Mizuho Securities USA LLC Has $1.86 Million Stock Position in Teledyne Technologies Incorporated (NYSE:TDY)

Key Points

• Mizuho Securities USA LLC has reduced its holdings in Teledyne Technologies by 15.5%, now owning 3,731 shares valued at approximately $1.86 million.
• Other institutional investors have shown activity, with OneDigital Investment Advisors LLC purchasing a new stake worth about $247,000 in the first quarter.
• The board of Teledyne Technologies has authorized a $2.00 billion stock repurchase plan, signifying confidence in the company's share value being undervalued.

Mizuho Securities USA LLC trimmed its position in Teledyne Technologies Incorporated (NYSE:TDY - Free Report) by 15.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,731 shares of the scientific and technical instruments company's stock after selling 686 shares during the quarter. Mizuho Securities USA LLC's holdings in Teledyne Technologies were worth $1,857,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. increased its position in Teledyne Technologies by 1.9% during the first quarter. Vanguard Group Inc. now owns 5,718,295 shares of the scientific and technical instruments company's stock worth $2,846,053,000 after acquiring an additional 105,811 shares during the period. Janus Henderson Group PLC increased its position in Teledyne Technologies by 0.8% during the fourth quarter. Janus Henderson Group PLC now owns 1,723,082 shares of the scientific and technical instruments company's stock worth $799,734,000 after acquiring an additional 13,607 shares during the period. Kayne Anderson Rudnick Investment Management LLC increased its position in Teledyne Technologies by 1.6% during the fourth quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,316,360 shares of the scientific and technical instruments company's stock worth $610,962,000 after acquiring an additional 20,165 shares during the period. JPMorgan Chase & Co. increased its position in Teledyne Technologies by 7.1% during the first quarter. JPMorgan Chase & Co. now owns 1,102,795 shares of the scientific and technical instruments company's stock worth $548,872,000 after acquiring an additional 73,009 shares during the period. Finally, Northern Trust Corp increased its position in Teledyne Technologies by 16.6% during the fourth quarter. Northern Trust Corp now owns 536,874 shares of the scientific and technical instruments company's stock worth $249,180,000 after acquiring an additional 76,552 shares during the period. 91.58% of the stock is currently owned by institutional investors and hedge funds.

Teledyne Technologies Stock Performance

Teledyne Technologies stock traded down $2.04 on Wednesday, hitting $550.26. The company's stock had a trading volume of 387,845 shares, compared to its average volume of 474,174. The firm has a market cap of $25.80 billion, a P/E ratio of 30.30, a price-to-earnings-growth ratio of 2.57 and a beta of 1.07. 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 fifty day moving average price of $525.22 and a 200-day moving average price of $500.86. Teledyne Technologies Incorporated has a one year low of $406.42 and a one year high of $570.56.

Teledyne Technologies (NYSE:TDY - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The scientific and technical instruments company reported $5.20 earnings per share (EPS) 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 analyst estimates of $1.47 billion. During the same quarter in the previous year, the firm posted $4.58 EPS. The business's revenue for the quarter was up 10.2% on a year-over-year basis. On average, equities analysts anticipate that Teledyne Technologies Incorporated will post 21.55 earnings per share for the current year.

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

Insider Transactions at Teledyne Technologies

In other news, Director Simon M. Lorne sold 6,311 shares of the company's stock in a transaction dated 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 sale, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael T. Smith sold 1,975 shares of the company's stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $560.10, for a total transaction of $1,106,197.50. Following the completion of the sale, the director directly owned 51,328 shares in the company, valued at approximately $28,748,812.80. The trade was a 3.71% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 15,021 shares of company stock valued at $8,315,662. 1.50% of the stock is owned by insiders.

Analyst Ratings Changes

TDY has been the topic of a number of research reports. UBS Group boosted their target price on shares of Teledyne Technologies from $585.00 to $630.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Stifel Nicolaus initiated coverage on shares of Teledyne Technologies in a research report on Tuesday, June 24th. They set a "buy" rating and a $626.00 target price on the stock. Morgan Stanley boosted their target price on shares of Teledyne Technologies from $535.00 to $580.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 17th. TD Securities reissued a "buy" rating and issued a $550.00 price target on shares of Teledyne Technologies in a report on Thursday, April 24th. Finally, Needham & Company LLC lowered their price target on shares of Teledyne Technologies from $585.00 to $550.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $576.57.

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.