Teledyne Technologies Incorporated $TDY Stock: Sumitomo Mitsui Trust Group Inc. Reduces Holdings

Sumitomo Mitsui Trust Group Inc. decreased its stake in shares of Teledyne Technologies Incorporated (NYSE:TDY) by 4.5% during the 3rd quarter, Holdings Channel.com reports. The firm owned 118,987 shares of the scientific and technical instruments company’s stock after selling 5,647 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Teledyne Technologies were worth $72,203,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Core Capital Management & Research inc. acquired a new stake in Teledyne Technologies during the second quarter worth approximately $3,035,000. Maren Capital LLC lifted its holdings in shares of Teledyne Technologies by 4.1% in the 2nd quarter. Maren Capital LLC now owns 376,928 shares of the scientific and technical instruments company’s stock valued at $251,373,000 after purchasing an additional 14,806 shares during the last quarter. Royal Bank of Canada boosted its position in shares of Teledyne Technologies by 1.9% in the 1st quarter. Royal Bank of Canada now owns 214,721 shares of the scientific and technical instruments company’s stock valued at $129,908,000 after purchasing an additional 4,062 shares during the period. Nykredit A S purchased a new position in Teledyne Technologies during the 2nd quarter worth approximately $12,911,000. Finally, BlackRock Inc. purchased a new position in Teledyne Technologies during the 2nd quarter worth approximately $2,751,121,000. 91.58% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Barclays upped their price target on shares of Teledyne Technologies from $640.00 to $646.00 and gave the company an “equal weight” rating in a research report on Monday, October 26th. Weiss Ratings upgraded shares of Teledyne Technologies from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, October 29th. Zacks Research cut shares of Teledyne Technologies from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 25th. Needham & Company LLC lifted their price objective on Teledyne Technologies from $760.00 to $775.00 and gave the stock a “buy” rating in a report on Friday, October 23rd. Finally, Morgan Stanley lifted their price objective on Teledyne Technologies from $715.00 to $725.00 and gave the stock an “equal weight” rating in a report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $731.83.

Teledyne Technologies Trading Up 0.5%

NYSE:TDY opened at $663.44 on Wednesday. The business’s 50-day moving average is $619.49 and its two-hundred day moving average is $634.10. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.31 and a quick ratio of 1.51. Teledyne Technologies Incorporated has a 12 month low of $483.02 and a 12 month high of $697.67. The firm has a market capitalization of $30.54 billion, a PE ratio of 30.32, a price-to-earnings-growth ratio of 2.43 and a beta of 0.89.

Teledyne Technologies (NYSE:TDY) last issued its earnings results on Wednesday, October 21st. The scientific and technical instruments company reported $6.72 earnings per share for the quarter, topping the consensus estimate of $6.17 by $0.55. The company had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.65 billion. Teledyne Technologies had a return on equity of 10.89% and a net margin of 15.75%. The company’s revenue was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $5.57 earnings per share. Research analysts predict that Teledyne Technologies Incorporated will post 25.59 earnings per share for the current fiscal year.

Insider Buying and Selling at Teledyne Technologies

In other 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 sale, the director directly owned 55,783 shares of the company’s stock, valued at approximately $37,951,406.22. The trade was a 10.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.36% of the stock is owned by corporate insiders.

About Teledyne Technologies

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.