Bank of New York Mellon Corp Reduces Position in Teledyne Technologies Incorporated (NYSE:TDY)

Bank of New York Mellon Corp lessened its stake in shares of Teledyne Technologies Incorporated (NYSE:TDY - Free Report) by 2.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 283,859 shares of the scientific and technical instruments company's stock after selling 7,620 shares during the quarter. Bank of New York Mellon Corp owned about 0.61% of Teledyne Technologies worth $131,748,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Brooklyn Investment Group bought a new position in Teledyne Technologies during the third quarter valued at approximately $32,000. Wilmington Savings Fund Society FSB bought a new position in shares of Teledyne Technologies during the 3rd quarter valued at $39,000. Newbridge Financial Services Group Inc. bought a new position in shares of Teledyne Technologies during the 4th quarter valued at $46,000. Allworth Financial LP boosted its stake in shares of Teledyne Technologies by 15.1% in the 4th quarter. Allworth Financial LP now owns 206 shares of the scientific and technical instruments company's stock worth $105,000 after buying an additional 27 shares during the last quarter. Finally, Salem Investment Counselors Inc. grew its holdings in shares of Teledyne Technologies by 85.5% in the fourth quarter. Salem Investment Counselors Inc. now owns 230 shares of the scientific and technical instruments company's stock worth $107,000 after acquiring an additional 106 shares during the period. Hedge funds and other institutional investors own 91.58% of the company's stock.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Needham & Company LLC reissued a "buy" rating and issued a $585.00 target price on shares of Teledyne Technologies in a research report on Wednesday, February 5th. Bank of America raised shares of Teledyne Technologies from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $450.00 to $550.00 in a report on Friday, November 8th. Finally, UBS Group initiated coverage on shares of Teledyne Technologies in a research report on Tuesday, December 10th. They set a "buy" rating and a $585.00 target price for the company. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Teledyne Technologies presently has an average rating of "Buy" and a consensus price target of $538.00.

Insider Transactions at Teledyne Technologies

In related news, Director Michael T. Smith sold 2,025 shares of the company's stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $478.25, for a total transaction of $968,456.25. Following the sale, the director now owns 54,935 shares of the company's stock, valued at $26,272,663.75. This represents a 3.56 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Cynthia Y. Belak sold 5,745 shares of Teledyne Technologies stock in a transaction on Friday, January 24th. The stock was sold at an average price of $508.34, for a total transaction of $2,920,413.30. Following the completion of the transaction, the vice president now directly owns 4,962 shares of the company's stock, valued at $2,522,383.08. The trade was a 53.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 32,190 shares of company stock valued at $16,386,864. 2.14% of the stock is currently owned by insiders.

Teledyne Technologies Stock Performance

NYSE TDY traded up $1.07 on Monday, reaching $516.09. 67,297 shares of the stock were exchanged, compared to its average volume of 244,364. The firm has a market capitalization of $24.17 billion, a PE ratio of 29.89, a PEG ratio of 3.14 and a beta of 1.03. Teledyne Technologies Incorporated has a one year low of $355.41 and a one year high of $522.50. The company's 50-day simple moving average is $488.76 and its two-hundred day simple moving average is $464.92. 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 (NYSE:TDY - Get Free Report) last issued its earnings results on Wednesday, January 22nd. The scientific and technical instruments company reported $5.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.23 by $0.29. The company had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.45 billion. Teledyne Technologies had a return on equity of 9.94% and a net margin of 14.45%. The firm's quarterly revenue was up 5.4% on a year-over-year basis. During the same quarter last year, the company earned $5.44 EPS. Analysts expect that Teledyne Technologies Incorporated will post 21.55 EPS for the current fiscal year.

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.