US Bancorp DE Cuts Stock Position in Teledyne Technologies Incorporated (NYSE:TDY)

Key Points

• US Bancorp DE reduced its holdings in Teledyne Technologies by 5.9%, owning 7,278 shares worth $3,622,000 at the end of the first quarter.
• Teledyne Technologies has seen multiple analyst rating changes, with a consensus rating of "Moderate Buy" and an average price target of $576.57 following various price adjustments from firms like Needham & Company and Morgan Stanley.
• A share buyback program worth $2 billion has been initiated by Teledyne Technologies, allowing the company to repurchase up to 7.7% of its stock, indicating a belief that its shares are undervalued.

US Bancorp DE decreased its position in shares of Teledyne Technologies Incorporated (NYSE:TDY - Free Report) by 5.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,278 shares of the scientific and technical instruments company's stock after selling 459 shares during the quarter. US Bancorp DE's holdings in Teledyne Technologies were worth $3,622,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of TDY. OneDigital Investment Advisors LLC purchased a new position in shares of Teledyne Technologies in the first quarter valued at $247,000. Asset Management One Co. Ltd. grew its stake in Teledyne Technologies by 4.7% in the 1st quarter. Asset Management One Co. Ltd. now owns 38,298 shares of the scientific and technical instruments company's stock valued at $19,061,000 after acquiring an additional 1,712 shares during the last quarter. IFM Investors Pty Ltd increased its holdings in Teledyne Technologies by 8.3% during the 1st quarter. IFM Investors Pty Ltd now owns 8,913 shares of the scientific and technical instruments company's stock valued at $4,436,000 after acquiring an additional 681 shares in the last quarter. SG Americas Securities LLC acquired a new position in Teledyne Technologies during the first quarter worth about $6,725,000. Finally, QRG Capital Management Inc. purchased a new stake in shares of Teledyne Technologies in the first quarter valued at about $275,000. 91.58% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

TDY has been the subject of a number of recent research reports. Needham & Company LLC dropped their price objective 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. Morgan Stanley raised their price target on Teledyne Technologies from $535.00 to $580.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 17th. Stifel Nicolaus assumed coverage on Teledyne Technologies in a report on Tuesday, June 24th. They issued a "buy" rating and a $626.00 price target for the company. TD Securities reaffirmed a "buy" rating and set a $550.00 price objective on shares of Teledyne Technologies in a research note on Thursday, April 24th. Finally, Wall Street Zen upgraded Teledyne Technologies from a "hold" rating to a "buy" rating in a research report on Friday, May 9th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $576.57.

Insiders Place Their Bets

In other Teledyne Technologies news, Director Simon M. Lorne sold 6,311 shares of Teledyne Technologies stock in a transaction on Friday, July 25th. The shares were 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 in the company, valued at $34,029,861.32. This trade represents a 9.25% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO George C. Bobb III sold 6,735 shares of the stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $555.41, for a total value of $3,740,686.35. Following the completion of the transaction, the chief executive officer directly owned 10,391 shares in the company, valued at $5,771,265.31. This trade represents a 39.33% 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 valued at $8,315,662 over the last quarter. Company insiders own 1.50% of the company's stock.

Teledyne Technologies Trading Down 0.5%

Shares of TDY stock traded down $2.51 during mid-day trading on Wednesday, hitting $549.65. 246,392 shares of the company's stock were exchanged, compared to its average volume of 502,703. The stock has a market cap of $25.77 billion, a price-to-earnings ratio of 30.27, 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 Incorporated has a fifty-two week low of $403.78 and a fifty-two week high of $570.56. The stock has a 50-day simple moving average of $520.17 and a two-hundred day simple moving average of $499.18.

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 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 analysts' expectations 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 was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.58 EPS. Equities analysts expect that Teledyne Technologies Incorporated will post 21.55 EPS for the current fiscal year.

Teledyne Technologies announced that its Board of Directors has initiated a share buyback 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 generally a sign that the company's board 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.