ING Groep NV Reduces Stock Holdings in Teledyne Technologies Incorporated (NYSE:TDY)

Key Points

• ING Groep NV reduced its stake in Teledyne Technologies by 33.6%, selling 2,001 shares and currently holding 3,951 shares worth approximately $1,966,000.
• Teledyne Technologies reported earnings of $5.20 per share for the last quarter, exceeding analyst expectations by $0.15, with a year-over-year revenue increase of 10.2%.
• The company has announced a stock repurchase plan allowing it to buy back up to $2.00 billion in shares, indicating management believes the stock is currently undervalued.

ING Groep NV lessened its stake in shares of Teledyne Technologies Incorporated (NYSE:TDY - Free Report) by 33.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 3,951 shares of the scientific and technical instruments company's stock after selling 2,001 shares during the period. ING Groep NV's holdings in Teledyne Technologies were worth $1,966,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the stock. OneDigital Investment Advisors LLC acquired a new stake in Teledyne Technologies during the 1st quarter valued at approximately $247,000. Asset Management One Co. Ltd. lifted its stake in Teledyne Technologies by 4.7% during the 1st quarter. Asset Management One Co. Ltd. now owns 38,298 shares of the scientific and technical instruments company's stock valued at $19,061,000 after acquiring an additional 1,712 shares during the period. IFM Investors Pty Ltd lifted its stake in Teledyne Technologies by 8.3% during the 1st quarter. IFM Investors Pty Ltd now owns 8,913 shares of the scientific and technical instruments company's stock valued at $4,436,000 after acquiring an additional 681 shares during the period. SG Americas Securities LLC acquired a new stake in Teledyne Technologies during the 1st quarter valued at approximately $6,725,000. Finally, QRG Capital Management Inc. acquired a new stake in Teledyne Technologies during the 1st quarter valued at approximately $275,000. Hedge funds and other institutional investors own 91.58% of the company's stock.

Insider Transactions at Teledyne Technologies

In other news, CEO George C. Bobb III sold 6,735 shares of the company's stock in a transaction on 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 completion of the sale, the chief executive officer 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Simon M. Lorne sold 6,311 shares of the company's 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 sale, the director directly owned 61,913 shares of the company's stock, valued at $34,029,861.32. The trade was a 9.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold 15,021 shares of company stock valued at $8,315,662 over the last 90 days. 1.50% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on TDY shares. TD Securities reiterated a "buy" rating and issued a $550.00 target price on shares of Teledyne Technologies in a research note on Thursday, April 24th. Needham & Company LLC decreased their target price on shares of Teledyne Technologies from $585.00 to $550.00 and set a "buy" rating for the company in a research note on Thursday, April 24th. Morgan Stanley boosted 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. Wall Street Zen upgraded shares of Teledyne Technologies from a "hold" rating to a "buy" rating in a research note on Friday, May 9th. Finally, UBS Group boosted 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. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat, Teledyne Technologies currently has a consensus rating of "Moderate Buy" and an average price target of $576.57.

Teledyne Technologies Price Performance

NYSE TDY traded down $3.78 on Friday, hitting $546.35. The company had a trading volume of 207,467 shares, compared to its average volume of 490,297. The company has a market capitalization of $25.62 billion, a PE ratio of 30.09, a PEG ratio of 2.56 and a beta of 1.07. The company's fifty day moving average price is $522.15 and its 200-day moving average price is $500.15. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.66 and a quick ratio of 1.07. Teledyne Technologies Incorporated has a 12-month low of $404.75 and a 12-month high of $570.56.

Teledyne Technologies (NYSE:TDY - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The scientific and technical instruments company reported $5.20 EPS for the quarter, topping the consensus estimate of $5.05 by $0.15. The company had revenue of $1.51 billion during 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%. The firm's revenue was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.58 EPS. As a group, analysts predict that Teledyne Technologies Incorporated will post 21.55 earnings per share for the current year.

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