Vanguard Group Inc. Increases Holdings in Teledyne Technologies Incorporated (NYSE:TDY)

Key Points

• Vanguard Group Inc. increased its stake in Teledyne Technologies by 1.9%, purchasing an additional 105,811 shares, bringing its total ownership to approximately 5.72 million shares, valued at $2.85 billion.
• Teledyne Technologies reported a stronger-than-expected quarterly earnings of $5.20 per share, surpassing estimates and showing a 10.2% revenue increase year-over-year.
• The company's board has initiated a $2 billion share buyback program, suggesting confidence in the stock's valuation and the intent to repurchase up to 7.7% of its shares.

Vanguard Group Inc. raised its position in shares of Teledyne Technologies Incorporated (NYSE:TDY - Free Report) by 1.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,718,295 shares of the scientific and technical instruments company's stock after purchasing an additional 105,811 shares during the period. Vanguard Group Inc. owned approximately 12.20% of Teledyne Technologies worth $2,846,053,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Golden State Wealth Management LLC raised 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 valued at $26,000 after purchasing an additional 35 shares in the last quarter. Quarry LP purchased a new position in shares of Teledyne Technologies in the fourth quarter worth about $28,000. NBC Securities Inc. purchased a new position in shares of Teledyne Technologies in the first quarter worth about $28,000. Ancora Advisors LLC increased its holdings in shares of Teledyne Technologies by 192.3% in the fourth quarter. Ancora Advisors LLC now owns 76 shares of the scientific and technical instruments company's stock worth $35,000 after buying an additional 50 shares during the period. Finally, TCTC Holdings LLC increased its holdings 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 worth $37,000 after buying an additional 37 shares during the period. Hedge funds and other institutional investors own 91.58% of the company's stock.

Insider Transactions at Teledyne Technologies

In other news, Director Simon M. Lorne sold 6,311 shares of the business's stock in a transaction that occurred on 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 sale, the director directly owned 61,913 shares of the company's stock, valued at $34,029,861.32. The trade was a 9.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Michael T. Smith sold 1,975 shares of the business's stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $560.10, for a total value of $1,106,197.50. Following the completion of the sale, 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 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 in the last ninety days. 1.50% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. TD Securities reiterated a "buy" rating and issued a $550.00 price objective on shares of Teledyne Technologies in a report on Thursday, April 24th. Morgan Stanley lifted their price objective on Teledyne Technologies from $535.00 to $580.00 and gave the stock an "equal weight" rating in a 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 objective on the stock. UBS Group lifted their price objective on Teledyne Technologies from $585.00 to $630.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Finally, Wall Street Zen raised Teledyne Technologies from a "hold" rating to a "buy" rating in a research note on Friday, May 9th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, Teledyne Technologies has an average rating of "Moderate Buy" and a consensus target price of $576.57.

Teledyne Technologies Stock Down 1.8%

Teledyne Technologies stock traded down $10.17 during trading hours on Wednesday, hitting $542.13. 125,588 shares of the stock traded hands, compared to its average volume of 327,497. The firm's 50-day moving average price is $524.18 and its two-hundred day moving average price is $500.52. The company has a current ratio of 1.66, a quick ratio of 1.07 and a debt-to-equity ratio of 0.21. The company has a market cap of $25.42 billion, a PE ratio of 29.85, a PEG ratio of 2.52 and a beta of 1.07. Teledyne Technologies Incorporated has a one year low of $406.42 and a one year high of $570.56.

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

Teledyne Technologies declared that its Board of Directors has authorized 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 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.