Mutual of America Capital Management LLC Lowers Stake in Teledyne Technologies Incorporated (NYSE:TDY)

Mutual of America Capital Management LLC lowered its stake in shares of Teledyne Technologies Incorporated (NYSE:TDY) by 1.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 15,986 shares of the scientific and technical instruments company’s stock after selling 268 shares during the period. Mutual of America Capital Management LLC’s holdings in Teledyne Technologies were worth $7,956,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. OneDigital Investment Advisors LLC purchased a new stake in Teledyne Technologies during the first quarter worth $247,000. Asset Management One Co. Ltd. lifted its holdings in shares of Teledyne Technologies by 4.7% during the 1st quarter. Asset Management One Co. Ltd. now owns 38,298 shares of the scientific and technical instruments company’s stock valued at $19,061,000 after purchasing an additional 1,712 shares during the last quarter. IFM Investors Pty Ltd lifted its holdings in shares of Teledyne Technologies by 8.3% during the 1st quarter. IFM Investors Pty Ltd now owns 8,913 shares of the scientific and technical instruments company’s stock valued at $4,436,000 after purchasing an additional 681 shares during the last quarter. SG Americas Securities LLC purchased a new stake in shares of Teledyne Technologies during the 1st quarter valued at $6,725,000. Finally, QRG Capital Management Inc. purchased a new stake in shares of Teledyne Technologies during the 1st quarter valued at $275,000. Hedge funds and other institutional investors own 91.58% of the company’s stock.

Insider Activity

In other news, CEO George C. Bobb III sold 6,735 shares of the firm’s stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $555.41, for a total transaction of $3,740,686.35. Following the sale, the chief executive officer directly owned 10,391 shares in the company, valued at $5,771,265.31. This trade represents a 39.33% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael T. Smith sold 1,975 shares of the firm’s stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $560.10, for a total value of $1,106,197.50. Following the sale, the director owned 51,328 shares in the company, valued at $28,748,812.80. This trade represents a 3.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 15,021 shares of company stock worth $8,315,662 in the last ninety days. Company insiders own 1.50% of the company’s stock.

Teledyne Technologies Price Performance

Shares of TDY opened at $549.65 on Thursday. The business’s 50-day moving average is $520.17 and its two-hundred day moving average is $499.18. The company has a market capitalization of $25.77 billion, a P/E ratio of 30.27, a P/E/G ratio of 2.57 and a beta of 1.07. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.07 and a current ratio of 1.66. Teledyne Technologies Incorporated has a fifty-two week low of $403.78 and a fifty-two week 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 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%. The firm’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period last year, the firm earned $4.58 EPS. Research analysts predict that Teledyne Technologies Incorporated will post 21.55 earnings per share for the current year.

Teledyne Technologies announced that its board has approved a share buyback plan on Wednesday, July 23rd that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the scientific and technical instruments company to purchase up to 7.7% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Several brokerages have recently commented on TDY. TD Securities reiterated a “buy” rating and set a $550.00 price objective on shares of Teledyne Technologies in a report on Thursday, April 24th. Stifel Nicolaus initiated coverage on Teledyne Technologies in a report on Tuesday, June 24th. They set a “buy” rating and a $626.00 price objective for the company. Needham & Company LLC cut their target price on Teledyne Technologies from $585.00 to $550.00 and set a “buy” rating on the stock in a research report on Thursday, April 24th. Morgan Stanley raised their target price 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, Wall Street Zen upgraded Teledyne Technologies from a “hold” rating to a “buy” rating in a research note on Friday, May 9th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Teledyne Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $576.57.

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.