TD Asset Management Inc Reduces Stock Position in Teledyne Technologies Incorporated (NYSE:TDY)

TD Asset Management Inc lessened its stake in shares of Teledyne Technologies Incorporated (NYSE:TDY - Free Report) by 11.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 21,732 shares of the scientific and technical instruments company's stock after selling 2,929 shares during the quarter. TD Asset Management Inc's holdings in Teledyne Technologies were worth $10,816,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in TDY. Central Securities Corp increased its stake in Teledyne Technologies by 16.7% during the first quarter. Central Securities Corp now owns 70,000 shares of the scientific and technical instruments company's stock worth $34,840,000 after purchasing an additional 10,000 shares during the period. Nikko Asset Management Americas Inc. raised its stake in shares of Teledyne Technologies by 2.9% in the first quarter. Nikko Asset Management Americas Inc. now owns 8,498 shares of the scientific and technical instruments company's stock valued at $4,230,000 after acquiring an additional 236 shares in the last quarter. Drive Wealth Management LLC purchased a new position in Teledyne Technologies in the first quarter valued at $201,000. Pacer Advisors Inc. grew its stake in Teledyne Technologies by 3,319.3% during the 1st quarter. Pacer Advisors Inc. now owns 181,601 shares of the scientific and technical instruments company's stock worth $90,385,000 after purchasing an additional 176,290 shares in the last quarter. Finally, Cetera Investment Advisers increased its holdings in Teledyne Technologies by 5.4% during the 1st quarter. Cetera Investment Advisers now owns 9,714 shares of the scientific and technical instruments company's stock worth $4,835,000 after purchasing an additional 497 shares during the period. Hedge funds and other institutional investors own 91.58% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on TDY. TD Securities reissued a "buy" rating and set a $550.00 price objective on shares of Teledyne Technologies in a research report on Thursday, April 24th. Wall Street Zen upgraded shares of Teledyne Technologies from a "hold" rating to a "buy" rating in a report on Friday, May 9th. Stifel Nicolaus began coverage on shares of Teledyne Technologies in a report on Tuesday, June 24th. They issued a "buy" rating and a $626.00 price objective on the stock. Morgan Stanley boosted their target price 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. Finally, Needham & Company LLC dropped their target price on Teledyne Technologies from $585.00 to $550.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $576.57.

Teledyne Technologies Stock Performance

Shares of NYSE TDY traded down $6.46 during trading hours on Friday, reaching $544.56. The stock had a trading volume of 446,276 shares, compared to its average volume of 463,371. The firm has a market cap of $25.53 billion, a price-to-earnings ratio of 29.99, a PEG ratio of 2.59 and a beta of 1.07. Teledyne Technologies Incorporated has a fifty-two week low of $397.78 and a fifty-two week high of $570.56. The firm has a 50-day moving average of $515.43 and a 200-day moving average of $496.97. The company has a current ratio of 1.66, a quick ratio of 1.07 and a debt-to-equity ratio of 0.21.

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

Teledyne Technologies declared that its Board of Directors has authorized a share buyback program on Wednesday, July 23rd that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the scientific and technical instruments company to buy up to 7.7% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's board of directors believes its stock is undervalued.

Insider Transactions at Teledyne Technologies

In other Teledyne Technologies news, CEO George C. Bobb III sold 6,735 shares of the business's stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $555.41, for a total value of $3,740,686.35. Following the transaction, the chief executive officer directly owned 10,391 shares of the company's stock, valued at approximately $5,771,265.31. The trade was a 39.33% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Michael T. Smith sold 1,975 shares of the firm's stock in a transaction on Monday, July 28th. The stock was sold at an average price of $560.10, for a total transaction of $1,106,197.50. Following the completion of the sale, the director owned 51,328 shares of the company's stock, valued at $28,748,812.80. This trade represents a 3.71% decrease in their position. The disclosure for this sale can be found here. Insiders sold 15,021 shares of company stock worth $8,315,662 over the last 90 days. 1.50% of the stock is currently owned by insiders.

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.