Teledyne Technologies Incorporated (NYSE:TDY) CEO George C. Bobb III Sells 6,735 Shares

Key Points

• Teledyne Technologies CEO George C. Bobb III sold 6,735 shares for a total of $3,740,686.35, reducing his ownership by 39.33% to 10,391 shares valued at approximately $5.77 million.
• The company reported earnings per share (EPS) of $5.20 for the last quarter, exceeding analyst expectations of $5.05, with a 10.2% increase in revenue compared to the previous year.
• Teledyne's board announced a $2.00 billion stock buyback program aimed at repurchasing up to 7.7% of outstanding shares, suggesting the board believes the stock is currently undervalued.

Teledyne Technologies Incorporated (NYSE:TDY - Get Free Report) CEO George C. Bobb III sold 6,735 shares of the firm's 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 sale, the chief executive officer directly owned 10,391 shares of the company's stock, valued at approximately $5,771,265.31. This trade represents a 39.33% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Teledyne Technologies Stock Down 1.2%

Shares of TDY traded down $6.46 during midday trading on Friday, reaching $544.56. The stock had a trading volume of 446,276 shares, compared to its average volume of 331,054. Teledyne Technologies Incorporated has a 1-year low of $397.78 and a 1-year high of $570.56. The company's fifty day simple moving average is $515.43 and its two-hundred day simple moving average is $496.97. The company has a market cap of $25.53 billion, a price-to-earnings ratio of 29.99, a PEG ratio of 2.59 and a beta of 1.04. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.66 and a quick ratio of 1.07.

Teledyne Technologies (NYSE:TDY - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The scientific and technical instruments company reported $5.20 earnings per share for the quarter, beating analysts' consensus estimates of $5.05 by $0.15. Teledyne Technologies had a net margin of 14.54% and a return on equity of 9.96%. The business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.47 billion. During the same period last year, the business earned $4.58 EPS. The company's revenue was up 10.2% on a year-over-year basis. Equities research analysts expect that Teledyne Technologies Incorporated will post 21.55 earnings per share for the current year.

Teledyne Technologies declared that its Board of Directors has initiated a stock 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 buy up to 7.7% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's management believes its stock is undervalued.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Morgan Stanley upped their price target on Teledyne Technologies from $535.00 to $580.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 17th. UBS Group boosted their price target on shares of Teledyne Technologies from $585.00 to $630.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Stifel Nicolaus started coverage on shares of Teledyne Technologies in a research note on Tuesday, June 24th. They issued a "buy" rating and a $626.00 price target for the company. Wall Street Zen upgraded shares of Teledyne Technologies from a "hold" rating to a "buy" rating in a research note on Friday, May 9th. Finally, TD Securities restated a "buy" rating and issued a $550.00 price target on shares of Teledyne Technologies in a research note on Thursday, April 24th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $576.57.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of TDY. Pettee Investors Inc. increased its holdings in shares of Teledyne Technologies by 23.6% in the 2nd quarter. Pettee Investors Inc. now owns 2,961 shares of the scientific and technical instruments company's stock valued at $1,517,000 after acquiring an additional 565 shares during the period. New York Life Investment Management LLC increased its holdings in shares of Teledyne Technologies by 3.7% in the 2nd quarter. New York Life Investment Management LLC now owns 6,436 shares of the scientific and technical instruments company's stock valued at $3,297,000 after acquiring an additional 228 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its holdings in shares of Teledyne Technologies by 16.6% in the 2nd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 31,553 shares of the scientific and technical instruments company's stock valued at $16,165,000 after acquiring an additional 4,500 shares during the period. Y Intercept Hong Kong Ltd acquired a new position in shares of Teledyne Technologies in the 2nd quarter valued at $1,515,000. Finally, Nisa Investment Advisors LLC increased its holdings in shares of Teledyne Technologies by 1.6% in the 2nd quarter. Nisa Investment Advisors LLC now owns 11,545 shares of the scientific and technical instruments company's stock valued at $5,915,000 after acquiring an additional 182 shares during the period. Institutional investors and hedge funds own 91.58% of the company's stock.

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.