Teledyne Technologies Incorporated (NYSE:TDY) is Heartland Advisors Inc.'s 2nd Largest Position

Key Points

• Heartland Advisors Inc. has reduced its stake in Teledyne Technologies Incorporated by 15.1%, making it the firm's second largest position with 1.6% of its portfolio.
• Teledyne Technologies reported a quarterly earnings per share (EPS) of $5.20, exceeding expectations, along with a net margin of 14.54% and a year-over-year revenue increase of 10.2%.
• The company's board has authorized a stock buyback plan of $2.00 billion, allowing the repurchase of up to 7.7% of its stock, indicating confidence in its valuation.

Heartland Advisors Inc. trimmed its stake in Teledyne Technologies Incorporated (NYSE:TDY - Free Report) by 15.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 56,505 shares of the scientific and technical instruments company's stock after selling 10,057 shares during the quarter. Teledyne Technologies comprises 1.6% of Heartland Advisors Inc.'s portfolio, making the stock its 2nd largest position. Heartland Advisors Inc. owned about 0.12% of Teledyne Technologies worth $28,123,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of TDY. Golden State Wealth Management LLC lifted its position in Teledyne Technologies by 205.9% during the first 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. Quarry LP acquired a new position in shares of Teledyne Technologies during the fourth quarter worth $28,000. NBC Securities Inc. acquired a new position in shares of Teledyne Technologies during the first quarter worth $28,000. Hurley Capital LLC acquired a new position in shares of Teledyne Technologies during the fourth quarter worth $33,000. Finally, Ancora Advisors LLC lifted its position in shares of Teledyne Technologies by 192.3% during the fourth 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 hedge funds and other institutional investors.

Teledyne Technologies Trading Up 0.9%

TDY opened at $551.31 on Friday. The stock has a market capitalization of $25.83 billion, a PE ratio of 30.36, a P/E/G ratio of 2.58 and a beta of 1.04. The firm's fifty day moving average price is $509.44 and its 200 day moving average price is $493.77. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.66 and a quick ratio of 1.44. Teledyne Technologies Incorporated has a 12-month low of $397.78 and a 12-month high of $570.56.

Teledyne Technologies (NYSE:TDY - Get Free Report) last posted 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. The firm had revenue of $1.51 billion for 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% on a year-over-year basis. During the same period in the prior year, the company posted $4.58 earnings per share. As a group, research analysts expect that Teledyne Technologies Incorporated will post 21.55 EPS for the current fiscal year.

Teledyne Technologies announced that its board has authorized a stock repurchase plan 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 reacquire up to 7.7% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board of directors believes its shares are undervalued.

Analysts Set New Price Targets

A number of research analysts have recently commented on TDY shares. Wall Street Zen raised shares of Teledyne Technologies from a "hold" rating to a "buy" rating in a research report on Friday, May 9th. Needham & Company LLC reduced their target price on shares of Teledyne Technologies from $585.00 to $550.00 and set a "buy" rating on the stock in a research report on Thursday, April 24th. 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. 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. Finally, Stifel Nicolaus started 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. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat, Teledyne Technologies 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.

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