National Bank of Canada FI Cuts Stock Position in Teledyne Technologies Incorporated (NYSE:TDY)

Key Points

• National Bank of Canada FI reduced its investment in Teledyne Technologies by 7.5%, selling 2,853 shares, and now holds approximately 35,173 shares valued at $17.5 million.
• Teledyne Technologies' CEO, George C. Bobb III, sold 6,735 shares, resulting in a 39.33% decrease in his ownership stake, while insiders have collectively sold 15,021 shares in recent months.
• Analysts have provided a consensus rating of "Moderate Buy" for Teledyne Technologies, with a revised average price target of $576.57, indicating optimistic outlooks from several firms.

National Bank of Canada FI reduced its position in Teledyne Technologies Incorporated (NYSE:TDY - Free Report) by 7.5% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 35,173 shares of the scientific and technical instruments company's stock after selling 2,853 shares during the period. National Bank of Canada FI owned 0.08% of Teledyne Technologies worth $17,506,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Golden State Wealth Management LLC boosted 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 in the last quarter. NBC Securities Inc. acquired a new stake in Teledyne Technologies in the 1st quarter worth approximately $28,000. Quarry LP acquired a new stake in Teledyne Technologies in the 4th quarter worth approximately $28,000. TCTC Holdings LLC boosted its stake in 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 worth $37,000 after purchasing an additional 37 shares in the last quarter. Finally, Ancora Advisors LLC boosted its stake in 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 worth $35,000 after purchasing an additional 50 shares in the last quarter. 91.58% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts recently commented on TDY shares. Stifel Nicolaus started 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. Needham & Company LLC lowered 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. TD Securities reissued a "buy" rating and set a $550.00 price target on shares of Teledyne Technologies in a research report on Thursday, April 24th. Morgan Stanley raised their price target 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. Finally, Wall Street Zen raised shares of Teledyne Technologies from a "hold" rating to a "buy" rating in a research report on Friday, May 9th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Teledyne Technologies currently has an average rating of "Moderate Buy" and a consensus price target of $576.57.

Teledyne Technologies Stock Performance

TDY traded down $2.04 during trading on Wednesday, reaching $550.26. 387,845 shares of the company's stock were exchanged, compared to its average volume of 474,174. Teledyne Technologies Incorporated has a 1 year low of $406.42 and a 1 year 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. The stock has a market capitalization 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's fifty day simple moving average is $525.22 and its 200-day simple moving average is $500.86.

Teledyne Technologies (NYSE:TDY - Get Free Report) last posted its 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. The firm 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 business's quarterly revenue was up 10.2% on a year-over-year basis. During the same period in the previous year, the firm earned $4.58 EPS. As a group, research analysts predict that Teledyne Technologies Incorporated will post 21.55 earnings per share for the current fiscal year.

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

Insider Activity

In other news, Director Michael T. Smith sold 1,975 shares of Teledyne Technologies stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $560.10, for a total transaction of $1,106,197.50. Following the completion of the transaction, the director directly owned 51,328 shares of the company's stock, valued at $28,748,812.80. The trade was a 3.71% 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 Simon M. Lorne sold 6,311 shares of Teledyne Technologies 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 transaction, the director directly owned 61,913 shares of the company's stock, valued at approximately $34,029,861.32. This trade represents a 9.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 15,021 shares of company stock valued at $8,315,662 in the last three months. 1.50% of the stock is currently owned by corporate insiders.

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.