Teledyne Technologies Incorporated (NYSE:TDY) Director Sells $1,106,197.50 in Stock

Key Points

• Michael T. Smith, a director at Teledyne Technologies, sold 1,975 shares at an average price of $560.10, resulting in a total transaction of $1,106,197.50, which represented a 3.71% decrease in his ownership.
• Teledyne recently reported $5.20 EPS for the quarter, beating expectations, and a 10.2% increase in quarterly revenue compared to the previous year.
• The company has authorized a $2.00 billion share repurchase program, indicating confidence in its stock value, allowing buybacks of up to 7.7% of its shares.

Teledyne Technologies Incorporated (NYSE:TDY - Get Free Report) Director Michael T. Smith sold 1,975 shares of the 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 sale, the director directly owned 51,328 shares in the company, valued at approximately $28,748,812.80. This trade represents a 3.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Teledyne Technologies Price Performance

Shares of NYSE:TDY traded down $8.43 on Friday, hitting $542.59. The stock had a trading volume of 202,538 shares, compared to its average volume of 329,093. Teledyne Technologies Incorporated has a twelve month low of $397.78 and a twelve month high of $570.56. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.07 and a current ratio of 1.66. The firm's 50 day moving average price is $515.43 and its 200-day moving average price is $496.97. The company has a market capitalization of $25.44 billion, a price-to-earnings ratio of 29.90, a price-to-earnings-growth ratio of 2.59 and a beta of 1.04.

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 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.05 by $0.15. The business had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.47 billion. Teledyne Technologies had a net margin of 14.54% and a return on equity of 9.96%. The firm's quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $4.58 EPS. On average, equities research analysts predict that Teledyne Technologies Incorporated will post 21.55 earnings per share for the current year.

Teledyne Technologies announced that its Board of Directors has approved a share repurchase plan on Wednesday, July 23rd that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the scientific and technical instruments company to purchase up to 7.7% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's board of directors believes its stock is undervalued.

Institutional Trading of Teledyne Technologies

A number of institutional investors and hedge funds have recently modified their holdings of TDY. GAMMA Investing LLC increased its stake in shares of Teledyne Technologies by 61,911.9% in 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 during the last quarter. Alyeska Investment Group L.P. increased 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 worth $169,469,000 after purchasing an additional 363,280 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in Teledyne Technologies during the 4th quarter worth approximately $143,524,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Teledyne Technologies by 56.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 640,572 shares of the scientific and technical instruments company's stock worth $318,819,000 after purchasing an additional 232,401 shares in the last quarter. Finally, Pacer Advisors Inc. increased 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 worth $90,385,000 after purchasing an additional 176,290 shares in the last quarter. 91.58% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts recently weighed in on TDY shares. TD Securities reaffirmed a "buy" rating and issued a $550.00 price objective on shares of Teledyne Technologies in a report on Thursday, April 24th. UBS Group raised their target price 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. Morgan Stanley raised their target price 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. Needham & Company LLC lowered their target price on shares of Teledyne Technologies from $585.00 to $550.00 and set a "buy" rating on the stock in a research note on Thursday, April 24th. Finally, Stifel Nicolaus began coverage on shares of Teledyne Technologies in a research note on Tuesday, June 24th. They issued a "buy" rating and a $626.00 price objective on the stock. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus 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.