Mitsubishi UFJ Asset Management Co. Ltd. Has $45.87 Million Stake in Teledyne Technologies Incorporated (NYSE:TDY)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Teledyne Technologies by 11.4% during the first quarter, owning approximately $45.87 million worth of shares.
• Teledyne Technologies received numerous positive ratings from analysts, with target prices ranging from $550.00 to $630.00, indicating robust growth prospects.
• The company approved a $2.00 billion stock buyback plan, allowing it to repurchase up to 7.7% of its stock, a sign of confidence in its valuation.

Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in Teledyne Technologies Incorporated (NYSE:TDY - Free Report) by 11.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 92,165 shares of the scientific and technical instruments company's stock after acquiring an additional 9,423 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.20% of Teledyne Technologies worth $45,871,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the stock. Golden State Wealth Management LLC lifted its stake in shares of Teledyne Technologies by 205.9% during 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 acquiring an additional 35 shares during the period. Quarry LP acquired a new position in shares of Teledyne Technologies during the fourth quarter valued at $28,000. NBC Securities Inc. acquired a new position in shares of Teledyne Technologies during the first quarter valued at $28,000. Ancora Advisors LLC lifted its stake in shares of 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 valued at $35,000 after acquiring an additional 50 shares during the period. Finally, TCTC Holdings LLC lifted its stake in shares of 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 valued at $37,000 after acquiring an additional 37 shares during the period. 91.58% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Teledyne Technologies news, CEO George C. Bobb III sold 6,735 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the chief executive officer directly owned 10,391 shares in the company, valued at $5,771,265.31. This trade represents a 39.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Simon M. Lorne sold 6,311 shares of the firm's stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $549.64, for a total value of $3,468,778.04. Following the completion of the transaction, the director owned 61,913 shares of the company's stock, valued at approximately $34,029,861.32. This represents a 9.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 15,021 shares of company stock worth $8,315,662. 1.50% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

TDY has been the topic of several analyst reports. Needham & Company LLC cut their target price on Teledyne Technologies from $585.00 to $550.00 and set a "buy" rating on the stock in a research note on Thursday, April 24th. Wall Street Zen raised Teledyne Technologies from a "hold" rating to a "buy" rating in a research note on Friday, May 9th. Stifel Nicolaus initiated coverage on Teledyne Technologies in a research note on Tuesday, June 24th. They issued a "buy" rating and a $626.00 target price on the stock. TD Securities reissued a "buy" rating and issued a $550.00 target price on shares of Teledyne Technologies in a research note on Thursday, April 24th. Finally, Morgan Stanley raised their price target on Teledyne Technologies from $535.00 to $580.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 17th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, Teledyne Technologies presently has an average rating of "Moderate Buy" and a consensus target price of $576.57.

Teledyne Technologies Stock Down 0.4%

Shares of NYSE:TDY traded down $2.04 during mid-day trading on Wednesday, reaching $550.26. 384,272 shares of the stock were exchanged, compared to its average volume of 328,430. The company has a quick ratio of 1.07, a current ratio of 1.66 and a debt-to-equity ratio of 0.21. The company has a market cap of $25.80 billion, a P/E ratio of 30.30, a P/E/G ratio of 2.52 and a beta of 1.07. Teledyne Technologies Incorporated has a one year low of $406.42 and a one year high of $570.56. The stock's 50 day simple moving average is $524.18 and its 200-day simple moving average is $500.52.

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 (EPS) for the quarter, topping analysts' consensus estimates of $5.05 by $0.15. The business had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.47 billion. Teledyne Technologies had a return on equity of 9.96% and a net margin of 14.54%. Teledyne Technologies's quarterly revenue was up 10.2% on a year-over-year basis. During the same period last year, the company earned $4.58 earnings per share. As a group, equities research analysts predict that Teledyne Technologies Incorporated will post 21.55 EPS for the current year.

Teledyne Technologies announced that its board has initiated a share buyback plan on Wednesday, July 23rd that allows the company to repurchase $2.00 billion in 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 usually an indication that the company's leadership believes its stock is 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.