Bank of America Corp DE Cuts Position in Teledyne Technologies Incorporated (NYSE:TDY)

Bank of America Corp DE lessened its position in Teledyne Technologies Incorporated (NYSE:TDY - Free Report) by 7.0% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 685,101 shares of the scientific and technical instruments company's stock after selling 51,764 shares during the period. Bank of America Corp DE owned approximately 1.47% of Teledyne Technologies worth $317,976,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Barclays PLC lifted its holdings in shares of Teledyne Technologies by 4.9% in the third quarter. Barclays PLC now owns 102,490 shares of the scientific and technical instruments company's stock valued at $44,854,000 after purchasing an additional 4,765 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new position in Teledyne Technologies during the 3rd quarter valued at $39,000. Principal Financial Group Inc. grew its stake in shares of Teledyne Technologies by 1.7% in the 3rd quarter. Principal Financial Group Inc. now owns 55,849 shares of the scientific and technical instruments company's stock worth $24,443,000 after acquiring an additional 915 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Teledyne Technologies by 6.0% in 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 during the last quarter. Finally, Fulton Bank N.A. lifted its position in shares of Teledyne Technologies by 14.9% during the fourth quarter. Fulton Bank N.A. now owns 1,415 shares of the scientific and technical instruments company's stock valued at $657,000 after purchasing an additional 183 shares in the last quarter. Institutional investors own 91.58% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on TDY shares. TD Securities reaffirmed a "buy" rating and issued a $550.00 target price on shares of Teledyne Technologies in a report on Thursday, April 24th. Bank of America increased their target price on shares of Teledyne Technologies from $550.00 to $600.00 and gave the company a "buy" rating in a research report on Monday, March 17th. StockNews.com raised shares of Teledyne Technologies from a "hold" rating to a "buy" rating in a report on Friday. Finally, Needham & Company LLC decreased their price objective on Teledyne Technologies from $585.00 to $550.00 and set a "buy" rating for the company in a report on Thursday, April 24th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $542.50.

Teledyne Technologies Price Performance

NYSE TDY traded up $2.67 on Friday, reaching $484.62. 269,175 shares of the company's stock traded hands, compared to its average volume of 257,633. The stock has a market cap of $22.71 billion, a PE ratio of 28.13, a P/E/G ratio of 3.14 and a beta of 1.06. Teledyne Technologies Incorporated has a 12 month low of $380.63 and a 12 month high of $522.50. The stock has a 50-day simple moving average of $476.89 and a 200 day simple moving average of $480.41. 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 (NYSE:TDY - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The scientific and technical instruments company reported $4.95 EPS for the quarter, topping the consensus estimate of $4.92 by $0.03. The firm had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.44 billion. Teledyne Technologies had a return on equity of 9.94% and a net margin of 14.45%. The company's quarterly revenue was up 7.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.55 earnings per share. As a group, research analysts predict that Teledyne Technologies Incorporated will post 21.55 earnings per share for the current year.

Insider Buying and Selling at Teledyne Technologies

In related news, EVP Melanie Susan Cibik sold 706 shares of the firm's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $519.96, for a total value of $367,091.76. Following the completion of the sale, the executive vice president now owns 26,529 shares of the company's stock, valued at $13,794,018.84. This trade represents a 2.59 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Vice Chairman Jason Vanwees sold 3,700 shares of the company's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $520.06, for a total transaction of $1,924,222.00. Following the completion of the transaction, the insider now owns 51,324 shares of the company's stock, valued at $26,691,559.44. This trade represents a 6.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.50% of the company's stock.

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.