Point72 Asset Management L.P. Makes New Investment in Teledyne Technologies Incorporated (NYSE:TDY)

Point72 Asset Management L.P. purchased a new position in shares of Teledyne Technologies Incorporated (NYSE:TDY - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 309,232 shares of the scientific and technical instruments company's stock, valued at approximately $143,524,000. Point72 Asset Management L.P. owned 0.66% of Teledyne Technologies at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of TDY. Quarry LP purchased a new stake in shares of Teledyne Technologies during the fourth quarter worth $28,000. Hurley Capital LLC purchased a new stake in shares of Teledyne Technologies during the fourth quarter worth approximately $33,000. Ancora Advisors LLC raised its holdings in Teledyne Technologies by 192.3% in the fourth quarter. Ancora Advisors LLC now owns 76 shares of the scientific and technical instruments company's stock valued at $35,000 after acquiring an additional 50 shares in the last quarter. Millstone Evans Group LLC acquired a new position in Teledyne Technologies during the 4th quarter worth approximately $42,000. Finally, Newbridge Financial Services Group Inc. purchased a new stake in shares of Teledyne Technologies in the 4th quarter valued at approximately $46,000. 91.58% of the stock is currently owned by hedge funds and other institutional investors.

Teledyne Technologies Stock Performance

Shares of NYSE TDY traded down $3.31 during trading hours on Tuesday, reaching $493.74. The stock had a trading volume of 221,881 shares, compared to its average volume of 289,675. The company has a current ratio of 2.33, a quick ratio of 1.61 and a debt-to-equity ratio of 0.28. Teledyne Technologies Incorporated has a fifty-two week low of $380.63 and a fifty-two week high of $522.50. The firm has a 50-day moving average of $477.73 and a 200-day moving average of $481.83. The firm has a market cap of $23.14 billion, a price-to-earnings ratio of 28.67, a PEG ratio of 3.14 and a beta of 1.06.

Teledyne Technologies (NYSE:TDY - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The scientific and technical instruments company reported $4.95 EPS for the quarter, beating the consensus estimate of $4.92 by $0.03. Teledyne Technologies had a net margin of 14.45% and a return on equity of 9.94%. The firm had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.44 billion. During the same quarter in the prior year, the firm earned $4.55 EPS. Teledyne Technologies's revenue for the quarter was up 7.4% 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.

Insider Activity at Teledyne Technologies

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

Analyst Upgrades and Downgrades

TDY has been the subject of a number of analyst reports. Needham & Company LLC lowered their target price 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. TD Securities reissued a "buy" rating and set a $550.00 target price on shares of Teledyne Technologies in a research report on Thursday, April 24th. Bank of America upped their price target on Teledyne Technologies from $550.00 to $600.00 and gave the company a "buy" rating in a report on Monday, March 17th. Finally, StockNews.com raised Teledyne Technologies from a "hold" rating to a "buy" rating in a report on Friday, May 9th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $542.50.

Teledyne Technologies 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.