the completion of the sale, the chief executive officer owned 10,391 shares in the company, valued at $5,771,265.31. This represents a 39.33% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 15,021 shares of company stock worth $8,315,662. 1.50% of the stock is owned by insiders.

Teledyne Technologies Stock Performance

TDY traded down $0.63 during midday trading on Tuesday, hitting $537.54. 246,761 shares of the company traded hands, compared to its average volume of 323,912. The company has a quick ratio of 1.07, a current ratio of 1.66 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $25.20 billion, a PE ratio of 29.60, a price-to-earnings-growth ratio of 2.50 and a beta of 1.09. The company's 50-day moving average is $537.58 and its 200 day moving average is $503.73. Teledyne Technologies Incorporated has a 52 week low of $416.00 and a 52 week high of $570.56.

Teledyne Technologies (NYSE:TDY - Get Free Report) last issued its 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 for the quarter, compared to analysts' expectations of $1.47 billion. During the same quarter last year, the company posted $4.58 earnings per share. The firm's quarterly revenue was up 10.2% on a year-over-year basis. Teledyne Technologies has set its FY 2025 guidance at 21.200-21.50 EPS. Q3 2025 guidance at 5.350-5.45 EPS. On average, research analysts expect 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 repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the scientific and technical instruments company to buy up to 7.7% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's management believes its stock is undervalued.

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.