Mackenzie Financial Corp Boosts Stake in Teledyne Technologies Incorporated (NYSE:TDY)

Key Points

• Mackenzie Financial Corp increased its holdings in Teledyne Technologies by 245.8% during the first quarter, acquiring an additional 10,490 shares to own a total of 14,758 shares valued at approximately $7.35 million.
• Insider transactions revealed that Director Michael T. Smith sold 1,975 shares for over $1 million, reducing his ownership by 3.71%, while another director, Simon M. Lorne, sold 6,311 shares, decreasing his ownership by 9.25%.
• Teledyne Technologies announced a $2 billion stock repurchase program, allowing the company to buy back up to 7.7% of its shares, indicating management's belief that the stock is undervalued.

Mackenzie Financial Corp boosted its position in shares of Teledyne Technologies Incorporated (NYSE:TDY - Free Report) by 245.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,758 shares of the scientific and technical instruments company's stock after acquiring an additional 10,490 shares during the quarter. Mackenzie Financial Corp's holdings in Teledyne Technologies were worth $7,345,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Teacher Retirement System of Texas acquired a new stake in shares of Teledyne Technologies in the fourth quarter valued at $203,000. American Century Companies Inc. increased its holdings in Teledyne Technologies by 1.0% during the 4th quarter. American Century Companies Inc. now owns 3,195 shares of the scientific and technical instruments company's stock worth $1,483,000 after purchasing an additional 32 shares during the period. LPL Financial LLC boosted its stake in shares of Teledyne Technologies by 8.5% in the 4th quarter. LPL Financial LLC now owns 28,366 shares of the scientific and technical instruments company's stock valued at $13,166,000 after buying an additional 2,224 shares during the period. O Shaughnessy Asset Management LLC grew its position in shares of Teledyne Technologies by 118.3% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 1,559 shares of the scientific and technical instruments company's stock worth $724,000 after buying an additional 845 shares in the last quarter. Finally, Wellington Management Group LLP increased its stake in shares of Teledyne Technologies by 5.8% during the fourth quarter. Wellington Management Group LLP now owns 7,725 shares of the scientific and technical instruments company's stock worth $3,585,000 after buying an additional 424 shares during the period. 91.58% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

TDY has been the subject of several analyst reports. Morgan Stanley boosted their price target on shares of Teledyne Technologies from $535.00 to $580.00 and gave the stock an "equal weight" rating in a report on Thursday, July 17th. Stifel Nicolaus assumed coverage on Teledyne Technologies in a report on Tuesday, June 24th. They issued a "buy" rating and a $626.00 target price on the stock. Wall Street Zen raised Teledyne Technologies from a "hold" rating to a "buy" rating in a report on Friday, May 9th. Needham & Company LLC dropped their price objective on Teledyne Technologies from $585.00 to $550.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. Finally, UBS Group upped their price target on Teledyne Technologies from $585.00 to $630.00 and gave the company a "buy" rating in a report on Thursday, July 24th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $576.57.

Teledyne Technologies Stock Performance

Shares of TDY traded down $6.46 during mid-day trading on Friday, reaching $544.56. 446,276 shares of the company's stock were exchanged, compared to its average volume of 463,371. The business's fifty day simple moving average is $516.60 and its 200-day simple moving average is $497.52. The stock has a market capitalization of $25.53 billion, a PE ratio of 29.99, a price-to-earnings-growth ratio of 2.56 and a beta of 1.07. Teledyne Technologies Incorporated has a 52-week low of $397.78 and a 52-week high of $570.56. 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 (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 (EPS) for the quarter, topping 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 company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.47 billion. During the same period last year, the firm posted $4.58 EPS. Teledyne Technologies's revenue for the quarter was up 10.2% on a year-over-year basis. On average, equities research analysts expect that Teledyne Technologies Incorporated will post 21.55 earnings per share for the current year.

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

Insider Activity at Teledyne Technologies

In other news, Director Michael T. Smith sold 1,975 shares of the business's stock in a transaction that occurred 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 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO George C. Bobb III sold 6,735 shares of the stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $555.41, for a total value of $3,740,686.35. Following the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 15,021 shares of company stock worth $8,315,662 in the last quarter. 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.