Norges Bank Buys Shares of 659,388 Teledyne Technologies Incorporated (NYSE:TDY)

Norges Bank acquired a new stake in shares of Teledyne Technologies Incorporated (NYSE:TDY - Free Report) in the fourth quarter, according to its most recent disclosure with the SEC. The firm acquired 659,388 shares of the scientific and technical instruments company's stock, valued at approximately $306,042,000. Norges Bank owned approximately 1.41% of Teledyne Technologies at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Madison Investment Advisors LLC purchased a new position in Teledyne Technologies during the fourth quarter valued at $94,721,000. Raymond James Financial Inc. purchased a new position in shares of Teledyne Technologies during the fourth quarter valued at about $53,304,000. JPMorgan Chase & Co. increased its holdings in shares of Teledyne Technologies by 6.0% in the third 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 during the last quarter. Diamond Hill Capital Management Inc. purchased a new stake in shares of Teledyne Technologies in the fourth quarter worth about $29,348,000. Finally, Proficio Capital Partners LLC purchased a new stake in shares of Teledyne Technologies in the fourth quarter worth about $29,081,000. Institutional investors own 91.58% of the company's stock.

Insider Buying and Selling

In related news, Chairman Robert Mehrabian sold 5,768 shares of the firm's stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $518.22, for a total value of $2,989,092.96. Following the transaction, the chairman now owns 144,553 shares of the company's stock, valued at $74,910,255.66. This trade represents a 3.84 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, 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 completion of the sale, the vice president now directly owns 4,962 shares of the company's stock, valued at approximately $2,522,383.08. This trade represents a 53.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders 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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Wall Street Analyst Weigh In

TDY has been the topic of several recent research reports. UBS Group assumed coverage on Teledyne Technologies in a report on Tuesday, December 10th. They set a "buy" rating and a $585.00 price objective on the stock. Bank of America increased their price objective on shares of Teledyne Technologies from $550.00 to $600.00 and gave the company a "buy" rating in a research report on Monday, March 17th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $585.00 price objective on shares of Teledyne Technologies in a research report on Wednesday, February 5th. Six analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $548.00.

Teledyne Technologies Trading Up 0.2 %

NYSE TDY traded up $1.09 on Wednesday, hitting $499.42. 144,140 shares of the stock were exchanged, compared to its average volume of 254,641. 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 firm has a market capitalization of $23.39 billion, a P/E ratio of 28.99, a P/E/G ratio of 3.14 and a beta of 1.03. The stock has a fifty day moving average price of $501.88 and a two-hundred day moving average price of $476.20.

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 (EPS) for the quarter, topping the consensus estimate of $5.23 by $0.29. The firm had revenue of $1.50 billion during 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 quarter last year, the business earned $5.44 EPS. Research analysts forecast 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.