Stock Buyback Plan Authorized by Teledyne Technologies (NYSE:TDY) Board of Directors

Teledyne Technologies (NYSE:TDY - Get Free Report) announced that its Board of Directors has initiated a share buyback plan on Wednesday, July 23rd, RTT News reports. The company plans to buyback $2.00 billion in shares. This buyback authorization allows the scientific and technical instruments company to reacquire up to 7.7% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its stock is undervalued.

Teledyne Technologies Stock Performance

Teledyne Technologies stock traded up $6.07 during trading hours on Friday, hitting $556.00. 552,984 shares of the stock traded hands, compared to its average volume of 328,833. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.66 and a quick ratio of 1.44. The firm's 50 day moving average price is $509.44 and its 200-day moving average price is $493.77. The stock has a market capitalization of $26.05 billion, a price-to-earnings ratio of 30.62, a P/E/G ratio of 2.58 and a beta of 1.04. Teledyne Technologies has a 1 year low of $397.78 and a 1 year high of $570.56.

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

Analyst Ratings Changes

A number of brokerages have recently issued reports on TDY. UBS Group lifted their price target on Teledyne Technologies from $585.00 to $630.00 and gave the company a "buy" rating in a research report on Thursday. TD Securities reaffirmed a "buy" rating and set a $550.00 price target on shares of Teledyne Technologies in a report on Thursday, April 24th. Stifel Nicolaus initiated coverage on Teledyne Technologies in a research note on Tuesday, June 24th. They set a "buy" rating and a $626.00 price target for the company. Morgan Stanley increased their target price on Teledyne Technologies from $535.00 to $580.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 17th. Finally, Needham & Company LLC lowered their price objective on Teledyne Technologies from $585.00 to $550.00 and set a "buy" rating for the company in a research note on Thursday, April 24th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, Teledyne Technologies currently has an average rating of "Moderate Buy" and a consensus price target 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.