Diamond Hill Capital Management Inc. Acquires New Stake in Teledyne Technologies Incorporated (NYSE:TDY)

Diamond Hill Capital Management Inc. acquired a new stake in shares of Teledyne Technologies Incorporated (NYSE:TDY - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The fund acquired 63,233 shares of the scientific and technical instruments company's stock, valued at approximately $29,348,000. Diamond Hill Capital Management Inc. owned approximately 0.14% of Teledyne Technologies as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. Stratos Wealth Partners LTD. lifted its position in shares of Teledyne Technologies by 4.4% during the 4th quarter. Stratos Wealth Partners LTD. now owns 500 shares of the scientific and technical instruments company's stock valued at $232,000 after buying an additional 21 shares in the last quarter. Metis Global Partners LLC lifted its position in shares of Teledyne Technologies by 1.6% during the 3rd quarter. Metis Global Partners LLC now owns 1,514 shares of the scientific and technical instruments company's stock valued at $663,000 after buying an additional 24 shares in the last quarter. Raymond James Trust N.A. lifted its position in shares of Teledyne Technologies by 4.8% during the 3rd quarter. Raymond James Trust N.A. now owns 550 shares of the scientific and technical instruments company's stock valued at $241,000 after buying an additional 25 shares in the last quarter. New York Life Investment Management LLC lifted its position in shares of Teledyne Technologies by 0.4% during the 4th quarter. New York Life Investment Management LLC now owns 6,214 shares of the scientific and technical instruments company's stock valued at $2,884,000 after buying an additional 25 shares in the last quarter. Finally, Allworth Financial LP raised its stake in Teledyne Technologies by 15.1% during the 4th quarter. Allworth Financial LP now owns 206 shares of the scientific and technical instruments company's stock valued at $105,000 after purchasing an additional 27 shares during the period. 91.58% of the stock is owned by hedge funds and other institutional investors.

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Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. UBS Group assumed coverage on Teledyne Technologies in a research note on Tuesday, December 10th. They set a "buy" rating and a $585.00 target price on the stock. Bank of America lifted their target price on Teledyne Technologies from $550.00 to $600.00 and gave the company a "buy" rating in a research note on Monday. Finally, Needham & Company LLC reissued a "buy" rating and set a $585.00 target price on shares of Teledyne Technologies in a research note on Wednesday, February 5th. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, Teledyne Technologies presently has an average rating of "Buy" and a consensus target price of $548.00.

Teledyne Technologies Price Performance

NYSE:TDY traded up $1.39 during trading hours on Tuesday, reaching $498.69. The stock had a trading volume of 200,299 shares, compared to its average volume of 241,233. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.61 and a current ratio of 2.33. Teledyne Technologies Incorporated has a 52 week low of $355.41 and a 52 week high of $522.50. The company has a 50 day moving average price of $494.04 and a two-hundred day moving average price of $470.36. The stock has a market capitalization of $23.36 billion, a PE ratio of 28.94, a PEG ratio of 3.14 and a beta of 1.03.

Teledyne Technologies (NYSE:TDY - Get Free Report) last released its quarterly earnings data on Wednesday, January 22nd. The scientific and technical instruments company reported $5.52 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.23 by $0.29. Teledyne Technologies had a return on equity of 9.94% and a net margin of 14.45%. The business had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.45 billion. During the same quarter in the previous year, the company posted $5.44 EPS. The company's revenue was up 5.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Teledyne Technologies Incorporated will post 21.55 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Vice Chairman Jason Vanwees sold 3,700 shares of Teledyne Technologies 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 transaction, the insider now owns 51,324 shares in the company, valued at approximately $26,691,559.44. The trade was a 6.72 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO George C. Bobb III sold 6,308 shares of Teledyne Technologies stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $507.77, for a total value of $3,203,013.16. Following the completion of the transaction, the chief operating officer now owns 10,482 shares of the company's stock, valued at approximately $5,322,445.14. This trade represents a 37.57 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 34,571 shares of company stock valued at $17,709,721 in the last quarter. 2.14% 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.