Bank of New York Mellon Corp Trims Stock Position in Teledyne Technologies Incorporated (NYSE:TDY)

Bank of New York Mellon Corp lessened its holdings in shares of Teledyne Technologies Incorporated (NYSE:TDY) by 2.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund 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’s holdings in Teledyne Technologies were worth $131,748,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in TDY. Brooklyn Investment Group purchased a new position in shares of Teledyne Technologies during the third quarter worth $32,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Teledyne Technologies during the third quarter worth $39,000. Newbridge Financial Services Group Inc. purchased a new position in shares of Teledyne Technologies during the fourth quarter worth $46,000. Allworth Financial LP grew its position in Teledyne Technologies by 15.1% during the fourth quarter. Allworth Financial LP now owns 206 shares of the scientific and technical instruments company’s stock valued at $105,000 after buying an additional 27 shares during the period. Finally, Salem Investment Counselors Inc. grew its position in Teledyne Technologies by 85.5% during the fourth quarter. Salem Investment Counselors Inc. now owns 230 shares of the scientific and technical instruments company’s stock valued at $107,000 after buying an additional 106 shares during the period. Hedge funds and other institutional investors own 91.58% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. UBS Group assumed coverage on shares of Teledyne Technologies in a research report on Tuesday, December 10th. They set a “buy” rating and a $585.00 price target on the stock. Bank of America upgraded shares of Teledyne Technologies from a “neutral” rating to a “buy” rating and raised 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 set a $585.00 price target on shares of Teledyne Technologies in a research report on Wednesday, February 5th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $538.00.

Insider Activity

In other news, Director Michael T. Smith sold 2,025 shares of Teledyne Technologies stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $478.25, for a total value of $968,456.25. Following the sale, the director now owns 54,935 shares in the company, valued at $26,272,663.75. This trade represents a 3.56 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Cynthia Y. Belak sold 5,745 shares of the business’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $508.34, for a total transaction of $2,920,413.30. Following the transaction, the vice president now owns 4,962 shares in the company, valued at $2,522,383.08. The trade was a 53.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 32,190 shares of company stock worth $16,386,864 over the last 90 days. 1.88% of the stock is currently owned by company insiders.

Teledyne Technologies Stock Up 2.9 %

Shares of NYSE TDY opened at $515.60 on Friday. The company’s 50-day simple moving average is $487.79 and its 200-day simple moving average is $463.40. Teledyne Technologies Incorporated has a 52-week low of $355.41 and a 52-week high of $522.50. The firm 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. The company has a quick ratio of 1.61, a current ratio of 2.33 and a debt-to-equity ratio of 0.28.

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 (EPS) for the quarter, beating 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 business had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.45 billion. During the same quarter last year, the business earned $5.44 earnings per share. The company’s revenue for the quarter was up 5.4% compared to the same quarter last year. Equities analysts predict that Teledyne Technologies Incorporated will post 21.55 EPS for the current fiscal 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.