Bank of America Issues Positive Forecast for Teledyne Technologies (NYSE:TDY) Stock Price

Teledyne Technologies (NYSE:TDY) had its price target raised by Bank of America from $550.00 to $600.00 in a report released on Monday,Benzinga reports. Bank of America currently has a buy rating on the scientific and technical instruments company’s stock.

A number of other analysts also recently commented on TDY. UBS Group began coverage on shares of Teledyne Technologies in a report on Tuesday, December 10th. They issued a “buy” rating and a $585.00 price objective for the company. Needham & Company LLC restated a “buy” rating and issued a $585.00 target price on shares of Teledyne Technologies in a report on Wednesday, February 5th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, Teledyne Technologies has a consensus rating of “Buy” and a consensus price target of $548.00.

Teledyne Technologies Price Performance

Shares of NYSE TDY opened at $497.17 on Monday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.61 and a current ratio of 2.33. The firm has a market cap of $23.29 billion, a PE ratio of 28.86, a PEG ratio of 3.14 and a beta of 1.03. Teledyne Technologies has a one year low of $355.41 and a one year high of $522.50. The firm has a fifty day moving average of $494.04 and a 200 day moving average of $470.36.

Teledyne Technologies (NYSE:TDY) last posted its quarterly earnings data on Wednesday, January 22nd. The scientific and technical instruments company reported $5.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.23 by $0.29. The company had revenue of $1.50 billion for the quarter, compared to analysts’ expectations of $1.45 billion. Teledyne Technologies had a return on equity of 9.94% and a net margin of 14.45%. Teledyne Technologies’s revenue was up 5.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $5.44 EPS. As a group, research analysts predict that Teledyne Technologies will post 21.55 EPS for the current fiscal year.

Insider Activity at Teledyne Technologies

In related news, EVP Melanie Susan Cibik sold 706 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $519.96, for a total transaction of $367,091.76. Following the transaction, the executive vice president now owns 26,529 shares of the company’s stock, valued at approximately $13,794,018.84. This represents a 2.59 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO George C. Bobb III sold 6,308 shares of Teledyne Technologies stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $507.77, for a total value of $3,203,013.16. Following the completion of the transaction, the chief operating officer now directly owns 10,482 shares of the company’s stock, valued at approximately $5,322,445.14. This represents a 37.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 34,571 shares of company stock worth $17,709,721. Company insiders own 2.14% of the company’s stock.

Institutional Investors Weigh In On Teledyne Technologies

A number of hedge funds have recently bought and sold shares of TDY. Quarry LP purchased a new stake in shares of Teledyne Technologies during the 4th quarter worth $28,000. Brooklyn Investment Group purchased a new stake in Teledyne Technologies during the 3rd quarter worth about $32,000. Hurley Capital LLC acquired a new position in shares of Teledyne Technologies during the 4th quarter worth about $33,000. Ancora Advisors LLC increased its holdings in shares of Teledyne Technologies by 192.3% in the 4th quarter. Ancora Advisors LLC now owns 76 shares of the scientific and technical instruments company’s stock valued at $35,000 after acquiring an additional 50 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB acquired a new stake in shares of Teledyne Technologies during the 3rd quarter worth about $39,000. Institutional investors and hedge funds 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.