Teledyne Technologies Incorporated (NYSE:TDY) was in 10 hedge funds’ portfolio at the end of the fourth quarter of 2012. TDY has experienced an increase in hedge fund sentiment of late. There were 9 hedge funds in our database with TDY holdings at the end of the previous quarter.
In the financial world, there are many indicators investors can use to analyze Mr. Market. A pair of the most under-the-radar are hedge fund and insider trading activity. At Insider Monkey, our research analyses have shown that, historically, those who follow the best picks of the elite hedge fund managers can outclass the S&P 500 by a healthy amount (see just how much).
Just as beneficial, bullish insider trading activity is another way to parse down the stock market universe. As the old adage goes: there are plenty of stimuli for an upper level exec to sell shares of his or her company, but just one, very clear reason why they would behave bullishly. Plenty of academic studies have demonstrated the useful potential of this method if investors understand what to do (learn more here).
With all of this in mind, it’s important to take a gander at the latest action encompassing Teledyne Technologies Incorporated (NYSE:TDY).
How are hedge funds trading Teledyne Technologies Incorporated (NYSE:TDY)?
At year’s end, a total of 10 of the hedge funds we track were bullish in this stock, a change of 11% from the previous quarter. With the smart money’s positions undergoing their usual ebb and flow, there exists a few noteworthy hedge fund managers who were upping their stakes considerably.
According to our comprehensive database, Steven Richman’s East Side Capital (RR Partners) had the most valuable position in Teledyne Technologies Incorporated (NYSE:TDY), worth close to $69 million, accounting for 3.9% of its total 13F portfolio. Sitting at the No. 2 spot is Amy Minella of Cardinal Capital, with a $50 million position; 0% of its 13F portfolio is allocated to the stock. Other hedgies that hold long positions include Chuck Royce’s Royce & Associates, Ken Fisher’s Fisher Asset Management and Jim Simons’s Renaissance Technologies.
As aggregate interest increased, key hedge funds were breaking ground themselves. Renaissance Technologies, managed by Jim Simons, initiated the most outsized position in Teledyne Technologies Incorporated (NYSE:TDY). Renaissance Technologies had 4 million invested in the company at the end of the quarter. Ken Griffin’s Citadel Investment Group also made a $2 million investment in the stock during the quarter. The only other fund with a new position in the stock is Steven Cohen’s SAC Capital Advisors.
Insider trading activity in Teledyne Technologies Incorporated (NYSE:TDY)
Insider buying is best served when the company in question has experienced transactions within the past six months. Over the last 180-day time frame, Teledyne Technologies Incorporated (NYSE:TDY) has seen zero unique insiders purchasing, and 7 insider sales (see the details of insider trades here).
Let’s also take a look at hedge fund and insider activity in other stocks similar to Teledyne Technologies Incorporated (NYSE:TDY). These stocks are Alliant Techsystems Inc. (NYSE:ATK), CAE, Inc. (USA) (NYSE:CAE), Huntington Ingalls Industries Inc (NYSE:HII), Spirit AeroSystems Holdings, Inc. (NYSE:SPR), and Hexcel Corporation (NYSE:HXL). All of these stocks are in the aerospace/defense products & services industry and their market caps are similar to TDY’s market cap.