Norges Bank Invests $306.04 Million in Teledyne Technologies Incorporated (NYSE:TDY)

Norges Bank acquired a new stake in shares of Teledyne Technologies Incorporated (NYSE:TDY) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 659,388 shares of the scientific and technical instruments company’s stock, valued at approximately $306,042,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Amundi grew its holdings in shares of Teledyne Technologies by 11.9% during the fourth quarter. Amundi now owns 124,874 shares of the scientific and technical instruments company’s stock valued at $57,687,000 after purchasing an additional 13,244 shares during the last quarter. Covea Finance boosted its position in Teledyne Technologies by 25.1% during the 4th quarter. Covea Finance now owns 21,400 shares of the scientific and technical instruments company’s stock valued at $9,932,000 after purchasing an additional 4,300 shares during the period. ING Groep NV increased its position in Teledyne Technologies by 144.9% in the fourth quarter. ING Groep NV now owns 5,952 shares of the scientific and technical instruments company’s stock worth $2,763,000 after buying an additional 3,522 shares during the period. JPMorgan Chase & Co. lifted its stake in 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 valued at $503,338,000 after buying an additional 64,617 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in shares of Teledyne Technologies by 10.9% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 6,515 shares of the scientific and technical instruments company’s stock valued at $3,024,000 after acquiring an additional 640 shares during the period. Institutional investors and hedge funds own 91.58% of the company’s stock.

Teledyne Technologies Stock Down 2.4 %

TDY stock opened at $494.78 on Friday. The firm’s 50-day moving average is $501.03 and its two-hundred day moving average is $474.86. The company has a market capitalization of $23.17 billion, a price-to-earnings ratio of 28.72, a price-to-earnings-growth ratio of 3.14 and a beta of 1.03. Teledyne Technologies Incorporated has a 52 week low of $355.41 and a 52 week high of $522.50. The company has a current ratio of 2.33, a quick ratio of 1.61 and a debt-to-equity ratio of 0.28.

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

Analyst Upgrades and Downgrades

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

Insider Activity at Teledyne Technologies

In other news, COO George C. Bobb III sold 6,308 shares of the firm’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $507.77, for a total transaction of $3,203,013.16. Following the completion of the transaction, the chief operating officer now owns 10,482 shares in the company, valued at approximately $5,322,445.14. This trade represents a 37.57 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Chairman Robert Mehrabian sold 5,768 shares of Teledyne Technologies stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $518.22, for a total transaction of $2,989,092.96. Following the completion of the transaction, the chairman now directly owns 144,553 shares in the company, valued at $74,910,255.66. This represents a 3.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,571 shares of company stock valued at $17,709,721 over the last 90 days. 1.50% of the stock is currently owned by corporate insiders.

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.