Congress Asset Management Co. Sells 46,579 Shares of Teledyne Technologies Incorporated (NYSE:TDY)

Congress Asset Management Co. decreased its holdings in shares of Teledyne Technologies Incorporated (NYSE:TDY) by 17.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 228,190 shares of the scientific and technical instruments company’s stock after selling 46,579 shares during the period. Congress Asset Management Co. owned about 0.49% of Teledyne Technologies worth $105,910,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Brooklyn Investment Group bought a new position in Teledyne Technologies during the third quarter worth about $32,000. Wilmington Savings Fund Society FSB bought a new position in Teledyne Technologies during the third quarter worth about $39,000. Newbridge Financial Services Group Inc. bought a new position in Teledyne Technologies during the fourth quarter worth about $46,000. Exchange Traded Concepts LLC lifted its stake in Teledyne Technologies by 432.0% during the third quarter. Exchange Traded Concepts LLC now owns 133 shares of the scientific and technical instruments company’s stock worth $58,000 after purchasing an additional 108 shares during the period. Finally, Salem Investment Counselors Inc. lifted its stake 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 worth $107,000 after purchasing an additional 106 shares during the period. Institutional investors own 91.58% of the company’s stock.

Teledyne Technologies Stock Performance

Shares of Teledyne Technologies stock opened at $489.74 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.33 and a quick ratio of 1.61. The firm has a market cap of $22.82 billion, a P/E ratio of 28.42, a P/E/G ratio of 3.19 and a beta of 1.03. The firm has a 50 day simple moving average of $483.00 and a 200 day simple moving average of $458.25. Teledyne Technologies Incorporated has a fifty-two week low of $355.41 and a fifty-two week high of $522.50.

Teledyne Technologies (NYSE:TDY) last issued its quarterly earnings results on Wednesday, January 22nd. The scientific and technical instruments company reported $5.52 earnings per share for the quarter, beating analysts’ consensus estimates of $5.23 by $0.29. The business had revenue of $1.50 billion during the quarter, compared to analyst estimates 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 for the quarter was up 5.4% compared to the same quarter last year. During the same quarter last year, the business posted $5.44 earnings per share. Sell-side analysts predict that Teledyne Technologies Incorporated will post 21.59 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Teledyne Technologies news, EVP Melanie Susan Cibik sold 2,538 shares of Teledyne Technologies stock in a transaction on Monday, January 27th. The shares were sold at an average price of $513.02, for a total transaction of $1,302,044.76. Following the completion of the sale, the executive vice president now owns 32,100 shares of the company’s stock, valued at approximately $16,467,942. The trade was a 7.33 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Robert Mehrabian sold 5,007 shares of Teledyne Technologies stock in a transaction on Friday, February 7th. The stock was sold at an average price of $510.33, for a total transaction of $2,555,222.31. Following the sale, the chairman now directly owns 144,553 shares of the company’s stock, valued at $73,769,732.49. This represents a 3.35 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 32,190 shares of company stock valued at $16,386,864. Company insiders own 2.14% of the company’s stock.

Analyst Upgrades and Downgrades

TDY has been the subject of a number of analyst reports. TD Cowen raised their price target on shares of 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 shares of Teledyne Technologies in a report on Tuesday, December 10th. They set a “buy” rating and a $585.00 price objective for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $585.00 price objective on shares of Teledyne Technologies in a report on Wednesday, February 5th. Finally, Bank of America raised shares of Teledyne Technologies from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $450.00 to $550.00 in a report on Friday, November 8th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $538.00.

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.