Teledyne Technologies Incorporated (NYSE:TDY) Shares Acquired by Pacer Advisors Inc.

Key Points

• Pacer Advisors Inc. increased its stake in Teledyne Technologies by an impressive 3,319.3%, owning 181,601 shares valued at approximately $90.4 million by the end of the first quarter.
• Multiple institutional investors demonstrated confidence, with 91.58% of Teledyne's stock being held by institutional shareholders, including significant stakes from Janus Henderson Group PLC and Norges Bank.
• Teledyne Technologies reported a 10.2% revenue increase year-over-year in its most recent earnings release, surpassing analyst expectations with earnings of $5.20 per share against a consensus estimate of $5.05.

Pacer Advisors Inc. raised its holdings in Teledyne Technologies Incorporated (NYSE:TDY - Free Report) by 3,319.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 181,601 shares of the scientific and technical instruments company's stock after purchasing an additional 176,290 shares during the quarter. Pacer Advisors Inc. owned about 0.39% of Teledyne Technologies worth $90,385,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of TDY. Norges Bank acquired a new position in Teledyne Technologies in the fourth quarter valued at $306,042,000. GAMMA Investing LLC increased its stake in Teledyne Technologies by 61,911.9% in the first quarter. GAMMA Investing LLC now owns 496,715 shares of the scientific and technical instruments company's stock valued at $247,220,000 after purchasing an additional 495,914 shares during the period. Alyeska Investment Group L.P. boosted its holdings in shares of Teledyne Technologies by 19,605.0% in the fourth quarter. Alyeska Investment Group L.P. now owns 365,133 shares of the scientific and technical instruments company's stock valued at $169,469,000 after acquiring an additional 363,280 shares in the last quarter. Point72 Asset Management L.P. purchased a new stake in shares of Teledyne Technologies in the fourth quarter valued at about $143,524,000. Finally, Freestone Grove Partners LP purchased a new stake in shares of Teledyne Technologies in the fourth quarter valued at about $61,939,000. 91.58% of the stock is currently owned by institutional investors and hedge funds.

Teledyne Technologies Price Performance

Shares of NYSE TDY traded down $3.43 during midday trading on Tuesday, hitting $553.53. The company had a trading volume of 90,308 shares, compared to its average volume of 328,076. 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 Incorporated has a twelve month low of $397.78 and a twelve month high of $570.56. The business has a 50-day simple moving average of $511.80 and a two-hundred day simple moving average of $495.59. The firm has a market capitalization of $25.94 billion, a price-to-earnings ratio of 30.40, a price-to-earnings-growth ratio of 2.62 and a beta of 1.04.

Teledyne Technologies (NYSE:TDY - Get Free Report) last announced its 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 analysts' expectations of $1.47 billion. Teledyne Technologies had a net margin of 14.54% and a return on equity of 9.96%. The firm's quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $4.58 earnings per share. Equities research analysts anticipate that Teledyne Technologies Incorporated will post 21.55 earnings per share for the current year.

Teledyne Technologies declared that its Board of Directors has initiated a share 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 buy 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 stock is undervalued.

Analyst Ratings Changes

Several analysts have recently weighed in on TDY shares. Morgan Stanley lifted 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. UBS Group lifted 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. TD Securities reaffirmed a "buy" rating and issued a $550.00 target price on shares of Teledyne Technologies in a report on Thursday, April 24th. Stifel Nicolaus began coverage on shares of Teledyne Technologies in a report on Tuesday, June 24th. They issued a "buy" rating and a $626.00 target price on the stock. Finally, Needham & Company LLC reduced their price objective 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. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $576.57.

Insider Transactions at Teledyne Technologies

In other Teledyne Technologies news, Director Simon M. Lorne sold 6,311 shares of Teledyne Technologies stock in a transaction dated 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 completion of the transaction, the director owned 61,913 shares in the company, valued at approximately $34,029,861.32. The trade was a 9.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.50% of the company's stock.

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.