Teledyne Technologies (NYSE:TDY) Trading Down 4.4% - Here's What Happened

Teledyne Technologies Incorporated (NYSE:TDY - Get Free Report) shares traded down 4.4% during trading on Wednesday . The stock traded as low as $541.23 and last traded at $531.54. 118,644 shares changed hands during trading, a decline of 58% from the average session volume of 280,058 shares. The stock had previously closed at $555.95.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. UBS Group boosted their price objective on shares of Teledyne Technologies from $585.00 to $630.00 and gave the company a "buy" rating in a research report on Thursday. Stifel Nicolaus started coverage on shares of Teledyne Technologies in a report on Tuesday, June 24th. They set 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 report on Friday, May 9th. TD Securities reiterated a "buy" rating and set a $550.00 price target on shares of Teledyne Technologies in a report on Thursday, April 24th. Finally, Morgan Stanley upped their price target on shares of Teledyne Technologies from $535.00 to $580.00 and gave the stock an "equal weight" rating in a report on Thursday, July 17th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $576.57.

Teledyne Technologies Trading Up 1.1%

The company has a quick ratio of 1.44, a current ratio of 1.66 and a debt-to-equity ratio of 0.21. The company has a market cap of $26.05 billion, a P/E ratio of 30.62, a PEG ratio of 2.59 and a beta of 1.04. The firm's 50 day moving average is $510.59 and its two-hundred day moving average is $494.43.

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 EPS for the quarter, beating analysts' consensus estimates of $5.05 by $0.15. The business had revenue of $1.51 billion for the quarter, compared to analysts' expectations of $1.47 billion. Teledyne Technologies had a net margin of 14.54% and a return on equity of 9.96%. The business's quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.58 earnings per share. As a group, equities research analysts anticipate that Teledyne Technologies Incorporated will post 21.55 EPS for the current year.

Teledyne Technologies announced that its Board of Directors has approved a share buyback plan 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 buy up to 7.7% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's management believes its stock is undervalued.

Institutional Trading of Teledyne Technologies

A number of institutional investors have recently bought and sold shares of TDY. Norges Bank bought a new position in Teledyne Technologies in the 4th quarter valued at about $306,042,000. GAMMA Investing LLC raised its holdings 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 worth $247,220,000 after purchasing an additional 495,914 shares during the period. Alyeska Investment Group L.P. raised its holdings in shares of Teledyne Technologies by 19,605.0% in 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 during the period. Point72 Asset Management L.P. bought a new stake in shares of Teledyne Technologies in the 4th quarter worth approximately $143,524,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Teledyne Technologies by 56.9% in 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 during the period. Institutional investors 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.