JPMorgan Chase & Co. Lowers Position in Teledyne Technologies Incorporated (NYSE:TDY)

JPMorgan Chase & Co. decreased its position in shares of Teledyne Technologies Incorporated (NYSE:TDY - Free Report) by 10.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,029,786 shares of the scientific and technical instruments company's stock after selling 120,279 shares during the quarter. JPMorgan Chase & Co. owned 2.21% of Teledyne Technologies worth $477,955,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Brooklyn Investment Group acquired a new position in Teledyne Technologies in the 3rd quarter worth about $32,000. Wilmington Savings Fund Society FSB purchased a new stake in shares of Teledyne Technologies in the third quarter valued at approximately $39,000. Millstone Evans Group LLC acquired a new position in shares of Teledyne Technologies during the 4th quarter worth approximately $42,000. Newbridge Financial Services Group Inc. purchased a new position in shares of Teledyne Technologies during the 4th quarter valued at approximately $46,000. Finally, Tortoise Investment Management LLC grew its stake in Teledyne Technologies by 63.2% in the 4th quarter. Tortoise Investment Management LLC now owns 124 shares of the scientific and technical instruments company's stock valued at $58,000 after acquiring an additional 48 shares during the period. 91.58% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, VP Cynthia Y. Belak sold 5,745 shares of the business's stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $508.34, for a total transaction of $2,920,413.30. Following the transaction, the vice president now owns 4,962 shares of the company's stock, valued at approximately $2,522,383.08. The trade was a 53.66 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Vice Chairman Jason Vanwees sold 3,700 shares of the company's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $520.06, for a total transaction of $1,924,222.00. Following the completion of the sale, the insider now directly owns 51,324 shares of the company's stock, valued at $26,691,559.44. This represents a 6.72 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 34,571 shares of company stock valued at $17,709,721. Insiders own 1.50% of the company's stock.

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Analyst Ratings Changes

A number of research firms have weighed in on TDY. UBS Group started coverage on shares of Teledyne Technologies in a research report on Tuesday, December 10th. They set a "buy" rating and a $585.00 price objective for the company. Bank of America upped their price target on shares of Teledyne Technologies from $550.00 to $600.00 and gave the stock a "buy" rating in a research report on Monday, March 17th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $585.00 price objective on shares of Teledyne Technologies in a report on Wednesday, February 5th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, Teledyne Technologies presently has an average rating of "Buy" and an average price target of $548.00.

Teledyne Technologies Price Performance

Shares of NYSE:TDY traded up $0.37 during midday trading on Wednesday, hitting $498.70. The company's stock had a trading volume of 126,266 shares, compared to its average volume of 254,384. The company has a market cap of $23.36 billion, a P/E ratio of 28.94, a price-to-earnings-growth ratio of 3.14 and a beta of 1.03. Teledyne Technologies Incorporated has a 12-month low of $355.41 and a 12-month high of $522.50. The business's 50 day simple moving average is $501.88 and its 200 day simple moving average is $476.20. 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 (NYSE:TDY - Get Free Report) last released its earnings results on Wednesday, January 22nd. The scientific and technical instruments company reported $5.52 earnings per share for the quarter, topping analysts' consensus estimates of $5.23 by $0.29. The business had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.45 billion. Teledyne Technologies had a net margin of 14.45% and a return on equity of 9.94%. The business's revenue was up 5.4% on a year-over-year basis. During the same period last year, the company posted $5.44 EPS. On average, analysts forecast that Teledyne Technologies Incorporated will post 21.55 EPS for the current year.

Teledyne Technologies Company 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.