HB Wealth Management LLC Invests $297,000 in Teledyne Technologies Incorporated (NYSE:TDY)

Key Points

• HB Wealth Management LLC has acquired 596 shares of Teledyne Technologies, valued at approximately $297,000, during the first quarter.
• Insider trading activity included Director Michael T. Smith selling 1,975 shares for over $1.1 million, reflecting a 3.71% decrease in his ownership.
• Teledyne Technologies announced a share repurchase plan to buy up to $2.00 billion in shares, indicating the board’s belief that the stock is undervalued.

HB Wealth Management LLC purchased a new position in Teledyne Technologies Incorporated (NYSE:TDY - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 596 shares of the scientific and technical instruments company's stock, valued at approximately $297,000.

Several other large investors also recently modified their holdings of TDY. Central Securities Corp grew its holdings in shares of Teledyne Technologies by 16.7% during the first quarter. Central Securities Corp now owns 70,000 shares of the scientific and technical instruments company's stock worth $34,840,000 after buying an additional 10,000 shares in the last quarter. Nikko Asset Management Americas Inc. grew its holdings in shares of Teledyne Technologies by 2.9% during the first quarter. Nikko Asset Management Americas Inc. now owns 8,498 shares of the scientific and technical instruments company's stock worth $4,230,000 after buying an additional 236 shares in the last quarter. Drive Wealth Management LLC bought a new position in shares of Teledyne Technologies during the first quarter worth about $201,000. Pacer Advisors Inc. grew its holdings in shares of Teledyne Technologies by 3,319.3% during the first quarter. Pacer Advisors Inc. now owns 181,601 shares of the scientific and technical instruments company's stock worth $90,385,000 after buying an additional 176,290 shares in the last quarter. Finally, Cetera Investment Advisers grew its holdings in shares of Teledyne Technologies by 5.4% during the first quarter. Cetera Investment Advisers now owns 9,714 shares of the scientific and technical instruments company's stock worth $4,835,000 after buying an additional 497 shares in the last quarter. 91.58% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

TDY has been the subject of a number of analyst reports. UBS Group raised their price target on Teledyne Technologies from $585.00 to $630.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Needham & Company LLC decreased their price target on Teledyne Technologies from $585.00 to $550.00 and set a "buy" rating for the company in a research note on Thursday, April 24th. TD Securities restated a "buy" rating and issued a $550.00 price target on shares of Teledyne Technologies in a research note on Thursday, April 24th. Wall Street Zen upgraded Teledyne Technologies from a "hold" rating to a "buy" rating in a research note on Friday, May 9th. Finally, Stifel Nicolaus began coverage on Teledyne Technologies in a research note on Tuesday, June 24th. They issued a "buy" rating and a $626.00 price target for the company. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat, Teledyne Technologies presently has a consensus rating of "Moderate Buy" and an average target price of $576.57.

Teledyne Technologies Stock Performance

NYSE:TDY traded down $6.46 during mid-day trading on Friday, hitting $544.56. 446,276 shares of the stock were exchanged, compared to its average volume of 485,684. The stock has a market capitalization of $25.53 billion, a price-to-earnings ratio of 29.99, a price-to-earnings-growth ratio of 2.53 and a beta of 1.07. The firm's 50-day simple moving average is $516.60 and its 200 day simple moving average is $497.71. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.07 and a current ratio of 1.66. Teledyne Technologies Incorporated has a fifty-two week low of $397.78 and a fifty-two week high of $570.56.

Teledyne Technologies (NYSE:TDY - Get Free Report) last released 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 business had revenue of $1.51 billion during the quarter, compared to analysts' expectations of $1.47 billion. Teledyne Technologies had a return on equity of 9.96% and a net margin of 14.54%. The firm's revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period last year, the firm posted $4.58 EPS. As a group, equities analysts anticipate that Teledyne Technologies Incorporated will post 21.55 EPS for the current fiscal year.

Teledyne Technologies declared that its Board of Directors has authorized a stock buyback plan on Wednesday, July 23rd that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the scientific and technical instruments company to repurchase up to 7.7% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other Teledyne Technologies news, Director Michael T. Smith sold 1,975 shares of Teledyne Technologies stock in a transaction on 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 completion of the transaction, the director directly owned 51,328 shares of the company's stock, valued at $28,748,812.80. The trade was a 3.71% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO George C. Bobb III sold 6,735 shares of Teledyne Technologies stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $555.41, for a total value of $3,740,686.35. Following the completion of the transaction, the chief executive officer directly owned 10,391 shares of the company's stock, valued at $5,771,265.31. This represents a 39.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 15,021 shares of company stock worth $8,315,662 in the last 90 days. Company insiders own 1.50% of the company's stock.

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.