Yacktman Asset Management LP Lowers Position in Teledyne Technologies Incorporated (NYSE:TDY)

Yacktman Asset Management LP trimmed its holdings in shares of Teledyne Technologies Incorporated (NYSE:TDY) by 40.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,500 shares of the scientific and technical instruments company’s stock after selling 3,000 shares during the quarter. Yacktman Asset Management LP’s holdings in Teledyne Technologies were worth $2,089,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Covea Finance increased its position in shares of Teledyne Technologies by 25.1% in the fourth quarter. Covea Finance now owns 21,400 shares of the scientific and technical instruments company’s stock worth $9,932,000 after purchasing an additional 4,300 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Teledyne Technologies by 6.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,150,065 shares of the scientific and technical instruments company’s stock worth $503,338,000 after buying an additional 64,617 shares during the last quarter. Verition Fund Management LLC raised its position in shares of Teledyne Technologies by 240.5% during the 3rd 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 buying an additional 25,796 shares in the last quarter. West Oak Capital LLC lifted its holdings in shares of Teledyne Technologies by 4,721.8% during the 4th quarter. West Oak Capital LLC now owns 11,283 shares of the scientific and technical instruments company’s stock worth $5,237,000 after acquiring an additional 11,049 shares during the last quarter. Finally, National Bank of Canada FI grew its position in Teledyne Technologies by 217.5% in the third quarter. National Bank of Canada FI now owns 53,819 shares of the scientific and technical instruments company’s stock worth $23,554,000 after acquiring an additional 36,867 shares in the last quarter. 91.58% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Chairman Robert Mehrabian sold 5,768 shares of the company’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $518.22, for a total transaction of $2,989,092.96. Following the completion of the transaction, the chairman now owns 144,553 shares in the company, valued at $74,910,255.66. This represents a 3.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael T. Smith sold 2,025 shares of Teledyne Technologies stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $478.25, for a total transaction of $968,456.25. Following the completion of the sale, the director now owns 54,935 shares in the company, valued at approximately $26,272,663.75. This trade represents a 3.56 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 32,190 shares of company stock valued at $16,386,864. Insiders own 2.14% of the company’s stock.

Wall Street Analyst Weigh In

TDY has been the subject of several research analyst reports. TD Cowen lifted their price target on Teledyne Technologies from $450.00 to $500.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. UBS Group started coverage on Teledyne Technologies in a research report on Tuesday, December 10th. They issued a “buy” rating and a $585.00 target price for the company. Bank of America upgraded shares of Teledyne Technologies from a “neutral” rating to a “buy” rating and increased their price target for the company from $450.00 to $550.00 in a research report on Friday, November 8th. Finally, Needham & Company LLC restated a “buy” rating and issued a $585.00 price objective on shares of Teledyne Technologies in a report on Wednesday, February 5th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, Teledyne Technologies currently has a consensus rating of “Buy” and a consensus target price of $538.00.

Teledyne Technologies Price Performance

TDY opened at $511.38 on Tuesday. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.33 and a quick ratio of 1.61. Teledyne Technologies Incorporated has a 1 year low of $355.41 and a 1 year high of $522.50. The stock’s 50 day simple moving average is $480.48 and its 200 day simple moving average is $455.64. The firm has a market cap of $23.83 billion, a price-to-earnings ratio of 29.68, a PEG ratio of 3.19 and a beta of 1.03.

Teledyne Technologies (NYSE:TDY) last issued its earnings results on Wednesday, January 22nd. The scientific and technical instruments company reported $5.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.23 by $0.29. Teledyne Technologies had a net margin of 14.45% and a return on equity of 9.94%. The firm had revenue of $1.50 billion for the quarter, compared to analysts’ expectations of $1.45 billion. During the same quarter last year, the business earned $5.44 earnings per share. The business’s revenue was up 5.4% on a year-over-year basis. As a group, analysts predict that Teledyne Technologies Incorporated will post 21.59 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.