Sumitomo Mitsui Trust Holdings Inc. Lowers Stake in Teledyne Technologies Incorporated (NYSE:TDY)
Sumitomo Mitsui Trust Holdings Inc. reduced its holdings in shares of Teledyne Technologies Incorporated (NYSE:TDY) by 25.7% during the 2nd quarter, HoldingsChannel reports. The firm owned 162,787 shares of the scientific and technical instruments company’s stock after selling 56,315 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Teledyne Technologies were worth $50,619,000 as of its most recent filing with the SEC.
A number of other institutional investors have also modified their holdings of the business. Allred Capital Management LLC purchased a new stake in shares of Teledyne Technologies in the first quarter valued at about $28,000. Twin Tree Management LP purchased a new stake in shares of Teledyne Technologies in the first quarter valued at about $29,000. Creative Financial Designs Inc. ADV purchased a new stake in shares of Teledyne Technologies in the second quarter valued at about $31,000. Cornerstone Advisors Inc. boosted its holdings in shares of Teledyne Technologies by 40.0% in the first quarter. Cornerstone Advisors Inc. now owns 126 shares of the scientific and technical instruments company’s stock valued at $37,000 after acquiring an additional 36 shares in the last quarter. Finally, Exchange Traded Concepts LLC boosted its holdings in shares of Teledyne Technologies by 552.4% in the first quarter. Exchange Traded Concepts LLC now owns 137 shares of the scientific and technical instruments company’s stock valued at $41,000 after acquiring an additional 116 shares in the last quarter. 86.19% of the stock is currently owned by institutional investors.
Shares of NYSE TDY opened at $306.70 on Friday. The company has a quick ratio of 1.45, a current ratio of 1.97 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $11.24 billion, a price-to-earnings ratio of 29.07 and a beta of 1.03. The firm has a 50-day moving average price of $314.01 and a 200 day moving average price of $331.68. Teledyne Technologies Incorporated has a 52 week low of $195.34 and a 52 week high of $398.99.
Several analysts recently commented on TDY shares. Jefferies Financial Group upgraded shares of Teledyne Technologies from a “hold” rating to a “buy” rating and raised their price objective for the company from $310.00 to $360.00 in a research note on Wednesday, July 15th. Zacks Investment Research cut shares of Teledyne Technologies from a “hold” rating to a “sell” rating and set a $359.00 price objective for the company. in a research note on Tuesday, May 26th. Finally, Needham & Company LLC raised their price objective on shares of Teledyne Technologies from $345.00 to $365.00 and gave the company a “buy” rating in a research note on Thursday, July 23rd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $374.75.
In other Teledyne Technologies news, Director Roxanne S. Austin sold 1,266 shares of Teledyne Technologies stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $383.47, for a total transaction of $485,473.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Paul David Miller sold 4,836 shares of Teledyne Technologies stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $316.14, for a total transaction of $1,528,853.04. Following the transaction, the director now owns 22,513 shares of the company’s stock, valued at approximately $7,117,259.82. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 36,316 shares of company stock valued at $12,240,352. 3.15% of the stock is currently owned by company insiders.
About Teledyne Technologies
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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