Bank of New York Mellon Corp Increases Stock Holdings in Teledyne Technologies Incorporated (NYSE:TDY)

Bank of New York Mellon Corp raised its holdings in shares of Teledyne Technologies Incorporated (NYSE:TDY) by 3.3% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 300,302 shares of the scientific and technical instruments company’s stock after purchasing an additional 9,732 shares during the quarter. Bank of New York Mellon Corp owned 0.63% of Teledyne Technologies worth $116,511,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of TDY. Norges Bank acquired a new stake in Teledyne Technologies during the 4th quarter valued at approximately $243,111,000. Maren Capital LLC acquired a new stake in Teledyne Technologies during the 4th quarter valued at approximately $82,700,000. Public Sector Pension Investment Board grew its stake in Teledyne Technologies by 1,755.0% during the 4th quarter. Public Sector Pension Investment Board now owns 93,325 shares of the scientific and technical instruments company’s stock valued at $41,650,000 after purchasing an additional 88,294 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in Teledyne Technologies by 235.6% during the 2nd quarter. Assenagon Asset Management S.A. now owns 125,245 shares of the scientific and technical instruments company’s stock valued at $48,593,000 after purchasing an additional 87,925 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in Teledyne Technologies by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 5,517,922 shares of the scientific and technical instruments company’s stock valued at $2,462,593,000 after purchasing an additional 77,890 shares in the last quarter. Institutional investors and hedge funds own 91.58% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on TDY shares. Vertical Research started coverage on Teledyne Technologies in a research note on Tuesday, July 23rd. They set a “buy” rating and a $470.00 price objective for the company. Needham & Company LLC lifted their target price on Teledyne Technologies from $455.00 to $482.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. Finally, StockNews.com lowered Teledyne Technologies from a “buy” rating to a “hold” rating in a research report on Sunday, August 11th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $471.17.

Teledyne Technologies Price Performance

Shares of TDY opened at $425.53 on Wednesday. The firm has a market cap of $19.91 billion, a price-to-earnings ratio of 23.01, a PEG ratio of 2.93 and a beta of 1.00. The stock has a 50 day moving average of $402.70 and a 200-day moving average of $406.15. The company has a current ratio of 1.98, a quick ratio of 1.28 and a debt-to-equity ratio of 0.28. Teledyne Technologies Incorporated has a 52 week low of $355.41 and a 52 week high of $448.19.

Teledyne Technologies (NYSE:TDY) last announced its quarterly earnings results on Wednesday, July 24th. The scientific and technical instruments company reported $4.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.49 by $0.09. The business had revenue of $1.37 billion for the quarter, compared to the consensus estimate of $1.36 billion. Teledyne Technologies had a return on equity of 10.27% and a net margin of 15.86%. The business’s revenue was down 3.8% on a year-over-year basis. During the same quarter last year, the business posted $4.67 EPS. As a group, analysts forecast that Teledyne Technologies Incorporated will post 19.4 EPS for the current year.

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.