Point72 Asset Management L.P. Grows Stake in Teledyne Technologies Incorporated (NYSE:TDY)

Point72 Asset Management L.P. raised its stake in Teledyne Technologies Incorporated (NYSE:TDY) by 72.8% during the 1st quarter, HoldingsChannel reports. The firm owned 97,551 shares of the scientific and technical instruments company’s stock after acquiring an additional 41,107 shares during the quarter. Point72 Asset Management L.P.’s holdings in Teledyne Technologies were worth $40,352,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in TDY. Price T Rowe Associates Inc. MD raised its position in Teledyne Technologies by 20.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,266,542 shares of the scientific and technical instruments company’s stock valued at $2,592,155,000 after purchasing an additional 1,069,076 shares during the period. Janus Henderson Group PLC raised its position in Teledyne Technologies by 31.0% in the first quarter. Janus Henderson Group PLC now owns 1,702,829 shares of the scientific and technical instruments company’s stock valued at $704,376,000 after purchasing an additional 403,181 shares during the period. Norges Bank purchased a new position in Teledyne Technologies in the fourth quarter valued at about $139,651,000. Goldman Sachs Group Inc. increased its position in shares of Teledyne Technologies by 69.2% during the first quarter. Goldman Sachs Group Inc. now owns 628,563 shares of the scientific and technical instruments company’s stock worth $260,006,000 after acquiring an additional 257,073 shares during the last quarter. Finally, Amundi Pioneer Asset Management Inc. increased its position in shares of Teledyne Technologies by 234.5% during the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 316,190 shares of the scientific and technical instruments company’s stock worth $123,940,000 after acquiring an additional 221,668 shares during the last quarter. 95.87% of the stock is currently owned by institutional investors.

Shares of TDY stock opened at $442.38 on Thursday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 6.06 and a current ratio of 6.56. The company has a 50 day moving average of $422.33. Teledyne Technologies Incorporated has a 52 week low of $298.78 and a 52 week high of $457.79. The firm has a market capitalization of $16.40 billion, a P/E ratio of 39.22, a P/E/G ratio of 1.85 and a beta of 1.13.

Teledyne Technologies (NYSE:TDY) last issued its earnings results on Wednesday, April 28th. The scientific and technical instruments company reported $3.02 EPS for the quarter, beating the Zacks’ consensus estimate of $2.59 by $0.43. The company had revenue of $805.70 million during the quarter, compared to the consensus estimate of $785.54 million. Teledyne Technologies had a return on equity of 13.54% and a net margin of 13.02%. Teledyne Technologies’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.17 earnings per share. As a group, analysts anticipate that Teledyne Technologies Incorporated will post 12.89 earnings per share for the current fiscal year.

A number of analysts have recently issued reports on the company. The Goldman Sachs Group assumed coverage on Teledyne Technologies in a research report on Tuesday, June 8th. They set a “neutral” rating on the stock. Needham & Company LLC lifted their target price on Teledyne Technologies from $416.00 to $500.00 and gave the stock a “buy” rating in a research report on Thursday, April 29th. Jefferies Financial Group boosted their price objective on Teledyne Technologies from $480.00 to $520.00 and gave the company a “buy” rating in a report on Monday, May 3rd. Finally, Bank of America initiated coverage on Teledyne Technologies in a report on Tuesday, May 25th. They issued a “buy” rating and a $504.00 price objective for the company. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $447.00.

Teledyne Technologies Company Profile

Teledyne Technologies Incorporated provides instrumentation, digital imaging, aerospace and defense electronics, and engineered systems in the United States, the United Kingdom, Canada, Denmark, France, the Netherlands, and internationally. The company's Instrumentation segment offers monitoring and control instruments for marine, environmental, industrial, and other applications, as well as electronic test and measurement equipment; and power and communications connectivity devices for distributed instrumentation systems and sensor networks deployed in mission critical and harsh environments.

Further Reading: Upside/Downside

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Institutional Ownership by Quarter for Teledyne Technologies (NYSE:TDY)

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