PNC Financial Services Group Inc. Has $51.56 Million Holdings in Teledyne Technologies Incorporated (NYSE:TDY)

Key Points

• PNC Financial Services Group Inc. reduced its stake in Teledyne Technologies by 3.0%, selling 3,211 shares and holding 103,586 shares, valued at approximately $51.6 million.
• Teledyne Technologies approved a $2 billion share buyback program, allowing the company to repurchase up to 7.7% of its shares, signaling confidence in its undervaluation.
• Analysts have set a consensus price target of $576.57 for Teledyne Technologies, with multiple firms giving "buy" ratings on the stock.

PNC Financial Services Group Inc. cut its stake in Teledyne Technologies Incorporated (NYSE:TDY - Free Report) by 3.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 103,586 shares of the scientific and technical instruments company's stock after selling 3,211 shares during the period. PNC Financial Services Group Inc. owned 0.22% of Teledyne Technologies worth $51,556,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Tidal Investments LLC lifted its holdings in shares of Teledyne Technologies by 0.4% in the 4th quarter. Tidal Investments LLC now owns 5,508 shares of the scientific and technical instruments company's stock valued at $2,556,000 after acquiring an additional 22 shares during the last quarter. Keel Point LLC lifted its holdings in shares of Teledyne Technologies by 4.5% in the 4th quarter. Keel Point LLC now owns 532 shares of the scientific and technical instruments company's stock worth $247,000 after acquiring an additional 23 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in Teledyne Technologies by 0.4% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 6,538 shares of the scientific and technical instruments company's stock valued at $3,254,000 after purchasing an additional 23 shares during the last quarter. Sequoia Financial Advisors LLC raised its position in Teledyne Technologies by 2.6% in the 1st quarter. Sequoia Financial Advisors LLC now owns 947 shares of the scientific and technical instruments company's stock worth $471,000 after purchasing an additional 24 shares during the period. Finally, HighPoint Advisor Group LLC boosted its position in shares of Teledyne Technologies by 3.2% during the first quarter. HighPoint Advisor Group LLC now owns 776 shares of the scientific and technical instruments company's stock valued at $359,000 after buying an additional 24 shares during the period. Hedge funds and other institutional investors own 91.58% of the company's stock.

Teledyne Technologies Price Performance

Shares of TDY traded up $0.33 during mid-day trading on Thursday, reaching $549.29. 217,719 shares of the company's stock were exchanged, compared to its average volume of 330,144. Teledyne Technologies Incorporated has a 52-week low of $404.45 and a 52-week high of $570.56. The company has a 50-day simple moving average of $520.17 and a two-hundred day simple moving average of $499.18. The company has a market cap of $25.76 billion, a price-to-earnings ratio of 30.25, a PEG 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.

Teledyne Technologies (NYSE:TDY - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The scientific and technical instruments company reported $5.20 EPS for the quarter, topping analysts' consensus estimates of $5.05 by $0.15. The firm had revenue of $1.51 billion for 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 firm's 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 EPS. On average, sell-side analysts predict that Teledyne Technologies Incorporated will post 21.55 EPS for the current fiscal year.

Teledyne Technologies announced that its Board of Directors has initiated a stock buyback program on Wednesday, July 23rd that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the scientific and technical instruments company to buy up to 7.7% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's leadership believes its shares are undervalued.

Insider Activity at Teledyne Technologies

In other Teledyne Technologies news, CEO George C. Bobb III sold 6,735 shares of Teledyne Technologies 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 transaction, the chief executive officer directly owned 10,391 shares of the company's stock, valued at $5,771,265.31. The trade was a 39.33% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Simon M. Lorne sold 6,311 shares of Teledyne Technologies stock in a transaction dated 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 directly owned 61,913 shares in the company, 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 15,021 shares of company stock worth $8,315,662 in the last quarter. 1.50% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on TDY shares. Wall Street Zen upgraded Teledyne Technologies from a "hold" rating to a "buy" rating in a report on Friday, May 9th. Stifel Nicolaus started coverage on Teledyne Technologies in a report on Tuesday, June 24th. They issued a "buy" rating and a $626.00 price objective for the company. 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 research report on Thursday, July 17th. 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. Finally, TD Securities reiterated a "buy" rating and issued a $550.00 price target on shares of Teledyne Technologies in a report on Thursday, April 24th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $576.57.

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.