Teledyne Technologies Incorporated (NYSE:TDY) was upgraded by equities researchers at BidaskClub from a “hold” rating to a “buy” rating in a report issued on Tuesday, August 8th.
Several other research analysts have also weighed in on the company. Zacks Investment Research raised Teledyne Technologies from a “hold” rating to a “buy” rating and set a $166.00 price target on the stock in a research report on Tuesday, August 8th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $145.00 target price (up from $140.00) on shares of Teledyne Technologies in a research report on Friday, July 14th. Finally, Needham & Company LLC raised Teledyne Technologies from a “hold” rating to a “buy” rating and set a $148.00 price objective on the stock in a report on Wednesday, July 5th.
Shares of Teledyne Technologies (NYSE TDY) traded down 0.05% during mid-day trading on Tuesday, reaching $143.94. 172,422 shares of the company’s stock traded hands. Teledyne Technologies has a one year low of $101.90 and a one year high of $148.62. The firm’s 50-day moving average is $138.49 and its 200 day moving average is $131.84. The firm has a market cap of $5.09 billion, a price-to-earnings ratio of 26.54 and a beta of 0.98.
Teledyne Technologies (NYSE:TDY) last posted its quarterly earnings results on Thursday, August 3rd. The scientific and technical instruments company reported $1.74 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.49. The firm had revenue of $671.10 million for the quarter, compared to analyst estimates of $636.18 million. Teledyne Technologies had a return on equity of 13.80% and a net margin of 8.44%. Teledyne Technologies’s quarterly revenue was up 24.3% on a year-over-year basis. During the same period in the previous year, the firm earned $1.32 earnings per share. Analysts predict that Teledyne Technologies will post $5.69 earnings per share for the current year.
In other news, Director Michael T. Smith sold 3,000 shares of the stock in a transaction that occurred on Friday, June 2nd. The stock was sold at an average price of $134.72, for a total value of $404,160.00. Following the completion of the transaction, the director now directly owns 33,806 shares of the company’s stock, valued at approximately $4,554,344.32. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Melanie Susan Cibik sold 4,000 shares of the stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $146.20, for a total value of $584,800.00. Following the completion of the transaction, the vice president now directly owns 26,280 shares of the company’s stock, valued at $3,842,136. The disclosure for this sale can be found here. Insiders sold a total of 25,207 shares of company stock valued at $3,459,722 in the last quarter. Corporate insiders own 3.30% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its stake in Teledyne Technologies by 17,074.2% in the first quarter. BlackRock Inc. now owns 3,937,353 shares of the scientific and technical instruments company’s stock valued at $497,917,000 after buying an additional 3,914,427 shares during the period. Vanguard Group Inc. boosted its stake in Teledyne Technologies by 6.0% in the first quarter. Vanguard Group Inc. now owns 2,671,329 shares of the scientific and technical instruments company’s stock valued at $337,816,000 after buying an additional 151,201 shares during the period. Janus Henderson Group PLC purchased a new stake in Teledyne Technologies during the second quarter valued at approximately $280,989,000. State Street Corp boosted its stake in Teledyne Technologies by 4.9% in the first quarter. State Street Corp now owns 1,260,869 shares of the scientific and technical instruments company’s stock valued at $159,450,000 after buying an additional 58,466 shares during the period. Finally, Kayne Anderson Rudnick Investment Management LLC boosted its stake in Teledyne Technologies by 1.6% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,045,183 shares of the scientific and technical instruments company’s stock valued at $133,417,000 after buying an additional 16,136 shares during the period. 83.17% of the stock is owned by hedge funds and other institutional investors.
About Teledyne Technologies
Teledyne Technologies Incorporated provides enabling technologies for industrial growth markets. The Company’s segments include Instrumentation, Digital Imaging, Aerospace and Defense Electronics, and Engineered Systems. Instrumentation segment provides monitoring and control instruments for marine, environmental, industrial and other applications, as well as electronic test and measurement equipment.
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