Nikko Asset Management Americas Inc. Cuts Stock Position in Teledyne Technologies Incorporated (NYSE:TDY)

Nikko Asset Management Americas Inc. lowered its position in Teledyne Technologies Incorporated (NYSE:TDY) by 17.8% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 8,262 shares of the scientific and technical instruments company’s stock after selling 1,793 shares during the period. Nikko Asset Management Americas Inc.’s holdings in Teledyne Technologies were worth $3,835,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Stratos Wealth Partners LTD. boosted its stake in Teledyne Technologies by 4.4% in the 4th quarter. Stratos Wealth Partners LTD. now owns 500 shares of the scientific and technical instruments company’s stock worth $232,000 after purchasing an additional 21 shares in the last quarter. Ironwood Investment Management LLC boosted its stake in Teledyne Technologies by 0.8% in the 4th quarter. Ironwood Investment Management LLC now owns 2,876 shares of the scientific and technical instruments company’s stock worth $1,335,000 after purchasing an additional 22 shares in the last quarter. Metis Global Partners LLC boosted its stake in Teledyne Technologies by 1.6% in the 3rd quarter. Metis Global Partners LLC now owns 1,514 shares of the scientific and technical instruments company’s stock worth $663,000 after purchasing an additional 24 shares in the last quarter. Raymond James Trust N.A. boosted its stake in Teledyne Technologies by 4.8% in the 3rd quarter. Raymond James Trust N.A. now owns 550 shares of the scientific and technical instruments company’s stock worth $241,000 after purchasing an additional 25 shares in the last quarter. Finally, New York Life Investment Management LLC boosted its stake in Teledyne Technologies by 0.4% in the 4th quarter. New York Life Investment Management LLC now owns 6,214 shares of the scientific and technical instruments company’s stock worth $2,884,000 after purchasing an additional 25 shares in the last quarter. Hedge funds and other institutional investors own 91.58% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Teledyne Technologies Stock Performance

Shares of NYSE TDY opened at $491.72 on Monday. 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 Incorporated has a 12 month low of $355.41 and a 12 month high of $522.50. The company has a 50 day simple moving average of $493.19 and a two-hundred day simple moving average of $469.87. The stock has a market cap of $23.03 billion, a price-to-earnings ratio of 28.54, a PEG ratio of 3.14 and a beta of 1.03.

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

Insider Activity at Teledyne Technologies

In related news, Vice Chairman Jason Vanwees sold 3,700 shares of the business’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $520.06, for a total value of $1,924,222.00. Following the completion of the transaction, the insider now directly owns 51,324 shares in the company, valued at $26,691,559.44. The trade was a 6.72 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Cynthia Y. Belak sold 5,745 shares of the business’s stock in a transaction on 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 transaction, the vice president now owns 4,962 shares of the company’s stock, valued at approximately $2,522,383.08. This represents a 53.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 34,571 shares of company stock worth $17,709,721 in the last three months. Company insiders own 2.14% of the company’s stock.

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.