Earnest Partners LLC Cuts Position in Teledyne Technologies Incorporated (NYSE:TDY)

Earnest Partners LLC decreased its stake in shares of Teledyne Technologies Incorporated (NYSE:TDY) by 7.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 569,443 shares of the scientific and technical instruments company’s stock after selling 45,429 shares during the period. Teledyne Technologies makes up 1.4% of Earnest Partners LLC’s investment portfolio, making the stock its 9th largest holding. Earnest Partners LLC’s holdings in Teledyne Technologies were worth $155,953,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Nikko Asset Management Americas Inc. boosted its stake in Teledyne Technologies by 3.4% during the second quarter. Nikko Asset Management Americas Inc. now owns 1,170 shares of the scientific and technical instruments company’s stock worth $320,000 after acquiring an additional 38 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in Teledyne Technologies by 0.8% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 6,379 shares of the scientific and technical instruments company’s stock worth $1,512,000 after buying an additional 48 shares during the last quarter. Wedbush Securities Inc. raised its holdings in Teledyne Technologies by 5.8% in the second quarter. Wedbush Securities Inc. now owns 908 shares of the scientific and technical instruments company’s stock worth $249,000 after buying an additional 50 shares during the last quarter. Connable Office Inc. raised its holdings in Teledyne Technologies by 2.4% in the first quarter. Connable Office Inc. now owns 2,175 shares of the scientific and technical instruments company’s stock worth $515,000 after buying an additional 52 shares during the last quarter. Finally, Cetera Advisors LLC raised its holdings in Teledyne Technologies by 2.5% in the first quarter. Cetera Advisors LLC now owns 2,233 shares of the scientific and technical instruments company’s stock worth $529,000 after buying an additional 55 shares during the last quarter. 85.08% of the stock is currently owned by hedge funds and other institutional investors.

TDY opened at $312.70 on Friday. The company has a quick ratio of 1.08, a current ratio of 1.63 and a debt-to-equity ratio of 0.31. The firm has a 50 day moving average price of $301.11 and a 200-day moving average price of $262.39. Teledyne Technologies Incorporated has a twelve month low of $189.35 and a twelve month high of $323.10. The stock has a market capitalization of $11.12 billion, a price-to-earnings ratio of 35.21, a PEG ratio of 4.09 and a beta of 1.11.

Teledyne Technologies (NYSE:TDY) last released its quarterly earnings data on Wednesday, July 24th. The scientific and technical instruments company reported $2.80 earnings per share for the quarter, beating the consensus estimate of $2.40 by $0.40. Teledyne Technologies had a net margin of 12.04% and a return on equity of 15.09%. The firm had revenue of $782.00 million during the quarter, compared to analysts’ expectations of $781.55 million. During the same period in the previous year, the company earned $2.32 earnings per share. The firm’s quarterly revenue was up 6.8% on a year-over-year basis. As a group, analysts expect that Teledyne Technologies Incorporated will post 9.95 earnings per share for the current year.

In related news, VP Cynthia Y. Belak sold 11,362 shares of the company’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $264.49, for a total transaction of $3,005,135.38. Following the completion of the transaction, the vice president now owns 14,407 shares in the company, valued at $3,810,507.43. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Simon M. Lorne sold 248 shares of the company’s stock in a transaction on Friday, July 26th. The stock was sold at an average price of $295.47, for a total transaction of $73,276.56. Following the transaction, the director now owns 31,271 shares of the company’s stock, valued at approximately $9,239,642.37. The disclosure for this sale can be found here. Insiders have sold 19,610 shares of company stock valued at $5,478,592 over the last 90 days. 3.19% of the stock is currently owned by company insiders.

TDY has been the subject of several recent analyst reports. Cowen lifted their target price on shares of Teledyne Technologies from $275.00 to $300.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. ValuEngine raised shares of Teledyne Technologies from a “hold” rating to a “buy” rating in a report on Wednesday, September 4th. Berenberg Bank started coverage on shares of Teledyne Technologies in a report on Tuesday, June 11th. They issued a “buy” rating and a $290.00 target price for the company. Finally, Needham & Company LLC boosted their price objective on shares of Teledyne Technologies from $275.00 to $328.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Five analysts have rated the stock with a buy rating, The stock presently has an average rating of “Buy” and an average price target of $293.75.

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, Denmark, Canada, France, and the Netherlands. 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.

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

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