Teledyne Technologies Incorporated (NYSE:TDY) Shares Sold by ARK Investment Management LLC

ARK Investment Management LLC cut its holdings in shares of Teledyne Technologies Incorporated (NYSE:TDY) by 2.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 29,887 shares of the scientific and technical instruments company’s stock after selling 599 shares during the period. ARK Investment Management LLC owned about 0.06% of Teledyne Technologies worth $13,871,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the business. State Street Corp grew its stake in shares of Teledyne Technologies by 1.9% during the third quarter. State Street Corp now owns 2,040,896 shares of the scientific and technical instruments company’s stock valued at $893,219,000 after acquiring an additional 37,884 shares in the last quarter. Janus Henderson Group PLC grew its stake in Teledyne Technologies by 0.6% in the third quarter. Janus Henderson Group PLC now owns 1,709,475 shares of the scientific and technical instruments company’s stock worth $748,167,000 after purchasing an additional 9,368 shares in the last quarter. Geode Capital Management LLC grew its stake in Teledyne Technologies by 2.4% in the third quarter. Geode Capital Management LLC now owns 1,192,019 shares of the scientific and technical instruments company’s stock worth $520,335,000 after purchasing an additional 28,224 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Teledyne Technologies by 6.0% in the third quarter. JPMorgan Chase & Co. now owns 1,150,065 shares of the scientific and technical instruments company’s stock worth $503,338,000 after purchasing an additional 64,617 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its stake in Teledyne Technologies by 10.5% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 318,712 shares of the scientific and technical instruments company’s stock worth $145,974,000 after purchasing an additional 30,157 shares in the last quarter. 91.58% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, COO George C. Bobb III sold 6,308 shares of Teledyne Technologies stock in a transaction that occurred on 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 sale, the chief operating officer now owns 10,482 shares of the company’s stock, valued at approximately $5,322,445.14. The trade was a 37.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Chairman Robert Mehrabian sold 5,768 shares of Teledyne Technologies stock in a transaction that occurred on 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 directly owns 144,553 shares in the company, valued at approximately $74,910,255.66. This trade represents a 3.84 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 32,190 shares of company stock valued at $16,386,864. Insiders own 2.14% of the company’s stock.

Analyst Upgrades and Downgrades

TDY has been the subject of a number of research reports. Bank of America upgraded Teledyne Technologies from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $450.00 to $550.00 in a research note on Friday, November 8th. UBS Group initiated coverage on Teledyne Technologies in a research note on Tuesday, December 10th. They issued a “buy” rating and a $585.00 price target for the company. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $585.00 price target on shares of Teledyne Technologies in a research note on Wednesday, February 5th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $538.00.

Teledyne Technologies Stock Performance

Shares of NYSE TDY opened at $500.78 on Wednesday. The company has a quick ratio of 1.61, a current ratio of 2.33 and a debt-to-equity ratio of 0.28. The firm’s 50-day moving average price is $485.63 and its two-hundred day moving average price is $462.22. Teledyne Technologies Incorporated has a 52-week low of $355.41 and a 52-week high of $522.50. The stock has a market capitalization of $23.34 billion, a P/E ratio of 29.06, a P/E/G ratio of 3.14 and a beta of 1.03.

Teledyne Technologies (NYSE:TDY) last issued 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. Teledyne Technologies had a net margin of 14.45% and a return on equity of 9.94%. The firm had revenue of $1.50 billion for the quarter, compared to analysts’ expectations of $1.45 billion. During the same quarter last year, the company posted $5.44 earnings per share. Teledyne Technologies’s revenue was up 5.4% on a year-over-year basis. As a group, sell-side analysts forecast that Teledyne Technologies Incorporated will post 21.55 earnings per share for the current year.

About Teledyne Technologies

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.