Teledyne Technologies Incorporated (NYSE:TDY) Sees Significant Decline in Short Interest

Key Points

• Teledyne Technologies saw a significant decline in short interest of 20.4% in August, bringing total short interest down to 631,300 shares from 792,800 shares in July.
• Directors have been actively selling shares, with Simon M. Lorne and Michael T. Smith selling a total of 8,286 shares, representing decreases of 9.25% and 3.71% in their holdings, respectively.
• Teledyne has announced a stock buyback plan authorizing $2.00 billion to repurchase shares, indicating confidence from the company's leadership in the valuation of its stock.

Teledyne Technologies Incorporated (NYSE:TDY - Get Free Report) was the target of a significant drop in short interest in the month of August. As of August 15th, there was short interest totaling 631,300 shares, a drop of 20.4% from the July 31st total of 792,800 shares. Approximately 1.4% of the shares of the stock are sold short. Based on an average trading volume of 379,300 shares, the days-to-cover ratio is currently 1.7 days. Based on an average trading volume of 379,300 shares, the days-to-cover ratio is currently 1.7 days. Approximately 1.4% of the shares of the stock are sold short.

Teledyne Technologies Trading Down 1.7%

Shares of Teledyne Technologies stock traded down $9.50 on Friday, hitting $556.61. 79,730 shares of the company traded hands, compared to its average volume of 320,240. The stock's 50 day moving average price is $543.98 and its 200-day moving average price is $506.45. The company has a market cap of $26.10 billion, a PE ratio of 30.60, a PEG ratio of 2.53 and a beta of 1.09. Teledyne Technologies has a 52 week low of $419.00 and a 52 week high of $570.56. The company has a current ratio of 1.66, a quick ratio of 1.07 and a debt-to-equity ratio of 0.21.

Teledyne Technologies (NYSE:TDY - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The scientific and technical instruments company reported $5.20 EPS for the quarter, topping the consensus estimate of $5.05 by $0.15. The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.47 billion. Teledyne Technologies had a return on equity of 9.96% and a net margin of 14.54%.Teledyne Technologies's quarterly revenue was up 10.2% on a year-over-year basis. During the same period last year, the business posted $4.58 EPS. Teledyne Technologies has set its FY 2025 guidance at 21.200-21.50 EPS. Q3 2025 guidance at 5.350-5.45 EPS. Equities research analysts predict that Teledyne Technologies will post 21.55 EPS for the current year.

Teledyne Technologies declared that its board has approved a stock repurchase program on Wednesday, July 23rd that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the scientific and technical instruments company to purchase up to 7.7% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's leadership believes its stock is undervalued.

Insider Buying and Selling at Teledyne Technologies

In other news, Director Simon M. Lorne sold 6,311 shares of the company's stock in a transaction dated 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 completion of the transaction, the director owned 61,913 shares of the company's stock, valued at $34,029,861.32. This represents a 9.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Michael T. Smith sold 1,975 shares of the company's stock in a transaction dated 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 transaction, the director directly owned 51,328 shares of the company's stock, valued at approximately $28,748,812.80. This trade represents a 3.71% decrease in their position. 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 ninety days. 1.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. SBI Securities Co. Ltd. lifted its holdings in Teledyne Technologies by 75.9% during the second quarter. SBI Securities Co. Ltd. now owns 51 shares of the scientific and technical instruments company's stock worth $26,000 after buying an additional 22 shares during the period. Golden State Wealth Management LLC lifted its holdings 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 worth $26,000 after buying an additional 35 shares during the period. Rexford Capital Inc. purchased a new stake in Teledyne Technologies during the second quarter worth $29,000. NBC Securities Inc. purchased a new stake in Teledyne Technologies during the first quarter worth $28,000. Finally, TCTC Holdings LLC lifted its holdings in Teledyne Technologies by 97.4% during 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. 91.58% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. UBS Group lifted their target price on Teledyne Technologies from $585.00 to $630.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Morgan Stanley boosted their price objective 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. Finally, Stifel Nicolaus started coverage on Teledyne Technologies in a research note on Tuesday, June 24th. They set a "buy" rating and a $626.00 price objective on the stock. Six analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $576.57.

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.