Franklin Resources Inc. Trims Holdings in Teledyne Technologies Incorporated (NYSE:TDY)

Franklin Resources Inc. decreased its position in shares of Teledyne Technologies Incorporated (NYSE:TDY) by 15.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,573 shares of the scientific and technical instruments company’s stock after selling 472 shares during the quarter. Franklin Resources Inc.’s holdings in Teledyne Technologies were worth $1,168,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of TDY. State Street Corp grew its stake in shares of Teledyne Technologies by 1.9% in the 3rd 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 buying an additional 37,884 shares during the period. Janus Henderson Group PLC lifted its holdings 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 valued at $748,167,000 after acquiring an additional 9,368 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC grew its position in Teledyne Technologies by 17.8% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,238,091 shares of the scientific and technical instruments company’s stock worth $480,355,000 after acquiring an additional 186,849 shares during the period. Geode Capital Management LLC increased its stake in Teledyne Technologies by 2.4% during 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 acquiring an additional 28,224 shares during the last quarter. Finally, Earnest Partners LLC raised its position in Teledyne Technologies by 3.5% in the second quarter. Earnest Partners LLC now owns 398,642 shares of the scientific and technical instruments company’s stock valued at $154,665,000 after purchasing an additional 13,576 shares during the period. Hedge funds and other institutional investors own 91.58% of the company’s stock.

Teledyne Technologies Price Performance

Shares of TDY opened at $471.44 on Friday. The company has a quick ratio of 1.35, a current ratio of 2.00 and a debt-to-equity ratio of 0.28. Teledyne Technologies Incorporated has a fifty-two week low of $355.41 and a fifty-two week high of $492.00. The company has a market cap of $21.97 billion, a P/E ratio of 23.83, a PEG ratio of 3.30 and a beta of 1.01. The firm’s 50 day moving average price is $472.43 and its 200 day moving average price is $435.43.

Teledyne Technologies (NYSE:TDY) last announced its quarterly earnings data on Wednesday, October 23rd. The scientific and technical instruments company reported $5.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.13. Teledyne Technologies had a return on equity of 10.02% and a net margin of 16.88%. The business had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.42 billion. During the same period last year, the firm earned $5.05 earnings per share. The company’s revenue for the quarter was up 2.9% compared to the same quarter last year. On average, research analysts forecast that Teledyne Technologies Incorporated will post 19.45 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Vice Chairman Jason Vanwees sold 1,500 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $488.71, for a total value of $733,065.00. Following the transaction, the insider now owns 2,900 shares of the company’s stock, valued at $1,417,259. This represents a 34.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Chairman Robert Mehrabian sold 46,075 shares of Teledyne Technologies stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $487.33, for a total value of $22,453,729.75. Following the sale, the chairman now directly owns 171,802 shares of the company’s stock, valued at $83,724,268.66. This trade represents a 21.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 53,525 shares of company stock worth $26,080,464. Company insiders own 2.14% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on TDY. UBS Group began coverage on Teledyne Technologies in a report on Tuesday, December 10th. They set a “buy” rating and a $585.00 price target for the company. Bank of America upgraded shares of Teledyne Technologies from a “neutral” rating to a “buy” rating and lifted their price target for the company from $450.00 to $550.00 in a research report on Friday, November 8th. StockNews.com upgraded shares of Teledyne Technologies from a “hold” rating to a “buy” rating in a report on Wednesday, October 2nd. Needham & Company LLC lifted their target price on shares of Teledyne Technologies from $528.00 to $550.00 and gave the company a “buy” rating in a report on Monday, November 11th. Finally, TD Cowen upped their price target on Teledyne Technologies from $450.00 to $500.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $531.00.

Teledyne Technologies Company 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.