Teledyne Technologies Incorporated $TDY Holdings Decreased by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments cut its Teledyne stake by 23% in the third quarter, selling 56,020 shares. It retained 187,158 shares valued at about $114.7 million.
• Teledyne reported quarterly earnings of $6.72 per share, beating estimates of $6.17, while revenue rose 9.4% year over year to $1.68 billion.
• Analysts’ consensus rating is “Moderate Buy”, with an average price target of $731.83; institutional investors and hedge funds collectively own 91.58% of the stock.

Allspring Global Investments Holdings LLC decreased its stake in shares of Teledyne Technologies Incorporated (NYSE:TDY - Free Report) by 23.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 187,158 shares of the scientific and technical instruments company's stock after selling 56,020 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.41% of Teledyne Technologies worth $114,671,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in TDY. BlackRock Inc. bought a new position in shares of Teledyne Technologies during the second quarter worth about $2,751,121,000. Jupiter Topco LLC bought a new stake in Teledyne Technologies in the 2nd quarter valued at approximately $1,027,237,000. Bank of America Corp DE lifted its stake in Teledyne Technologies by 4.5% in the 1st quarter. Bank of America Corp DE now owns 671,088 shares of the scientific and technical instruments company's stock valued at $406,015,000 after acquiring an additional 28,822 shares in the last quarter. Findlay Park Partners LLP bought a new stake in Teledyne Technologies in the 2nd quarter valued at approximately $277,363,000. Finally, Sei Investments Co. boosted its position in Teledyne Technologies by 3.6% during the 1st quarter. Sei Investments Co. now owns 414,989 shares of the scientific and technical instruments company's stock worth $251,074,000 after acquiring an additional 14,262 shares during the last quarter. 91.58% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Teledyne Technologies

In related news, Director Simon Lorne sold 6,449 shares of Teledyne Technologies stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $680.34, for a total transaction of $4,387,512.66. Following the completion of the transaction, the director owned 55,783 shares in the company, valued at approximately $37,951,406.22. This trade represents a 10.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 1.36% of the company's stock.

Analyst Ratings Changes

TDY has been the topic of a number of research reports. Weiss Ratings raised shares of Teledyne Technologies from a "buy (b)" rating to a "buy (b+)" rating in a research report on Thursday, October 29th. Morgan Stanley increased their target price on shares of Teledyne Technologies from $715.00 to $725.00 and gave the stock an "equal weight" rating in a report on Tuesday, November 3rd. Stifel Nicolaus raised their target price on shares of Teledyne Technologies from $775.00 to $795.00 and gave the company a "buy" rating in a research report on Thursday, October 22nd. Needham & Company LLC lifted their price target 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. Finally, Zacks Research cut shares of Teledyne Technologies from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 25th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, Teledyne Technologies has a consensus rating of "Moderate Buy" and a consensus target price of $731.83.

Teledyne Technologies Stock Up 3.9%

NYSE:TDY opened at $643.00 on Tuesday. The firm has a market capitalization of $29.60 billion, a price-to-earnings ratio of 29.39, a price-to-earnings-growth ratio of 2.33 and a beta of 0.89. Teledyne Technologies Incorporated has a twelve month low of $483.02 and a twelve month high of $697.67. The stock's 50 day moving average price is $619.01 and its two-hundred day moving average price is $634.82. The company has a quick ratio of 1.51, a current ratio of 2.31 and a debt-to-equity ratio of 0.18.

Teledyne Technologies (NYSE:TDY - Get Free Report) last released its quarterly earnings data on Wednesday, October 21st. The scientific and technical instruments company reported $6.72 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $1.65 billion. During the same quarter in the prior year, the firm posted $5.57 EPS. The firm's revenue for the quarter was up 9.4% compared to the same quarter last year. Equities research analysts expect that Teledyne Technologies Incorporated will post 25.58 earnings per share for the current fiscal year.

Teledyne Technologies Company Profile

Teledyne Technologies is an industrial technology company that develops and manufactures instrumentation, digital imaging products, aerospace and defense electronics, and engineered systems. Its products and services support applications including environmental monitoring, marine research, scientific imaging, and industrial inspection.

The company's businesses include sensors and monitoring instruments, cameras and imaging systems, electronic components, and specialized engineering and manufacturing services.

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