Empirical Financial Services LLC d.b.a. Empirical Wealth Management Grows Stock Holdings in Teledyne Technologies Incorporated (NYSE:TDY)

Key Points

• Empirical Wealth Management increased its stake in Teledyne Technologies by 64% in Q1, owning 2,038 shares valued at $1,014,000.
• Teledyne Technologies surpassed earnings expectations, reporting $5.20 EPS and $1.51 billion in revenue, with a quarterly revenue increase of 10.2% year-over-year.
• Insider transactions included CEO George C. Bobb III and Director Simon M. Lorne selling shares worth over $7 million in total, indicating potential confidence shifts among executive leadership.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its stake in Teledyne Technologies Incorporated (NYSE:TDY - Free Report) by 64.0% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,038 shares of the scientific and technical instruments company's stock after buying an additional 795 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management's holdings in Teledyne Technologies were worth $1,014,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in TDY. Golden State Wealth Management LLC increased its holdings in shares of Teledyne Technologies by 205.9% in the 1st quarter. Golden State Wealth Management LLC now owns 52 shares of the scientific and technical instruments company's stock worth $26,000 after purchasing an additional 35 shares in the last quarter. Quarry LP bought a new stake in shares of Teledyne Technologies in the 4th quarter worth $28,000. NBC Securities Inc. bought a new stake in shares of Teledyne Technologies in the 1st quarter worth $28,000. Hurley Capital LLC bought a new stake in shares of Teledyne Technologies in the 4th quarter worth $33,000. Finally, Ancora Advisors LLC increased its holdings in shares of Teledyne Technologies by 192.3% in the 4th quarter. Ancora Advisors LLC now owns 76 shares of the scientific and technical instruments company's stock worth $35,000 after purchasing an additional 50 shares in the last quarter. Hedge funds and other institutional investors own 91.58% of the company's stock.

Insiders Place Their Bets

In other news, Director Simon M. Lorne sold 6,311 shares of the 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 sale, the director owned 61,913 shares in the company, valued at approximately $34,029,861.32. This represents a 9.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Michael T. Smith sold 1,975 shares of the stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $560.10, for a total value of $1,106,197.50. Following the sale, the director directly owned 51,328 shares in the company, valued at $28,748,812.80. This represents a 3.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 15,021 shares of company stock worth $8,315,662 over the last 90 days. Company insiders own 1.50% of the company's stock.

Teledyne Technologies Price Performance

NYSE:TDY traded up $1.07 on Tuesday, reaching $553.33. 285,775 shares of the company's stock traded hands, compared to its average volume of 332,116. 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 stock has a 50-day simple moving average of $516.60 and a 200-day simple moving average of $497.89. The firm has a market cap of $25.95 billion, a PE ratio of 30.47, a P/E/G ratio of 2.53 and a beta of 1.07. Teledyne Technologies Incorporated has a 12 month low of $399.06 and a 12 month high of $570.56.

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

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

Analyst Ratings Changes

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

About Teledyne Technologies

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.