Select Equity Group L.P. Trims Stake in Teledyne Technologies Incorporated (NYSE:TDY)

Select Equity Group L.P. lessened its position in Teledyne Technologies Incorporated (NYSE:TDY - Free Report) by 9.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 505,375 shares of the scientific and technical instruments company's stock after selling 51,339 shares during the quarter. Select Equity Group L.P. owned approximately 1.08% of Teledyne Technologies worth $234,560,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Barclays PLC grew its stake in Teledyne Technologies by 4.9% during the 3rd quarter. Barclays PLC now owns 102,490 shares of the scientific and technical instruments company's stock worth $44,854,000 after purchasing an additional 4,765 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Teledyne Technologies by 6.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,150,065 shares of the scientific and technical instruments company's stock worth $503,338,000 after purchasing an additional 64,617 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in Teledyne Technologies by 5.5% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 1,418 shares of the scientific and technical instruments company's stock worth $621,000 after buying an additional 74 shares during the last quarter. Wedmont Private Capital purchased a new stake in Teledyne Technologies during the 4th quarter worth about $214,000. Finally, Oak Thistle LLC purchased a new stake in Teledyne Technologies during the 4th quarter worth about $412,000. Hedge funds and other institutional investors own 91.58% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on TDY. TD Securities reaffirmed a "buy" rating and set a $550.00 price target on shares of Teledyne Technologies in a report on Thursday, April 24th. Needham & Company LLC decreased their price target on Teledyne Technologies from $585.00 to $550.00 and set a "buy" rating for the company in a report on Thursday, April 24th. StockNews.com raised Teledyne Technologies from a "hold" rating to a "buy" rating in a report on Friday, May 9th. Finally, Bank of America lifted their price target on Teledyne Technologies from $550.00 to $600.00 and gave the stock a "buy" rating in a report on Monday, March 17th. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $542.50.

Teledyne Technologies Stock Performance

TDY stock traded down $2.53 during trading on Tuesday, hitting $494.51. The company had a trading volume of 384,960 shares, compared to its average volume of 260,363. The firm has a market cap of $23.17 billion, a PE ratio of 28.70, a price-to-earnings-growth ratio of 3.14 and a beta of 1.06. Teledyne Technologies Incorporated has a 1-year low of $380.63 and a 1-year high of $522.50. The firm has a 50-day moving average price of $477.73 and a 200-day moving average price of $481.83. The company has a quick ratio of 1.61, a current ratio of 2.33 and a debt-to-equity ratio of 0.28.

Teledyne Technologies (NYSE:TDY - Get Free Report) last released its earnings results on Wednesday, April 23rd. The scientific and technical instruments company reported $4.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.92 by $0.03. Teledyne Technologies had a return on equity of 9.94% and a net margin of 14.45%. The company had revenue of $1.45 billion for the quarter, compared to analysts' expectations of $1.44 billion. During the same quarter in the previous year, the firm posted $4.55 EPS. The firm's quarterly revenue was up 7.4% on a year-over-year basis. On average, analysts expect that Teledyne Technologies Incorporated will post 21.55 earnings per share for the current year.

Insiders Place Their Bets

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

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.