Teledyne Technologies (NYSE:TDY) Board Initiates Stock Repurchase Plan

Teledyne Technologies (NYSE:TDY) announced that its Board of Directors has approved a stock repurchase 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 a sign that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Needham & Company LLC cut their price target on Teledyne Technologies from $585.00 to $550.00 and set a “buy” rating on the stock in a research note on Thursday, April 24th. Stifel Nicolaus started coverage on Teledyne Technologies in a research note on Tuesday, June 24th. They issued a “buy” rating and a $626.00 target price on the stock. UBS Group raised their target price on Teledyne Technologies from $585.00 to $630.00 and gave the stock a “buy” rating in a report on Thursday. TD Securities restated a “buy” rating and set a $550.00 target price on shares of Teledyne Technologies in a research report on Thursday, April 24th. Finally, Morgan Stanley upped their price target on Teledyne Technologies from $535.00 to $580.00 and gave the company an “equal weight” rating in a research note on Thursday, July 17th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $576.57.

Teledyne Technologies Stock Performance

TDY stock opened at $556.00 on Friday. Teledyne Technologies has a 1-year low of $397.78 and a 1-year high of $570.56. The company has a current ratio of 1.66, a quick ratio of 1.44 and a debt-to-equity ratio of 0.21. The firm has a market cap of $26.05 billion, a PE ratio of 30.62, a P/E/G ratio of 2.59 and a beta of 1.04. The business’s 50-day moving average price is $510.59 and its two-hundred day moving average price is $494.43.

Teledyne Technologies (NYSE:TDY) last released its quarterly earnings results on Wednesday, July 23rd. The scientific and technical instruments company reported $5.20 EPS for the quarter, topping analysts’ consensus estimates 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 quarter last year, the firm posted $4.58 earnings per share. Teledyne Technologies’s revenue was up 10.2% compared to the same quarter last year. As a group, research analysts forecast that Teledyne Technologies will post 21.55 earnings per share for the current year.

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.