Diamond Hill Capital Management Inc. Cuts Holdings in Teledyne Technologies Incorporated (NYSE:TDY)

Diamond Hill Capital Management Inc. reduced its position in shares of Teledyne Technologies Incorporated (NYSE:TDY - Free Report) by 3.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 61,246 shares of the scientific and technical instruments company's stock after selling 1,987 shares during the period. Diamond Hill Capital Management Inc. owned 0.13% of Teledyne Technologies worth $30,483,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in TDY. Golden State Wealth Management LLC increased its position in shares of Teledyne Technologies by 205.9% during the first quarter. Golden State Wealth Management LLC now owns 52 shares of the scientific and technical instruments company's stock worth $26,000 after purchasing an additional 35 shares in the last quarter. Quarry LP purchased a new position in Teledyne Technologies in the 4th quarter valued at $28,000. NBC Securities Inc. acquired a new stake in Teledyne Technologies during the 1st quarter worth $28,000. Hurley Capital LLC purchased a new stake in shares of Teledyne Technologies during the fourth quarter worth $33,000. Finally, Ancora Advisors LLC grew its holdings in shares of Teledyne Technologies by 192.3% during the fourth quarter. Ancora Advisors LLC now owns 76 shares of the scientific and technical instruments company's stock worth $35,000 after buying an additional 50 shares in the last quarter. Institutional investors and hedge funds own 91.58% of the company's stock.

Teledyne Technologies Trading Up 0.9%

TDY traded up $4.73 during trading hours on Thursday, reaching $551.31. The company's stock had a trading volume of 538,956 shares, compared to its average volume of 426,877. The business's 50-day moving average is $509.44 and its 200-day moving average is $493.77. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.66 and a quick ratio of 1.44. The stock has a market cap of $25.83 billion, a PE ratio of 30.36, a P/E/G ratio of 2.58 and a beta of 1.04. Teledyne Technologies Incorporated has a fifty-two week low of $397.78 and a fifty-two week high of $570.56.

Teledyne Technologies (NYSE:TDY - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The scientific and technical instruments company reported $5.20 EPS for the quarter, beating the consensus estimate of $5.05 by $0.15. The business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.47 billion. Teledyne Technologies had a return on equity of 9.96% and a net margin of 14.54%. The company's quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $4.58 EPS. As a group, equities research analysts predict that Teledyne Technologies Incorporated will post 21.55 earnings per share for the current fiscal year.

Teledyne Technologies announced that its Board of Directors has initiated a share repurchase plan on Wednesday, July 23rd that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the scientific and technical instruments company to buy up to 7.7% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on TDY shares. Morgan Stanley raised their price target on shares of Teledyne Technologies from $535.00 to $580.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 17th. TD Securities reiterated a "buy" rating and issued a $550.00 price objective on shares of Teledyne Technologies in a report on Thursday, April 24th. Needham & Company LLC decreased their target price on shares of Teledyne Technologies from $585.00 to $550.00 and set a "buy" rating on the stock in a research note on Thursday, April 24th. Wall Street Zen upgraded Teledyne Technologies from a "hold" rating to a "buy" rating in a research report on Friday, May 9th. Finally, Stifel Nicolaus assumed coverage on Teledyne Technologies in a report on Tuesday, June 24th. They issued a "buy" rating and a $626.00 price target for the company. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $576.57.

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.