Teledyne Technologies Incorporated (NYSE:TDY) Director Sells $3,468,778.04 in Stock

Key Points

• Teledyne Technologies Director Simon M. Lorne sold 6,311 shares of stock worth $3,468,778.04, reducing his position by 9.25% to a total of 61,913 shares.
• The company reported earnings of $5.20 per share for the last quarter, surpassing expectations and representing a 10.2% year-over-year revenue increase to $1.51 billion.
• Teledyne's Board initiated a $2.00 billion stock repurchase plan, indicating confidence in the company's valuation amidst an active market performance.

Teledyne Technologies Incorporated (NYSE:TDY - Get Free Report) Director Simon M. Lorne sold 6,311 shares of the business's stock in a transaction on Friday, July 25th. The stock was sold at an average price of $549.64, for a total transaction of $3,468,778.04. Following the completion of the transaction, the director owned 61,913 shares of the company's stock, valued at approximately $34,029,861.32. This trade represents a 9.25% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Teledyne Technologies Price Performance

TDY traded up $1.39 on Monday, hitting $557.28. 467,770 shares of the company were exchanged, compared to its average volume of 329,818. 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 business's fifty day moving average is $510.59 and its 200 day moving average is $494.89. Teledyne Technologies Incorporated has a fifty-two week low of $397.78 and a fifty-two week high of $570.56. The firm has a market capitalization of $26.11 billion, a P/E ratio of 30.69, a price-to-earnings-growth ratio of 2.62 and a beta of 1.04.

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

Teledyne Technologies announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, July 23rd that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the scientific and technical instruments company to buy up to 7.7% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on TDY shares. Wall Street Zen raised shares of Teledyne Technologies from a "hold" rating to a "buy" rating in a research report on Friday, May 9th. TD Securities reaffirmed a "buy" rating and set a $550.00 price objective on shares of Teledyne Technologies in a research report on Thursday, April 24th. Stifel Nicolaus began coverage on shares of Teledyne Technologies in a research report on Tuesday, June 24th. They set a "buy" rating and a $626.00 price objective for the company. Needham & Company LLC dropped their price objective 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, UBS Group lifted their price objective on shares of Teledyne Technologies from $585.00 to $630.00 and gave the company a "buy" rating in a research note on Thursday. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Teledyne Technologies currently has an average rating of "Moderate Buy" and a consensus price target of $576.57.

Institutional Trading of Teledyne Technologies

Institutional investors and hedge funds have recently modified their holdings of the business. LPL Financial LLC raised its stake in Teledyne Technologies by 8.5% during the fourth quarter. LPL Financial LLC now owns 28,366 shares of the scientific and technical instruments company's stock worth $13,166,000 after purchasing an additional 2,224 shares during the period. OneDigital Investment Advisors LLC purchased a new position in Teledyne Technologies during the first quarter worth approximately $247,000. Asset Management One Co. Ltd. raised its stake in Teledyne Technologies by 4.7% during the first quarter. Asset Management One Co. Ltd. now owns 38,298 shares of the scientific and technical instruments company's stock worth $19,061,000 after purchasing an additional 1,712 shares during the period. IFM Investors Pty Ltd raised its stake in Teledyne Technologies by 8.3% during the first quarter. IFM Investors Pty Ltd now owns 8,913 shares of the scientific and technical instruments company's stock worth $4,436,000 after purchasing an additional 681 shares during the period. Finally, SG Americas Securities LLC purchased a new position in Teledyne Technologies during the first quarter worth approximately $6,725,000. Hedge funds and other institutional investors own 91.58% of the company's stock.

About Teledyne Technologies

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.

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