State of Michigan Retirement System Acquires 100 Shares of Teledyne Technologies Incorporated (NYSE:TDY)

State of Michigan Retirement System grew its holdings in shares of Teledyne Technologies Incorporated (NYSE:TDY) by 0.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,969 shares of the scientific and technical instruments company’s stock after buying an additional 100 shares during the quarter. State of Michigan Retirement System’s holdings in Teledyne Technologies were worth $5,568,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. SteelPeak Wealth LLC boosted its holdings in shares of Teledyne Technologies by 212.1% in the 1st quarter. SteelPeak Wealth LLC now owns 1,682 shares of the scientific and technical instruments company’s stock worth $722,000 after purchasing an additional 1,143 shares during the period. Fifth Third Wealth Advisors LLC purchased a new position in Teledyne Technologies during the first quarter worth $216,000. Thrive Wealth Management LLC bought a new position in Teledyne Technologies during the first quarter valued at $216,000. Wealth Enhancement Advisory Services LLC raised its stake in shares of Teledyne Technologies by 20.0% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 1,683 shares of the scientific and technical instruments company’s stock valued at $723,000 after acquiring an additional 280 shares during the period. Finally, Cardinal Capital Management lifted its holdings in shares of Teledyne Technologies by 13.0% in the 1st quarter. Cardinal Capital Management now owns 6,942 shares of the scientific and technical instruments company’s stock worth $2,980,000 after acquiring an additional 797 shares during the last quarter. Hedge funds and other institutional investors own 91.58% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on TDY. StockNews.com downgraded Teledyne Technologies from a “buy” rating to a “hold” rating in a report on Thursday, April 25th. Needham & Company LLC reduced their price objective on shares of Teledyne Technologies from $510.00 to $455.00 and set a “buy” rating for the company in a research note on Thursday, April 25th. TD Cowen cut their price target on Teledyne Technologies from $475.00 to $450.00 and set a “buy” rating on the stock in a report on Thursday, April 25th. Finally, Bank of America lowered Teledyne Technologies from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $490.00 to $400.00 in a research note on Friday, April 26th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Teledyne Technologies presently has an average rating of “Moderate Buy” and an average price target of $470.83.

Teledyne Technologies Stock Performance

Shares of TDY opened at $384.56 on Wednesday. The stock has a 50-day moving average of $391.17 and a two-hundred day moving average of $413.76. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.29 and a current ratio of 1.81. The stock has a market cap of $18.22 billion, a P/E ratio of 20.80, a P/E/G ratio of 2.73 and a beta of 1.00. Teledyne Technologies Incorporated has a one year low of $355.41 and a one year high of $448.19.

Teledyne Technologies (NYSE:TDY) last issued its earnings results on Wednesday, April 24th. The scientific and technical instruments company reported $4.55 EPS for the quarter, missing analysts’ consensus estimates of $4.63 by ($0.08). Teledyne Technologies had a net margin of 15.81% and a return on equity of 10.54%. The firm had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.39 billion. During the same quarter in the prior year, the company earned $4.53 EPS. Teledyne Technologies’s quarterly revenue was down 2.4% on a year-over-year basis. As a group, research analysts predict that Teledyne Technologies Incorporated will post 19.34 EPS 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.