Bank of Nova Scotia Grows Position in Teledyne Technologies Incorporated (NYSE:TDY)

Key Points

• Bank of Nova Scotia increased its holdings in Teledyne Technologies by 605.7% during the 1st quarter, now owning approximately $24.58 million worth of shares.
• Teledyne Technologies reported a net margin of 14.54% and a revenue of $1.51 billion for the last quarter, with earnings per share surpassing analysts' expectations.
• The company has approved a $2.00 billion stock buyback program, allowing it to repurchase up to 7.7% of its stock, reflecting management's belief in the stock's undervaluation.

Bank of Nova Scotia boosted its holdings in shares of Teledyne Technologies Incorporated (NYSE:TDY - Free Report) by 605.7% in the first quarter, according to its most recent filing with the SEC. The firm owned 49,391 shares of the scientific and technical instruments company's stock after acquiring an additional 42,392 shares during the period. Bank of Nova Scotia owned 0.11% of Teledyne Technologies worth $24,582,000 as of its most recent filing with the SEC.

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. TD Securities reaffirmed a "buy" rating and set a $550.00 price target on shares of Teledyne Technologies in a research note on Thursday, April 24th. Morgan Stanley lifted 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 note on Thursday, July 17th. 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. UBS Group lifted their target price on shares of Teledyne Technologies from $585.00 to $630.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Finally, Stifel Nicolaus started coverage on shares of Teledyne Technologies in a research note on Tuesday, June 24th. They set a "buy" rating and a $626.00 target price for the company. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $576.57.

Insider Activity at Teledyne Technologies

In other Teledyne Technologies news, Director Michael T. Smith sold 1,975 shares of Teledyne Technologies stock in a transaction 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 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 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 valued at $8,315,662. 1.50% of the stock is owned by corporate insiders.

Teledyne Technologies Stock Up 0.2%

Shares of NYSE:TDY traded up $1.07 during midday trading on Tuesday, reaching $553.33. The company's stock had a trading volume of 285,775 shares, compared to its average volume of 500,393. Teledyne Technologies Incorporated has a 12-month low of $399.06 and a 12-month high of $570.56. The firm has a 50 day moving average of $519.10 and a 200-day moving average of $498.83. The firm has a market capitalization of $25.95 billion, a P/E ratio of 30.47, 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 earnings per share for the quarter, topping the consensus estimate of $5.05 by $0.15. Teledyne Technologies had a net margin of 14.54% and a return on equity of 9.96%. The firm had revenue of $1.51 billion for the quarter, compared to analysts' expectations of $1.47 billion. During the same quarter in the prior year, the business earned $4.58 EPS. The business's quarterly revenue was up 10.2% on a year-over-year basis. On average, research analysts anticipate that Teledyne Technologies Incorporated will post 21.55 earnings per share for the current year.

Teledyne Technologies announced that its Board of Directors has approved a share buyback plan on Wednesday, July 23rd that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the scientific and technical instruments company to buy up to 7.7% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership 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.