Teledyne Technologies Incorporated (NYSE:TDY) Shares Sold by M&T Bank Corp

M&T Bank Corp lowered its holdings in Teledyne Technologies Incorporated (NYSE:TDY - Free Report) by 40.9% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 25,963 shares of the scientific and technical instruments company's stock after selling 17,933 shares during the quarter. M&T Bank Corp owned about 0.06% of Teledyne Technologies worth $11,363,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. State Street Corp raised its position in Teledyne Technologies by 1.9% in the 3rd quarter. State Street Corp now owns 2,040,896 shares of the scientific and technical instruments company's stock valued at $893,219,000 after purchasing an additional 37,884 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in shares of Teledyne Technologies by 0.6% in the third quarter. Janus Henderson Group PLC now owns 1,709,475 shares of the scientific and technical instruments company's stock valued at $748,167,000 after acquiring an additional 9,368 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC increased its stake in shares of Teledyne Technologies by 17.8% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,238,091 shares of the scientific and technical instruments company's stock worth $480,355,000 after acquiring an additional 186,849 shares during the period. Geode Capital Management LLC raised its holdings in Teledyne Technologies by 2.4% during the third quarter. Geode Capital Management LLC now owns 1,192,019 shares of the scientific and technical instruments company's stock worth $520,335,000 after purchasing an additional 28,224 shares in the last quarter. Finally, Earnest Partners LLC lifted its position in Teledyne Technologies by 3.5% in the second quarter. Earnest Partners LLC now owns 398,642 shares of the scientific and technical instruments company's stock valued at $154,665,000 after purchasing an additional 13,576 shares during the period. Institutional investors and hedge funds own 91.58% of the company's stock.

Analyst Ratings Changes

TDY has been the subject of a number of analyst reports. UBS Group initiated coverage on Teledyne Technologies in a research note on Tuesday, December 10th. They set a "buy" rating and a $585.00 target price for the company. Needham & Company LLC increased their price objective on Teledyne Technologies from $528.00 to $550.00 and gave the stock a "buy" rating in a research report on Monday, November 11th. StockNews.com upgraded shares of Teledyne Technologies from a "hold" rating to a "buy" rating in a research report on Wednesday, October 2nd. Bank of America upgraded shares of Teledyne Technologies from a "neutral" rating to a "buy" rating and increased their price target for the company from $450.00 to $550.00 in a report on Friday, November 8th. Finally, TD Cowen boosted their price objective on shares of Teledyne Technologies from $450.00 to $500.00 and gave the stock a "buy" rating in a report on Thursday, October 24th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $531.00.

Insiders Place Their Bets

In other news, Chairman Robert Mehrabian sold 46,075 shares of the company's stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $487.33, for a total transaction of $22,453,729.75. Following the completion of the transaction, the chairman now owns 171,802 shares of the company's stock, valued at $83,724,268.66. This represents a 21.15 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Michael T. Smith sold 2,025 shares of the firm's stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $478.25, for a total transaction of $968,456.25. Following the completion of the sale, the director now directly owns 54,935 shares in the company, valued at $26,272,663.75. This represents a 3.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 53,525 shares of company stock valued at $26,080,464. Corporate insiders own 2.14% of the company's stock.

Teledyne Technologies Price Performance

TDY traded up $2.30 during trading on Friday, reaching $467.25. 609,187 shares of the stock were exchanged, compared to its average volume of 243,270. Teledyne Technologies Incorporated has a 1 year low of $355.41 and a 1 year high of $492.00. The company has a market capitalization of $21.77 billion, a price-to-earnings ratio of 23.62, a P/E/G ratio of 3.30 and a beta of 1.01. The business's 50 day moving average price is $470.05 and its two-hundred day moving average price is $432.80. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.00 and a quick ratio of 1.35.

Teledyne Technologies (NYSE:TDY - Get Free Report) last announced its quarterly earnings results on Wednesday, October 23rd. The scientific and technical instruments company reported $5.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.13. Teledyne Technologies had a net margin of 16.88% and a return on equity of 10.02%. The company had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.42 billion. During the same quarter in the prior year, the firm earned $5.05 earnings per share. The company's revenue for the quarter was up 2.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Teledyne Technologies Incorporated will post 19.45 earnings per share for the current year.

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.