Sumitomo Mitsui Trust Group Inc. Boosts Stake in Teledyne Technologies Incorporated (NYSE:TDY)

Sumitomo Mitsui Trust Group Inc. boosted its stake in Teledyne Technologies Incorporated (NYSE:TDY) by 0.5% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 131,965 shares of the scientific and technical instruments company’s stock after purchasing an additional 624 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.28% of Teledyne Technologies worth $57,756,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wolff Wiese Magana LLC purchased a new stake in shares of Teledyne Technologies in the 3rd quarter valued at $27,000. American National Bank acquired a new position in Teledyne Technologies in the 2nd quarter valued at about $28,000. Innealta Capital LLC purchased a new stake in Teledyne Technologies during the second quarter worth about $28,000. Tortoise Investment Management LLC lifted its position in shares of Teledyne Technologies by 48.0% during the second quarter. Tortoise Investment Management LLC now owns 74 shares of the scientific and technical instruments company’s stock worth $29,000 after purchasing an additional 24 shares in the last quarter. Finally, Crewe Advisors LLC boosted its stake in shares of Teledyne Technologies by 319.0% in the second quarter. Crewe Advisors LLC now owns 88 shares of the scientific and technical instruments company’s stock valued at $34,000 after purchasing an additional 67 shares during the period. Hedge funds and other institutional investors own 91.58% of the company’s stock.

Teledyne Technologies Stock Down 2.1 %

Teledyne Technologies stock opened at $476.56 on Friday. The stock has a market cap of $22.21 billion, a PE ratio of 24.14, a P/E/G ratio of 3.39 and a beta of 1.01. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.00 and a quick ratio of 1.35. The stock’s fifty day moving average is $448.38 and its two-hundred day moving average is $417.49. Teledyne Technologies Incorporated has a 1-year low of $355.41 and a 1-year high of $492.00.

Teledyne Technologies (NYSE:TDY) last released its quarterly earnings data on Wednesday, October 23rd. The scientific and technical instruments company reported $5.10 EPS for the quarter, beating analysts’ consensus estimates of $4.97 by $0.13. The business had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.42 billion. Teledyne Technologies had a return on equity of 10.02% and a net margin of 16.88%. The business’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $5.05 EPS. On average, sell-side analysts expect that Teledyne Technologies Incorporated will post 19.44 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Chairman Robert Mehrabian sold 46,075 shares of the stock in a transaction on Monday, November 11th. The shares were sold at an average price of $487.33, for a total value of $22,453,729.75. Following the transaction, the chairman now directly owns 171,802 shares of the company’s stock, valued at $83,724,268.66. This trade represents a 21.15 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.14% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

TDY has been the topic of several recent research reports. Needham & Company LLC upped their target price on shares of Teledyne Technologies from $528.00 to $550.00 and gave the stock a “buy” rating in a research note on Monday. Bank of America upgraded Teledyne Technologies from a “neutral” rating to a “buy” rating and increased their price objective for the company from $450.00 to $550.00 in a research note on Friday, November 8th. Vertical Research began coverage on Teledyne Technologies in a research note on Tuesday, July 23rd. They set a “buy” rating and a $470.00 target price for the company. TD Cowen increased their price target on Teledyne Technologies from $450.00 to $500.00 and gave the company a “buy” rating in a research report on Thursday, October 24th. Finally, StockNews.com raised Teledyne Technologies from a “hold” rating to a “buy” rating in a research report on Wednesday, October 2nd. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $517.50.

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.