Mirae Asset Global Investments Co. Ltd. Purchases New Stake in Teledyne Technologies Incorporated $TDY

Key Points

• Mirae Asset Global Investments opened a Teledyne Technologies position in the third quarter, buying 11,728 shares worth about $7.1 million; institutional investors collectively own 91.58% of the stock.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $731.83. Recent target increases include Stifel Nicolaus to $795 and Needham to $775, while Zacks Research downgraded the stock to Hold.
• Teledyne beat quarterly earnings and revenue estimates, reporting EPS of $6.72 and revenue of $1.68 billion; revenue rose 9.4% year over year. The stock was reported down 4.8% and opened at $631.98.

Mirae Asset Global Investments Co. Ltd. purchased a new stake in Teledyne Technologies Incorporated (NYSE:TDY - Free Report) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 11,728 shares of the scientific and technical instruments company's stock, valued at approximately $7,117,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. ProShare Advisors LLC raised its position in Teledyne Technologies by 20.7% during the 3rd quarter. ProShare Advisors LLC now owns 10,346 shares of the scientific and technical instruments company's stock valued at $6,278,000 after purchasing an additional 1,775 shares in the last quarter. Vise Technologies Inc. grew its position in shares of Teledyne Technologies by 48.8% during the 3rd quarter. Vise Technologies Inc. now owns 1,214 shares of the scientific and technical instruments company's stock worth $737,000 after buying an additional 398 shares in the last quarter. Grandfield & Dodd LLC increased its stake in shares of Teledyne Technologies by 1.1% during the third quarter. Grandfield & Dodd LLC now owns 39,794 shares of the scientific and technical instruments company's stock valued at $24,148,000 after buying an additional 434 shares during the period. International Assets Investment Management LLC increased its stake in shares of Teledyne Technologies by 1,789.9% during the third quarter. International Assets Investment Management LLC now owns 10,300 shares of the scientific and technical instruments company's stock valued at $6,250,000 after buying an additional 9,755 shares during the period. Finally, Partners Wealth Management LLC purchased a new position in shares of Teledyne Technologies during the third quarter valued at $212,000. Institutional investors own 91.58% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on TDY shares. Weiss Ratings raised shares of Teledyne Technologies from a "buy (b)" rating to a "buy (b+)" rating in a research note on Thursday, October 29th. Zacks Research downgraded shares of Teledyne Technologies from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 25th. Stifel Nicolaus boosted their price target on shares of Teledyne Technologies from $775.00 to $795.00 and gave the company a "buy" rating in a report on Thursday, October 22nd. Morgan Stanley upped their price target on shares of Teledyne Technologies from $715.00 to $725.00 and gave the stock an "equal weight" rating in a research report on Tuesday. Finally, Needham & Company LLC increased their price objective on shares of Teledyne Technologies from $760.00 to $775.00 and gave the company a "buy" rating in a research note on Friday, October 23rd. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $731.83.

Teledyne Technologies Trading Down 4.8%

TDY opened at $631.98 on Thursday. The company has a current ratio of 2.31, a quick ratio of 1.51 and a debt-to-equity ratio of 0.18. The firm has a market cap of $29.10 billion, a price-to-earnings ratio of 28.88, a PEG ratio of 2.44 and a beta of 0.89. Teledyne Technologies Incorporated has a 12 month low of $483.02 and a 12 month high of $697.67. The stock has a fifty day moving average price of $619.58 and a 200-day moving average price of $634.41.

Teledyne Technologies (NYSE:TDY - Get Free Report) last issued its quarterly earnings data on Wednesday, October 21st. The scientific and technical instruments company reported $6.72 earnings per share for the quarter, beating analysts' consensus estimates of $6.17 by $0.55. Teledyne Technologies had a return on equity of 10.89% and a net margin of 15.75%. The company had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.65 billion. During the same quarter last year, the company earned $5.57 earnings per share. The firm's revenue for the quarter was up 9.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Teledyne Technologies Incorporated will post 25.58 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Simon Lorne sold 6,449 shares of the stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $680.34, for a total transaction of $4,387,512.66. Following the completion of the sale, the director owned 55,783 shares of the company's stock, valued at $37,951,406.22. This represents a 10.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.36% of the stock is owned by insiders.

Teledyne Technologies Profile

Teledyne Technologies Incorporated NYSE: TDY is an industrial technology company that develops and manufactures sophisticated electronic, digital imaging, aerospace and defense products. Its offerings are used in commercial, industrial, scientific, government and defense applications where sensing, imaging, measurement and data processing are important.

The company's businesses include digital imaging sensors and cameras, scientific instruments, environmental and marine monitoring systems, aerospace and defense electronics, communications equipment, data-acquisition systems and engineered components.

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