Is Teledyne Technologies Incorporated (TDY) A Good Stock To Buy?

Now, specific money managers have jumped into Teledyne Technologies Incorporated (NYSE:TDY) headfirst. Arrowstreet Capital, led by Peter Rathjens, Bruce Clarke and John Campbell, initiated the biggest position in Teledyne Technologies Incorporated (NYSE:TDY). Arrowstreet Capital had $0.8 million invested in the company at the end of the quarter. James Dondero’s Highland Capital Management also initiated a $0.6 million position during the quarter. The other funds with new positions in the stock are Ken Griffin’s Citadel Investment Group and Matthew Hulsizer’s PEAK6 Capital Management.

Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as Teledyne Technologies Incorporated (NYSE:TDY) but similarly valued. These stocks are Ritchie Bros. Auctioneers (USA) (NYSE:RBA), Aspen Technology, Inc. (NASDAQ:AZPN), Compania Cervecerias Unidas S.A. (ADR) (NYSE:CCU), and Eagle Materials, Inc. (NYSE:EXP). This group of stocks’ market values match TDY’s market value.

As you can see these stocks had an average of 18 hedge funds with bullish positions and the average amount invested in these stocks was $287 million. That figure was $125 million in TDY’s case. Eagle Materials, Inc. (NYSE:EXP) is the most popular stock in this table. On the other hand Compania Cervecerias Unidas S.A. (ADR) (NYSE:CCU) is the least popular one with only 10 bullish hedge fund positions. Teledyne Technologies Incorporated (NYSE:TDY) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard EXP might be a better candidate to consider taking a long position in.

Disclosure: None