Diamond Hill Capital Management Inc. Buys Shares of 63,233 Teledyne Technologies Incorporated (NYSE:TDY)

Diamond Hill Capital Management Inc. purchased a new position in shares of Teledyne Technologies Incorporated (NYSE:TDY) in the fourth quarter, Holdings Channel.com reports. The firm purchased 63,233 shares of the scientific and technical instruments company’s stock, valued at approximately $29,348,000.

Other institutional investors have also made changes to their positions in the company. Brooklyn Investment Group bought a new stake in Teledyne Technologies in the third quarter worth approximately $32,000. Wilmington Savings Fund Society FSB acquired a new stake in shares of Teledyne Technologies in the 3rd quarter valued at $39,000. Newbridge Financial Services Group Inc. bought a new stake in Teledyne Technologies in the fourth quarter worth $46,000. Tortoise Investment Management LLC increased its position in Teledyne Technologies by 63.2% during the fourth quarter. Tortoise Investment Management LLC now owns 124 shares of the scientific and technical instruments company’s stock worth $58,000 after buying an additional 48 shares during the last quarter. Finally, Private Trust Co. NA raised its holdings in Teledyne Technologies by 43.0% during the fourth quarter. Private Trust Co. NA now owns 173 shares of the scientific and technical instruments company’s stock valued at $80,000 after buying an additional 52 shares in the last quarter. 91.58% of the stock is currently owned by institutional investors and hedge funds.

Teledyne Technologies Price Performance

NYSE TDY opened at $480.16 on Friday. The stock has a market capitalization of $22.49 billion, a PE ratio of 27.87, a P/E/G ratio of 3.14 and a beta of 1.03. The stock has a 50-day simple moving average of $492.55 and a 200 day simple moving average of $468.77. 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 twelve month low of $355.41 and a twelve month high of $522.50.

Teledyne Technologies (NYSE:TDY) last posted its quarterly earnings data on Wednesday, January 22nd. The scientific and technical instruments company reported $5.52 earnings per share for the quarter, beating the consensus estimate of $5.23 by $0.29. Teledyne Technologies had a return on equity of 9.94% and a net margin of 14.45%. The company had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.45 billion. During the same period in the prior year, the business earned $5.44 earnings per share. Teledyne Technologies’s revenue for the quarter was up 5.4% compared to the same quarter last year. Research analysts anticipate that Teledyne Technologies Incorporated will post 21.55 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on TDY. Needham & Company LLC reissued a “buy” rating and set a $585.00 price objective on shares of Teledyne Technologies in a report on Wednesday, February 5th. UBS Group assumed coverage on Teledyne Technologies in a report on Tuesday, December 10th. They set a “buy” rating and a $585.00 price target on the stock. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $538.00.

Insider Activity at Teledyne Technologies

In other news, EVP Melanie Susan Cibik sold 706 shares of the stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $519.96, for a total value of $367,091.76. Following the completion of the transaction, the executive vice president now owns 26,529 shares in the company, valued at approximately $13,794,018.84. This represents a 2.59 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Michael T. Smith sold 2,100 shares of Teledyne Technologies stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $510.50, for a total transaction of $1,072,050.00. Following the sale, the director now owns 52,835 shares in the company, valued at approximately $26,972,267.50. This trade represents a 3.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,571 shares of company stock worth $17,709,721. Company insiders own 2.14% of the company’s stock.

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.