King Luther Capital Management Corp Sells 5,343 Shares of Teledyne Technologies Incorporated (NYSE:TDY)

Key Points

• King Luther Capital Management Corp reduced its holdings in Teledyne Technologies by 0.9%, now owning 560,335 shares valued at approximately $278.88 million, making it the firm's 19th largest position.
• Teledyne Technologies reported a 10.2% increase in revenue year-over-year, with $1.51 billion for the quarter, exceeding analysts' expectations.
• The company has approved a $2 billion stock buyback program, indicating confidence in its stock's valuation and plans to repurchase up to 7.7% of outstanding shares.

King Luther Capital Management Corp lessened its holdings in Teledyne Technologies Incorporated (NYSE:TDY - Free Report) by 0.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 560,335 shares of the scientific and technical instruments company's stock after selling 5,343 shares during the quarter. Teledyne Technologies makes up about 1.3% of King Luther Capital Management Corp's investment portfolio, making the stock its 19th largest holding. King Luther Capital Management Corp owned about 1.20% of Teledyne Technologies worth $278,884,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Golden State Wealth Management LLC boosted 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 worth $26,000 after purchasing an additional 35 shares during the period. Quarry LP bought a new position in Teledyne Technologies in the fourth quarter worth $28,000. NBC Securities Inc. acquired a new position in Teledyne Technologies during the first quarter worth $28,000. Ancora Advisors LLC raised its stake in 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 acquiring an additional 50 shares in the last quarter. Finally, TCTC Holdings LLC increased its stake in shares of Teledyne Technologies by 97.4% in the first quarter. TCTC Holdings LLC now owns 75 shares of the scientific and technical instruments company's stock valued at $37,000 after buying an additional 37 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 related news, Director Michael T. Smith sold 1,975 shares of the business's stock in a transaction dated Monday, July 28th. The stock was 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 in the company, 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, Director Simon M. Lorne sold 6,311 shares of the business's 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 transaction, the director owned 61,913 shares of the company's stock, valued at approximately $34,029,861.32. The trade was a 9.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 15,021 shares of company stock worth $8,315,662 over the last ninety days. 1.50% of the stock is currently owned by company insiders.

Teledyne Technologies Stock Down 0.4%

Teledyne Technologies stock traded down $2.04 during mid-day trading on Wednesday, reaching $550.26. The stock had a trading volume of 387,845 shares, compared to its average volume of 329,288. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.07 and a current ratio of 1.66. Teledyne Technologies Incorporated has a fifty-two week low of $406.42 and a fifty-two week high of $570.56. The stock's 50-day simple moving average is $524.18 and its 200-day simple moving average is $500.52. The firm has a market capitalization of $25.80 billion, a PE ratio of 30.30, a price-to-earnings-growth ratio of 2.52 and a beta of 1.07.

Teledyne Technologies (NYSE:TDY - Get Free Report) last announced its 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 company had revenue of $1.51 billion for the quarter, compared to analysts' expectations of $1.47 billion. Teledyne Technologies had a return on equity of 9.96% and a net margin of 14.54%. Teledyne Technologies's quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $4.58 earnings per share. On average, sell-side analysts forecast that Teledyne Technologies Incorporated will post 21.55 EPS for the current fiscal year.

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

Analyst Upgrades and Downgrades

A number of brokerages recently commented on TDY. 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. Stifel Nicolaus assumed coverage on Teledyne Technologies in a report on Tuesday, June 24th. They set a "buy" rating and a $626.00 target price on the stock. UBS Group raised their target price on Teledyne Technologies from $585.00 to $630.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. TD Securities restated a "buy" rating and set a $550.00 target price on shares of Teledyne Technologies in a report on Thursday, April 24th. Finally, Wall Street Zen upgraded Teledyne Technologies from a "hold" rating to a "buy" rating in a report on Friday, May 9th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $576.57.

Teledyne Technologies Company 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.