Bank of New York Mellon Corp Sells 7,620 Shares of Teledyne Technologies Incorporated (NYSE:TDY)

Bank of New York Mellon Corp reduced its stake in Teledyne Technologies Incorporated (NYSE:TDY) by 2.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 283,859 shares of the scientific and technical instruments company’s stock after selling 7,620 shares during the period. Bank of New York Mellon Corp owned 0.61% of Teledyne Technologies worth $131,748,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Covea Finance grew its stake in Teledyne Technologies by 25.1% in the 4th quarter. Covea Finance now owns 21,400 shares of the scientific and technical instruments company’s stock worth $9,932,000 after acquiring an additional 4,300 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Teledyne Technologies by 6.0% during the third quarter. JPMorgan Chase & Co. now owns 1,150,065 shares of the scientific and technical instruments company’s stock valued at $503,338,000 after purchasing an additional 64,617 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in shares of Teledyne Technologies by 10.9% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 6,515 shares of the scientific and technical instruments company’s stock valued at $3,024,000 after purchasing an additional 640 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Teledyne Technologies by 37.8% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,290 shares of the scientific and technical instruments company’s stock valued at $2,021,000 after purchasing an additional 1,176 shares in the last quarter. Finally, Verition Fund Management LLC boosted its stake in shares of Teledyne Technologies by 240.5% during the third quarter. Verition Fund Management LLC now owns 36,524 shares of the scientific and technical instruments company’s stock valued at $15,985,000 after purchasing an additional 25,796 shares in the last quarter. 91.58% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Bank of America upgraded shares of Teledyne Technologies from a “neutral” rating to a “buy” rating and increased their price objective for the company from $450.00 to $550.00 in a research note on Friday, November 8th. Needham & Company LLC reiterated a “buy” rating and set a $585.00 price objective on shares of Teledyne Technologies in a research note on Wednesday, February 5th. Finally, UBS Group initiated coverage on shares of Teledyne Technologies in a research note on Tuesday, December 10th. They set a “buy” rating and a $585.00 price objective on the stock. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $538.00.

Insiders Place Their Bets

In other Teledyne Technologies news, Chairman Robert Mehrabian sold 5,007 shares of the firm’s stock in a transaction on Friday, February 7th. The shares were sold at an average price of $510.33, for a total value of $2,555,222.31. Following the completion of the transaction, the chairman now owns 144,553 shares of the company’s stock, valued at approximately $73,769,732.49. This trade represents a 3.35 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Michael T. Smith sold 2,025 shares of the firm’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $478.25, for a total transaction of $968,456.25. Following the completion of the transaction, the director now directly owns 54,935 shares of the company’s stock, valued at approximately $26,272,663.75. This represents a 3.56 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 32,190 shares of company stock valued at $16,386,864. Insiders own 1.88% of the company’s stock.

Teledyne Technologies Price Performance

Shares of TDY opened at $515.60 on Friday. The company has a market cap of $24.15 billion, a price-to-earnings ratio of 29.92, a price-to-earnings-growth ratio of 3.14 and a beta of 1.03. Teledyne Technologies Incorporated has a twelve month low of $355.41 and a twelve month high of $522.50. The company has a quick ratio of 1.61, a current ratio of 2.33 and a debt-to-equity ratio of 0.28. The company has a 50 day moving average of $487.79 and a two-hundred day moving average of $463.40.

Teledyne Technologies (NYSE:TDY) last announced its earnings results on Wednesday, January 22nd. The scientific and technical instruments company reported $5.52 earnings per share for the quarter, beating the consensus estimate of $5.23 by $0.29. The company had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.45 billion. Teledyne Technologies had a net margin of 14.45% and a return on equity of 9.94%. Teledyne Technologies’s revenue was up 5.4% compared to the same quarter last year. During the same period last year, the firm earned $5.44 earnings per share. As a group, analysts predict that Teledyne Technologies Incorporated will post 21.55 earnings per share for the current fiscal year.

Teledyne Technologies Company 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.