Invesco Ltd. Has $295.14 Million Stock Position in Teledyne Technologies Incorporated (NYSE:TDY)

Key Points

• Invesco Ltd. reduced its stake in Teledyne Technologies by 5.4% to approximately 592,992 shares, valued at $295.14 million, during the first quarter of the year.
• Institutional investors now hold 91.58% of Teledyne Technologies' stock, with several firms increasing their positions significantly in the first quarter.
• Teledyne Technologies initiated a stock buyback plan worth $2 billion, allowing it to repurchase up to 7.7% of its shares, indicating management believes its stock is undervalued.

Invesco Ltd. decreased its position in Teledyne Technologies Incorporated (NYSE:TDY - Free Report) by 5.4% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 592,992 shares of the scientific and technical instruments company's stock after selling 33,530 shares during the period. Invesco Ltd. owned approximately 1.27% of Teledyne Technologies worth $295,138,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Golden State Wealth Management LLC grew 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 valued at $26,000 after buying an additional 35 shares during the period. NBC Securities Inc. acquired a new position in shares of Teledyne Technologies in the 1st quarter valued at $28,000. Quarry LP acquired a new position in shares of Teledyne Technologies in the 4th quarter valued at $28,000. TCTC Holdings LLC grew its holdings in shares of Teledyne Technologies by 97.4% in the 1st quarter. TCTC Holdings LLC now owns 75 shares of the scientific and technical instruments company's stock valued at $37,000 after buying an additional 37 shares during the period. Finally, Ancora Advisors LLC grew 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 valued at $35,000 after buying an additional 50 shares during the period. Institutional investors and hedge funds own 91.58% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on TDY. Needham & Company LLC reduced 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. UBS Group upped their target price on shares of Teledyne Technologies from $585.00 to $630.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Wall Street Zen raised shares of Teledyne Technologies from a "hold" rating to a "buy" rating in a research note on Friday, May 9th. 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 target price for the company. Finally, TD Securities reaffirmed a "buy" rating and issued a $550.00 target price on shares of Teledyne Technologies in a research note on Thursday, April 24th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $576.57.

Insider Buying and Selling

In related news, Director Michael T. Smith sold 1,975 shares of the 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 completion of the transaction, the director owned 51,328 shares of the company's stock, valued at $28,748,812.80. This represents a 3.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Simon M. Lorne sold 6,311 shares of the stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $549.64, for a total transaction of $3,468,778.04. Following the completion of the transaction, the director directly owned 61,913 shares of the company's stock, valued at approximately $34,029,861.32. The trade was a 9.25% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 15,021 shares of company stock worth $8,315,662. Corporate insiders own 1.50% of the company's stock.

Teledyne Technologies Trading Up 2.0%

Shares of NYSE:TDY opened at $552.63 on Wednesday. The company has a market capitalization of $25.91 billion, a P/E ratio of 30.43, a price-to-earnings-growth ratio of 2.52 and a beta of 1.07. 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 52-week low of $406.36 and a 52-week high of $570.56. The company has a 50-day simple moving average of $524.18 and a 200 day simple moving average of $500.52.

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, beating 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 firm had revenue of $1.51 billion for the quarter, compared to analysts' expectations of $1.47 billion. During the same period in the prior year, the firm earned $4.58 EPS. The business's revenue was up 10.2% on a year-over-year basis. Sell-side analysts forecast that Teledyne Technologies Incorporated will post 21.55 earnings per share for the current year.

Teledyne Technologies declared that its board has initiated a stock buyback plan 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 plans are typically a sign that the company's board believes its shares are undervalued.

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.

Want to see what other hedge funds are holding TDY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Teledyne Technologies Incorporated (NYSE:TDY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.