Nuveen LLC Acquires Shares of 96,212 Teledyne Technologies Incorporated (NYSE:TDY)

Key Points

• Nuveen LLC has acquired a stake of 96,212 shares in Teledyne Technologies, valued at approximately $47.89 million, equating to about 0.21% of the company.
• Teledyne Technologies has announced a $2 billion stock repurchase program, allowing for the buyback of up to 7.7% of its stock, indicating management believes the shares are undervalued.
• Insider transactions included CEO George C. Bobb III selling 6,735 shares, reducing his ownership by 39.33%, while the company received multiple "buy" ratings from analysts, raising its target prices accordingly.

Nuveen LLC acquired a new stake in shares of Teledyne Technologies Incorporated (NYSE:TDY - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm acquired 96,212 shares of the scientific and technical instruments company's stock, valued at approximately $47,886,000. Nuveen LLC owned approximately 0.21% of Teledyne Technologies at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. OneDigital Investment Advisors LLC purchased a new stake in Teledyne Technologies during the 1st quarter valued at approximately $247,000. Asset Management One Co. Ltd. grew its holdings in Teledyne Technologies by 4.7% during the 1st quarter. Asset Management One Co. Ltd. now owns 38,298 shares of the scientific and technical instruments company's stock valued at $19,061,000 after buying an additional 1,712 shares in the last quarter. IFM Investors Pty Ltd grew its holdings in shares of Teledyne Technologies by 8.3% in the first quarter. IFM Investors Pty Ltd now owns 8,913 shares of the scientific and technical instruments company's stock valued at $4,436,000 after purchasing an additional 681 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of Teledyne Technologies in the first quarter valued at $6,725,000. Finally, QRG Capital Management Inc. purchased a new position in shares of Teledyne Technologies in the first quarter valued at $275,000. 91.58% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Teledyne Technologies

In other news, CEO George C. Bobb III sold 6,735 shares of Teledyne Technologies stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $555.41, for a total transaction of $3,740,686.35. Following the completion of the sale, the chief executive officer directly owned 10,391 shares in the company, valued at approximately $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 can be accessed through this link. Also, Director Simon M. Lorne sold 6,311 shares of Teledyne Technologies stock in a transaction on Friday, July 25th. The stock was 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 trade represents a 9.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 15,021 shares of company stock worth $8,315,662. 1.50% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on TDY shares. Wall Street Zen raised shares of Teledyne Technologies from a "hold" rating to a "buy" rating in a report on Friday, May 9th. UBS Group raised their target price on shares of Teledyne Technologies from $585.00 to $630.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Needham & Company LLC cut their target price on shares of Teledyne Technologies from $585.00 to $550.00 and set a "buy" rating for the company in a report on Thursday, April 24th. Morgan Stanley raised their target price on shares of Teledyne Technologies from $535.00 to $580.00 and gave the company an "equal weight" rating in a report on Thursday, July 17th. Finally, Stifel Nicolaus started coverage on shares of Teledyne Technologies in a report on Tuesday, June 24th. They issued a "buy" rating and a $626.00 target price for the company. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $576.57.

Teledyne Technologies Stock Down 1.4%

Shares of TDY opened at $542.57 on Friday. The company has a market cap of $25.44 billion, a PE ratio of 29.88, a P/E/G ratio of 2.55 and a beta of 1.07. The business has a fifty day moving average of $526.08 and a 200 day moving average of $501.10. Teledyne Technologies Incorporated has a 52-week low of $409.06 and a 52-week high of $570.56. The company has a quick ratio of 1.07, a current ratio of 1.66 and a debt-to-equity ratio of 0.21.

Teledyne Technologies (NYSE:TDY - Get Free Report) last issued its quarterly earnings results 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 company 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 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. On average, sell-side analysts expect that Teledyne Technologies Incorporated will post 21.55 EPS for the current year.

Teledyne Technologies announced that its board has authorized a stock repurchase program 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 purchase up to 7.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management 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.

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