Gulf International Bank UK Ltd Decreases Position in Teledyne Technologies Incorporated (NYSE:TDY)

Gulf International Bank UK Ltd cut its stake in Teledyne Technologies Incorporated (NYSE:TDY) by 31.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,534 shares of the scientific and technical instruments company’s stock after selling 1,145 shares during the quarter. Gulf International Bank UK Ltd’s holdings in Teledyne Technologies were worth $1,261,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of TDY. Golden State Wealth Management LLC lifted its stake in Teledyne Technologies by 205.9% in the 1st quarter. Golden State Wealth Management LLC now owns 52 shares of the scientific and technical instruments company’s stock worth $26,000 after purchasing an additional 35 shares in the last quarter. Quarry LP purchased a new position in Teledyne Technologies in the 4th quarter worth approximately $28,000. NBC Securities Inc. purchased a new position in Teledyne Technologies in the 1st quarter worth approximately $28,000. Ancora Advisors LLC lifted its stake in Teledyne Technologies by 192.3% in the 4th quarter. Ancora Advisors LLC now owns 76 shares of the scientific and technical instruments company’s stock worth $35,000 after purchasing an additional 50 shares in the last quarter. Finally, TCTC Holdings LLC lifted its stake in Teledyne Technologies by 97.4% in the 1st quarter. TCTC Holdings LLC now owns 75 shares of the scientific and technical instruments company’s stock worth $37,000 after purchasing an additional 37 shares in the last quarter. 91.58% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on TDY shares. Wall Street Zen raised shares of Teledyne Technologies from a “hold” rating to a “buy” rating in a research note on Friday, May 9th. UBS Group raised their target price 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. Morgan Stanley raised their target price on shares of Teledyne Technologies from $535.00 to $580.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 17th. TD Securities restated a “buy” rating and set a $550.00 price target on shares of Teledyne Technologies in a report on Thursday, April 24th. Finally, Stifel Nicolaus initiated 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. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Teledyne Technologies has an average rating of “Moderate Buy” and a consensus price target of $576.57.

Teledyne Technologies Stock Down 0.6%

Shares of NYSE TDY opened at $538.73 on Friday. The company has a 50 day simple moving average of $526.84 and a 200-day simple moving average of $501.30. The company has a market capitalization of $25.26 billion, a P/E ratio of 29.67, a P/E/G ratio of 2.52 and a beta of 1.07. 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 Incorporated has a 1 year low of $412.80 and a 1 year high of $570.56.

Teledyne Technologies (NYSE:TDY) last announced its quarterly earnings results on Wednesday, July 23rd. The scientific and technical instruments company reported $5.20 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to the consensus estimate of $1.47 billion. During the same quarter last year, the firm earned $4.58 EPS. The business’s revenue was up 10.2% compared to the same quarter last year. On average, equities research analysts predict that Teledyne Technologies Incorporated will post 21.55 earnings per share for the current year.

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

Insider Activity at Teledyne Technologies

In related news, CEO George C. Bobb III sold 6,735 shares of Teledyne Technologies stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $555.41, for a total value of $3,740,686.35. Following the completion of the sale, the chief executive officer owned 10,391 shares in the company, valued at approximately $5,771,265.31. This trade represents a 39.33% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael T. Smith sold 1,975 shares of Teledyne Technologies stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $560.10, for a total transaction of $1,106,197.50. Following the completion of the sale, the director owned 51,328 shares of the company’s stock, valued at $28,748,812.80. This trade represents a 3.71% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 15,021 shares of company stock worth $8,315,662. Insiders own 1.50% of the company’s stock.

Teledyne Technologies 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.