Cresset Asset Management LLC Cuts Stake in Teledyne Technologies Incorporated (NYSE:TDY)

Cresset Asset Management LLC lowered its stake in shares of Teledyne Technologies Incorporated (NYSE:TDY - Free Report) by 71.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,036 shares of the scientific and technical instruments company's stock after selling 2,578 shares during the period. Cresset Asset Management LLC's holdings in Teledyne Technologies were worth $481,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of TDY. Norges Bank purchased a new stake in shares of Teledyne Technologies during the fourth quarter worth about $306,042,000. Alyeska Investment Group L.P. grew its stake in Teledyne Technologies by 19,605.0% during the 4th quarter. Alyeska Investment Group L.P. now owns 365,133 shares of the scientific and technical instruments company's stock valued at $169,469,000 after acquiring an additional 363,280 shares in the last quarter. Madison Investment Advisors LLC purchased a new stake in Teledyne Technologies during the 4th quarter valued at about $94,721,000. Freestone Grove Partners LP purchased a new stake in Teledyne Technologies during the 4th quarter valued at about $61,939,000. Finally, Raymond James Financial Inc. purchased a new stake in Teledyne Technologies during the 4th quarter valued at about $53,304,000. Hedge funds and other institutional investors own 91.58% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on TDY. StockNews.com raised shares of Teledyne Technologies from a "hold" rating to a "buy" rating in a research note on Friday, May 9th. Bank of America upped their price objective on shares of Teledyne Technologies from $550.00 to $600.00 and gave the company a "buy" rating in a research note on Monday, March 17th. TD Securities reaffirmed a "buy" rating and set a $550.00 price objective on shares of Teledyne Technologies in a research note on Thursday, April 24th. Finally, Needham & Company LLC dropped their price objective on shares of Teledyne Technologies from $585.00 to $550.00 and set a "buy" rating for the company in a research note on Thursday, April 24th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $542.50.

Insider Transactions at Teledyne Technologies

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

Teledyne Technologies Stock Performance

NYSE:TDY opened at $490.03 on Thursday. 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 capitalization of $22.96 billion, a price-to-earnings ratio of 28.44, a PEG ratio of 3.14 and a beta of 1.06. The company's 50-day moving average is $476.84 and its two-hundred day moving average is $480.72. Teledyne Technologies Incorporated has a 1-year low of $380.63 and a 1-year high of $522.50.

Teledyne Technologies (NYSE:TDY - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The scientific and technical instruments company reported $4.95 earnings per share for the quarter, beating the consensus estimate of $4.92 by $0.03. The company had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.44 billion. Teledyne Technologies had a net margin of 14.45% and a return on equity of 9.94%. Teledyne Technologies's revenue was up 7.4% on a year-over-year basis. During the same period in the previous year, the business posted $4.55 EPS. Analysts forecast that Teledyne Technologies Incorporated will post 21.55 EPS 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.