Teledyne Technologies Incorporated (NYSE:TDY) Position Boosted by JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. has increased its stake in Teledyne Technologies by 7.1%, now holding over 1.1 million shares valued at approximately $549 million.
• Teledyne Technologies has announced a $2 billion stock repurchase plan, indicating the board's belief that the company’s shares are undervalued.
• Several analysts have recently adjusted their price targets for Teledyne, with a consensus target price now at $576.57 and multiple firms upgrading their ratings to "buy."

JPMorgan Chase & Co. boosted its holdings in shares of Teledyne Technologies Incorporated (NYSE:TDY - Free Report) by 7.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,102,795 shares of the scientific and technical instruments company's stock after acquiring an additional 73,009 shares during the period. JPMorgan Chase & Co. owned 2.35% of Teledyne Technologies worth $548,872,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of TDY. GAMMA Investing LLC grew its stake in Teledyne Technologies by 61,911.9% during the 1st quarter. GAMMA Investing LLC now owns 496,715 shares of the scientific and technical instruments company's stock valued at $247,220,000 after acquiring an additional 495,914 shares in the last quarter. Alyeska Investment Group L.P. grew its stake in Teledyne Technologies by 19,605.0% during the 4th 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 Teledyne Technologies during the 4th quarter valued at about $143,524,000. Pacer Advisors Inc. grew its stake in Teledyne Technologies by 3,319.3% during the 1st quarter. Pacer Advisors Inc. now owns 181,601 shares of the scientific and technical instruments company's stock valued at $90,385,000 after acquiring an additional 176,290 shares in the last quarter. Finally, Freestone Grove Partners LP purchased a new stake in Teledyne Technologies during the 4th quarter valued at about $61,939,000. Hedge funds and other institutional investors own 91.58% of the company's stock.

Analysts Set New Price Targets

TDY has been the subject of several analyst reports. Stifel Nicolaus initiated coverage on shares of Teledyne Technologies in a research note on Tuesday, June 24th. They issued a "buy" rating and a $626.00 price target for the company. Morgan Stanley increased their price target on shares of Teledyne Technologies from $535.00 to $580.00 and gave the company an "equal weight" rating in a research note on Thursday, July 17th. UBS Group increased their price target on shares of Teledyne Technologies from $585.00 to $630.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Needham & Company LLC dropped their price target 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 restated a "buy" rating and issued a $550.00 price objective on shares of Teledyne Technologies in a report on Thursday, April 24th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $576.57.

Teledyne Technologies Stock Down 0.4%

Teledyne Technologies stock traded down $2.04 during mid-day trading on Wednesday, reaching $550.26. 387,845 shares of the company's stock were exchanged, compared to its average volume of 474,174. The company has a market cap of $25.80 billion, a P/E ratio of 30.30, a P/E/G ratio of 2.57 and a beta of 1.07. Teledyne Technologies Incorporated has a twelve month low of $406.42 and a twelve month 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. The company has a fifty day moving average of $525.22 and a 200-day moving average of $500.86.

Teledyne Technologies (NYSE:TDY - Get Free Report) last released 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. Teledyne Technologies had a net margin of 14.54% and a return on equity of 9.96%. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.47 billion. During the same period in the prior year, the business earned $4.58 EPS. The firm's quarterly revenue was up 10.2% on a year-over-year basis. Sell-side analysts expect that Teledyne Technologies Incorporated will post 21.55 EPS for the current year.

Teledyne Technologies declared that its board has approved a stock repurchase program on Wednesday, July 23rd that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the scientific and technical instruments company to buy up to 7.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its shares are undervalued.

Insiders Place Their Bets

In other news, Director Michael T. Smith sold 1,975 shares of the company's stock in a transaction on Monday, July 28th. The shares were sold at an average price of $560.10, for a total value of $1,106,197.50. Following the completion of the transaction, the director directly owned 51,328 shares in the company, valued at approximately $28,748,812.80. This represents a 3.71% decrease in their ownership of the stock. The sale 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 the company's stock in a transaction on 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 sale, the director directly owned 61,913 shares in the company, valued at $34,029,861.32. This represents a 9.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 15,021 shares of company stock worth $8,315,662. 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.