Teledyne Technologies Incorporated (NYSE:TDY) Sees Significant Decline in Short Interest

Teledyne Technologies Incorporated (NYSE:TDY) saw a large drop in short interest in the month of October. As of October 31st, there was short interest totalling 313,100 shares, a drop of 21.2% from the October 15th total of 397,100 shares. Based on an average daily trading volume, of 211,600 shares, the short-interest ratio is presently 1.5 days. Approximately 0.7% of the company’s stock are sold short.

Analyst Ratings Changes

A number of research firms recently weighed in on TDY. StockNews.com raised shares of Teledyne Technologies from a “hold” rating to a “buy” rating in a research report on Wednesday, October 2nd. TD Cowen upped their target price on Teledyne Technologies from $450.00 to $500.00 and gave the company a “buy” rating in a research note on Thursday, October 24th. Needham & Company LLC increased their price target on Teledyne Technologies from $528.00 to $550.00 and gave the company a “buy” rating in a research note on Monday. Bank of America upgraded Teledyne Technologies from a “neutral” rating to a “buy” rating and raised their price objective for the company from $450.00 to $550.00 in a research note on Friday, November 8th. Finally, Vertical Research assumed coverage on shares of Teledyne Technologies in a research report on Tuesday, July 23rd. They issued a “buy” rating and a $470.00 target price for the company. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Teledyne Technologies has a consensus rating of “Buy” and a consensus target price of $517.50.

Insider Activity

In other Teledyne Technologies news, Chairman Robert Mehrabian sold 3,925 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $490.50, for a total value of $1,925,212.50. Following the completion of the transaction, the chairman now directly owns 171,802 shares of the company’s stock, valued at $84,268,881. This represents a 2.23 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 2.14% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Teledyne Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Empowered Funds LLC raised its holdings in shares of Teledyne Technologies by 24.6% in the first quarter. Empowered Funds LLC now owns 588 shares of the scientific and technical instruments company’s stock valued at $252,000 after buying an additional 116 shares during the last quarter. US Bancorp DE grew its position in Teledyne Technologies by 1.7% during the 1st quarter. US Bancorp DE now owns 7,696 shares of the scientific and technical instruments company’s stock worth $3,304,000 after acquiring an additional 130 shares during the last quarter. ProShare Advisors LLC raised its stake in Teledyne Technologies by 14.3% during the 1st quarter. ProShare Advisors LLC now owns 9,907 shares of the scientific and technical instruments company’s stock worth $4,253,000 after buying an additional 1,238 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its position in Teledyne Technologies by 15.6% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 2,978 shares of the scientific and technical instruments company’s stock worth $1,279,000 after buying an additional 401 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System lifted its holdings in shares of Teledyne Technologies by 3.6% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 48,288 shares of the scientific and technical instruments company’s stock worth $21,602,000 after acquiring an additional 1,665 shares during the period. 91.58% of the stock is owned by institutional investors.

Teledyne Technologies Price Performance

Shares of Teledyne Technologies stock traded down $6.41 during trading on Friday, hitting $470.15. 292,482 shares of the company were exchanged, compared to its average volume of 240,739. Teledyne Technologies has a fifty-two week low of $355.41 and a fifty-two week high of $492.00. The firm has a 50 day moving average price of $449.30 and a 200 day moving average price of $417.90. The stock has a market capitalization of $21.91 billion, a price-to-earnings ratio of 23.77, a P/E/G ratio of 3.38 and a beta of 1.01. 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 (NYSE:TDY) last issued its earnings results on Wednesday, October 23rd. The scientific and technical instruments company reported $5.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.97 by $0.13. Teledyne Technologies had a return on equity of 10.02% and a net margin of 16.88%. The firm had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.42 billion. During the same quarter last year, the business earned $5.05 earnings per share. The company’s revenue was up 2.9% compared to the same quarter last year. On average, equities analysts expect that Teledyne Technologies will post 19.44 earnings per share for the current fiscal year.

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.