Fayez Sarofim & Co Has $83.45 Million Stock Position in Teledyne Technologies Incorporated (NYSE:TDY)

Key Points

• Fayez Sarofim & Co reduced its stake in Teledyne Technologies by 6.7%, now holding 167,672 shares valued at approximately $83.45 million.
• Teledyne Technologies recently announced a $2.00 billion share repurchase plan, signaling confidence in its stock value.
• The company reported earnings of $5.20 per share, exceeding analyst estimates and reflecting a 10.2% revenue growth year over year.

Fayez Sarofim & Co trimmed its holdings in shares of Teledyne Technologies Incorporated (NYSE:TDY - Free Report) by 6.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 167,672 shares of the scientific and technical instruments company's stock after selling 12,000 shares during the period. Fayez Sarofim & Co owned approximately 0.36% of Teledyne Technologies worth $83,452,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Golden State Wealth Management LLC grew its holdings in shares of Teledyne Technologies by 205.9% in the first quarter. Golden State Wealth Management LLC now owns 52 shares of the scientific and technical instruments company's stock valued at $26,000 after purchasing an additional 35 shares during the period. Quarry LP purchased a new position in Teledyne Technologies during the fourth quarter worth about $28,000. NBC Securities Inc. purchased a new position in Teledyne Technologies during the first quarter worth about $28,000. Ancora Advisors LLC boosted its stake in Teledyne Technologies by 192.3% during the fourth quarter. Ancora Advisors LLC now owns 76 shares of the scientific and technical instruments company's stock worth $35,000 after buying an additional 50 shares during the period. Finally, TCTC Holdings LLC boosted its stake in Teledyne Technologies by 97.4% during the first quarter. TCTC Holdings LLC now owns 75 shares of the scientific and technical instruments company's stock worth $37,000 after buying an additional 37 shares during the period. 91.58% of the stock is currently owned by institutional investors and hedge funds.

Teledyne Technologies Stock Performance

Shares of TDY traded down $3.63 during mid-day trading on Monday, reaching $542.31. 87,730 shares of the company's stock were exchanged, compared to its average volume of 328,359. 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 stock has a market capitalization of $25.43 billion, a PE ratio of 29.86, a price-to-earnings-growth ratio of 2.54 and a beta of 1.07. The business's fifty day simple moving average is $522.15 and its 200-day simple moving average is $499.97. Teledyne Technologies Incorporated has a 52-week low of $404.75 and a 52-week high of $570.56.

Teledyne Technologies (NYSE:TDY - Get Free Report) last posted 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 for the quarter, compared to analyst estimates of $1.47 billion. Teledyne Technologies had a net margin of 14.54% and a return on equity of 9.96%. Teledyne Technologies's quarterly revenue was up 10.2% on a year-over-year basis. During the same period last year, the firm posted $4.58 EPS. On average, equities research analysts expect that Teledyne Technologies Incorporated will post 21.55 earnings per share for the current year.

Teledyne Technologies declared that its Board of Directors has initiated a share buyback plan on Wednesday, July 23rd that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the scientific and technical instruments company to repurchase up to 7.7% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research analysts have recently commented on TDY shares. Stifel Nicolaus started 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 for the company. Wall Street Zen raised shares of Teledyne Technologies from a "hold" rating to a "buy" rating in a research note on Friday, May 9th. 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 raised their price objective 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. Finally, Morgan Stanley raised their price objective 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 investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $576.57.

Insider Activity at Teledyne Technologies

In related news, Director Michael T. Smith sold 1,975 shares of the business's stock in a transaction dated 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 completion of the transaction, the director owned 51,328 shares of the company's stock, valued at approximately $28,748,812.80. The trade was a 3.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO George C. Bobb III sold 6,735 shares of the company's stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $555.41, for a total transaction of $3,740,686.35. Following the transaction, the chief executive officer directly owned 10,391 shares of the company's stock, valued at approximately $5,771,265.31. This represents a 39.33% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 15,021 shares of company stock valued at $8,315,662. 1.50% of the stock is owned by insiders.

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.