Forsta AP Fonden Sells 700 Shares of Teledyne Technologies Incorporated (NYSE:TDY)

Key Points

• Forsta AP Fonden reduced its stake in Teledyne Technologies by 7.9%, now owning 8,200 shares worth approximately $4.08 million, following a sale of 700 shares.
• Teledyne reported $5.20 earnings per share for its last quarter, exceeding analysts' estimates and marking a 10.2% increase in quarterly revenue compared to the previous year.
• The company initiated a $2 billion stock buyback program, allowing it to repurchase up to 7.7% of its outstanding shares in an effort to leverage perceived undervaluation.

Forsta AP Fonden decreased its position in Teledyne Technologies Incorporated (NYSE:TDY - Free Report) by 7.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,200 shares of the scientific and technical instruments company's stock after selling 700 shares during the quarter. Forsta AP Fonden's holdings in Teledyne Technologies were worth $4,081,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in TDY. Tidal Investments LLC raised its position 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 worth $2,556,000 after acquiring an additional 22 shares in the last quarter. Keel Point LLC raised its position 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 in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in shares of Teledyne Technologies by 0.4% in 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 raised its position in shares of 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 acquiring an additional 24 shares in the last quarter. Finally, HighPoint Advisor Group LLC raised its position in shares of 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 worth $359,000 after acquiring an additional 24 shares in the last quarter. Institutional investors and hedge funds own 91.58% of the company's stock.

Insider Buying and Selling 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 shares were sold at an average price of $555.41, for a total transaction of $3,740,686.35. Following the transaction, the chief executive officer owned 10,391 shares of the company's stock, valued at $5,771,265.31. This trade represents a 39.33% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Simon M. Lorne sold 6,311 shares of Teledyne Technologies stock in a transaction that occurred on Friday, July 25th. The stock was 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 trade represents a 9.25% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 15,021 shares of company stock worth $8,315,662. Insiders own 1.50% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. TD Securities reissued a "buy" rating and issued a $550.00 price objective on shares of Teledyne Technologies in a research report on Thursday, April 24th. Needham & Company LLC lowered their price objective on Teledyne Technologies from $585.00 to $550.00 and set a "buy" rating for the company in a research report on Thursday, April 24th. UBS Group lifted their price objective on Teledyne Technologies from $585.00 to $630.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Stifel Nicolaus began coverage on Teledyne Technologies in a research report on Tuesday, June 24th. They issued a "buy" rating and a $626.00 price objective for the company. Finally, Morgan Stanley raised their target price on Teledyne Technologies from $535.00 to $580.00 and gave the company an "equal weight" rating in a research note on Thursday, July 17th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, Teledyne Technologies presently has an average rating of "Moderate Buy" and an average price target of $576.57.

Teledyne Technologies Stock Down 0.4%

Shares of TDY traded down $2.04 during trading hours on Wednesday, hitting $550.26. The stock had a trading volume of 387,845 shares, compared to its average volume of 474,174. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.66 and a quick ratio of 1.07. The firm has a 50 day simple moving average of $525.22 and a 200-day simple moving average of $500.86. The firm has a market capitalization of $25.80 billion, a P/E ratio of 30.30, a price-to-earnings-growth ratio of 2.57 and a beta of 1.07. Teledyne Technologies Incorporated has a 1-year low of $406.42 and a 1-year high of $570.56.

Teledyne Technologies (NYSE:TDY - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The scientific and technical instruments company reported $5.20 EPS for the quarter, beating the consensus estimate of $5.05 by $0.15. The company had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.47 billion. Teledyne Technologies had a return on equity of 9.96% and a net margin of 14.54%. The firm's revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period last year, the business posted $4.58 EPS. Sell-side analysts predict that Teledyne Technologies Incorporated will post 21.55 EPS for the current fiscal year.

Teledyne Technologies declared that its board has approved a share repurchase plan 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 repurchase up to 7.7% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's board of directors 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.