Norges Bank Buys Shares of 659,388 Teledyne Technologies Incorporated (NYSE:TDY)

Norges Bank purchased a new position in shares of Teledyne Technologies Incorporated (NYSE:TDY) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 659,388 shares of the scientific and technical instruments company’s stock, valued at approximately $306,042,000. Norges Bank owned approximately 1.41% of Teledyne Technologies at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the company. Brooklyn Investment Group acquired a new position in shares of Teledyne Technologies in the 3rd quarter valued at $32,000. Wilmington Savings Fund Society FSB acquired a new position in Teledyne Technologies in the third quarter valued at $39,000. Millstone Evans Group LLC purchased a new stake in Teledyne Technologies during the fourth quarter valued at about $42,000. Newbridge Financial Services Group Inc. acquired a new stake in Teledyne Technologies during the fourth quarter worth about $46,000. Finally, Tortoise Investment Management LLC raised its holdings in shares of Teledyne Technologies by 63.2% in the 4th quarter. Tortoise Investment Management LLC now owns 124 shares of the scientific and technical instruments company’s stock worth $58,000 after purchasing an additional 48 shares during the period. Institutional investors and hedge funds own 91.58% of the company’s stock.

Insider Buying and Selling at Teledyne Technologies

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

Analyst Upgrades and Downgrades

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

Teledyne Technologies Price Performance

TDY opened at $494.78 on Friday. Teledyne Technologies Incorporated has a twelve month low of $355.41 and a twelve month 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. The firm has a market cap of $23.17 billion, a price-to-earnings ratio of 28.72, a PEG ratio of 3.14 and a beta of 1.03. The company has a fifty day simple moving average of $501.03 and a 200 day simple moving average of $474.86.

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