Jason VanWees, Vice Chairman of Teledyne Technologies Inc . (NYSE:TDY), recently reported a significant transaction involving the company's common stock. On November 8, 2024, VanWees sold 1,500 shares at an average price of $488.71, amounting to a total of approximately $733,069. This transaction was disclosed in a Form 4 filing with the Securities and Exchange Commission. The sale occurred as Teledyne's stock trades near its 52-week high of $492, with InvestingPro analysis indicating the stock is slightly overvalued at current levels.
In a related transaction on the same day, VanWees acquired 1,500 shares through the exercise of stock options at a price of $78.40 per share. The shares are held indirectly by his spouse. Following these transactions, VanWees' spouse holds 2,899.9972 shares indirectly, while VanWees directly holds 51,323.441 shares, which include restricted shares and shares purchased through various company stock plans.
These transactions reflect VanWees' ongoing management of his equity interests in the company, with no admission of beneficial ownership for certain securities as noted in the filing's footnotes.
In other recent news, Teledyne Technologies Incorporated continues to make strides in its business operations. Notably, the company has agreed to purchase select aerospace and defense electronics businesses from Excelitas Technologies Corp. for $710 million, a move expected to enhance Teledyne's portfolio with advanced optics used in various military applications. The transaction is expected to be completed in early 2025.
On the earnings front, Teledyne reported record sales in its third quarter 2024 earnings call, driven by high demand in the defense, space, and energy sectors. Despite a slight decrease in Digital Imaging sales, the company's financial performance remains robust with $354 million in stock repurchases. The company anticipates modest sequential sales growth in Q4 2024 and has provided a cautious revenue estimate of $5.624 billion for the year.
In terms of analyst coverage, UBS has resumed coverage on Teledyne with a Buy rating, citing the company's growth prospects. Similarly, TD (TSX:TD) Cowen maintained a positive outlook, reiterating a Buy rating and highlighting Teledyne's record-high orders. BofA Securities upgraded Teledyne's stock rating from Neutral to Buy, increasing the price target for the company's shares to $550, reflecting an optimistic outlook on Teledyne's future performance. Finally, Jefferies raised its price target on the stock to $550, while retaining a Buy rating.
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