Charles Crocker, a director at Teledyne Technologies Inc . (NYSE:TDY), has recently sold shares of the company valued at approximately $946,235, according to a regulatory filing. The transactions occurred over two days, with Crocker selling a total of 2,000 shares. The sale comes as Teledyne, a $21.9 billion technology company, trades near its 52-week high with a P/E ratio of 23.6. According to InvestingPro analysis, the stock appears to be fairly valued at current levels.
On December 6, Crocker sold 826 shares at a price of $475 each. Subsequently, on December 9, he executed two separate transactions: one involving 1,099 shares at a weighted average price of $471.74, and another for 75 shares at $472.56. Following these sales, Crocker retains ownership of 44,400 shares in the company. InvestingPro data shows the company maintains a strong financial health score of "GOOD" with low price volatility, making it an interesting watch for stability-focused investors. Get access to 8 more exclusive InvestingPro Tips and comprehensive analysis in our detailed Pro Research Report.
The shares sold by Crocker were held directly, as well as through the Crocker Revocable Trust, where he serves as a trustee. The transactions were part of routine financial management and do not necessarily indicate any changes in Crocker's confidence in Teledyne Technologies' prospects.
In other recent news, Teledyne Technologies Incorporated has been making significant strides in its financial performance and strategic growth. The company reported record sales in its Q3 2024 earnings call, driven mainly by high demand in the defense, space, and energy sectors. Despite a slight decrease in Digital Imaging sales, Teledyne's financial performance remains solid, with $354 million in stock repurchases and a record backlog due to orders surpassing sales for the fourth consecutive quarter.
Teledyne has also announced its agreement to purchase select aerospace and defense electronics businesses from Excelitas Technologies Corp. for $710 million. This acquisition is expected to expand Teledyne's portfolio with advanced optics used in various military applications and high-voltage semiconductor switches.
Analysts have shown a positive outlook for the company. TD (TSX:TD) Cowen reiterated a Buy rating on Teledyne, citing high-margin opportunities in sensing and imaging, and raised the price target to $500. Similarly, BofA Securities upgraded Teledyne's stock rating from Neutral to Buy and increased the price target to $550. Jefferies also raised its price target on Teledyne to $550, while maintaining a Buy rating.
These recent developments highlight Teledyne's proactive approach to growth and expansion, including a preparedness to spend $2 to $3 billion on smaller companies. The company anticipates modest sequential sales growth in Q4 2024 and has provided a cautious revenue estimate of $5.624 billion for the year amid global uncertainties.
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