Teledyne Technologies’ (TDY) “Buy” Rating Reaffirmed at Needham & Company LLC

Teledyne Technologies (NYSE:TDY)‘s stock had its “buy” rating reissued by equities research analysts at Needham & Company LLC in a report issued on Wednesday,Benzinga reports. They currently have a $585.00 price objective on the scientific and technical instruments company’s stock. Needham & Company LLC’s target price would suggest a potential upside of 13.61% from the stock’s current price.

Several other equities analysts have also recently issued reports on the company. Bank of America upgraded Teledyne Technologies from a “neutral” rating to a “buy” rating and lifted their price target for the company from $450.00 to $550.00 in a research report on Friday, November 8th. TD Cowen upped their price objective on shares of Teledyne Technologies from $450.00 to $500.00 and gave the company a “buy” rating in a research note on Thursday, October 24th. Finally, UBS Group initiated coverage on Teledyne Technologies in a research note on Tuesday, December 10th. They issued a “buy” rating and a $585.00 price target for the company. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $538.00.

Teledyne Technologies Stock Performance

TDY traded up $0.45 on Wednesday, hitting $514.92. 51,391 shares of the company’s stock were exchanged, compared to its average volume of 254,141. The company has a current ratio of 2.33, a quick ratio of 1.61 and a debt-to-equity ratio of 0.28. The stock has a fifty day moving average of $478.88 and a two-hundred day moving average of $453.38. The firm has a market cap of $24.00 billion, a PE ratio of 29.88, a P/E/G ratio of 3.21 and a beta of 1.02. Teledyne Technologies has a twelve month low of $355.41 and a twelve month high of $522.50.

Teledyne Technologies (NYSE:TDY) last issued its quarterly earnings data on Wednesday, January 22nd. The scientific and technical instruments company reported $5.52 earnings per share for the quarter, beating the consensus estimate of $5.23 by $0.29. Teledyne Technologies had a net margin of 14.45% and a return on equity of 9.94%. The firm had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.45 billion. During the same period last year, the firm posted $5.44 EPS. Teledyne Technologies’s quarterly revenue was up 5.4% compared to the same quarter last year. On average, research analysts anticipate that Teledyne Technologies will post 21.51 earnings per share for the current fiscal year.

Insider Activity at Teledyne Technologies

In related news, COO George C. Bobb III sold 6,308 shares of the business’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $507.77, for a total value of $3,203,013.16. Following the sale, the chief operating officer now owns 10,482 shares of the company’s stock, valued at $5,322,445.14. The trade was a 37.57 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Robert Mehrabian sold 3,925 shares of the business’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $490.50, for a total transaction of $1,925,212.50. Following the completion of the transaction, the chairman now owns 171,802 shares in the company, valued at approximately $84,268,881. This trade represents a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 78,683 shares of company stock worth $38,943,649 in the last 90 days. 1.88% of the stock is owned by company insiders.

Hedge Funds Weigh In On Teledyne Technologies

Several institutional investors have recently bought and sold shares of TDY. Dynasty Wealth Management LLC boosted its position in Teledyne Technologies by 2.6% in the 4th quarter. Dynasty Wealth Management LLC now owns 1,380 shares of the scientific and technical instruments company’s stock valued at $640,000 after buying an additional 35 shares during the last quarter. Private Trust Co. NA grew its position in shares of Teledyne Technologies by 43.0% in the 4th quarter. Private Trust Co. NA now owns 173 shares of the scientific and technical instruments company’s stock valued at $80,000 after purchasing an additional 52 shares during the period. Linscomb Wealth Inc. increased its position in shares of Teledyne Technologies by 14.1% during the fourth quarter. Linscomb Wealth Inc. now owns 793 shares of the scientific and technical instruments company’s stock worth $368,000 after acquiring an additional 98 shares in the last quarter. Versor Investments LP bought a new stake in shares of Teledyne Technologies in the fourth quarter valued at about $836,000. Finally, Proficio Capital Partners LLC acquired a new position in Teledyne Technologies during the 4th quarter worth approximately $29,081,000. Institutional investors own 91.58% of the company’s stock.

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.