Teledyne Technologies (NYSE:TDY) Reaches New 52-Week High Following Strong Earnings

Teledyne Technologies Incorporated (NYSE:TDY) reached a new 52-week high on Wednesday following a better than expected earnings announcement. The stock traded as high as $514.46 and last traded at $503.25, with a volume of 69251 shares changing hands. The stock had previously closed at $480.41.

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 analyst estimates of $1,451,400 billion. Teledyne Technologies had a net margin of 16.88% and a return on equity of 10.02%. The business’s quarterly revenue was up 5.4% on a year-over-year basis. During the same period last year, the business posted $5.44 EPS.

Analysts Set New Price Targets

TDY has been the subject of a number of analyst reports. StockNews.com raised shares of Teledyne Technologies from a “hold” rating to a “buy” rating in a report on Wednesday, October 2nd. TD Cowen boosted their target price on shares of Teledyne Technologies from $450.00 to $500.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. Needham & Company LLC lifted their price target on shares of Teledyne Technologies from $528.00 to $550.00 and gave the stock a “buy” rating in a research report on Monday, November 11th. UBS Group initiated coverage on shares of Teledyne Technologies in a research note on Tuesday, December 10th. They issued a “buy” rating and a $585.00 target price for the company. Finally, Bank of America raised shares of Teledyne Technologies from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $450.00 to $550.00 in a research report on Friday, November 8th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Teledyne Technologies presently has an average rating of “Buy” and a consensus target price of $531.00.

Insider Transactions at Teledyne Technologies

In other Teledyne Technologies news, Vice Chairman Jason Vanwees sold 1,500 shares of the stock in a transaction on Friday, November 8th. The shares were sold at an average price of $488.71, for a total value of $733,065.00. Following the completion of the sale, the insider now owns 2,900 shares in the company, valued at $1,417,259. This trade represents a 34.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Michael T. Smith sold 2,025 shares of the stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $478.25, for a total transaction of $968,456.25. Following the completion of the sale, the director now owns 54,935 shares of the company’s stock, valued at approximately $26,272,663.75. This represents a 3.56 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 53,525 shares of company stock valued at $26,080,464 over the last quarter. Corporate insiders own 1.88% of the company’s stock.

Hedge Funds Weigh In On Teledyne Technologies

Several large investors have recently modified their holdings of TDY. State Street Corp increased its position in Teledyne Technologies by 1.9% during the third quarter. State Street Corp now owns 2,040,896 shares of the scientific and technical instruments company’s stock worth $893,219,000 after acquiring an additional 37,884 shares during the period. Janus Henderson Group PLC boosted its stake in shares of Teledyne Technologies by 0.6% in the 3rd quarter. Janus Henderson Group PLC now owns 1,709,475 shares of the scientific and technical instruments company’s stock valued at $748,167,000 after purchasing an additional 9,368 shares in the last quarter. Geode Capital Management LLC boosted its position in Teledyne Technologies by 2.4% during the 3rd quarter. Geode Capital Management LLC now owns 1,192,019 shares of the scientific and technical instruments company’s stock worth $520,335,000 after buying an additional 28,224 shares during the period. JPMorgan Chase & Co. boosted its position in Teledyne Technologies by 6.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,150,065 shares of the scientific and technical instruments company’s stock worth $503,338,000 after buying an additional 64,617 shares during the period. Finally, Earnest Partners LLC boosted its position in Teledyne Technologies by 3.5% during the 2nd quarter. Earnest Partners LLC now owns 398,642 shares of the scientific and technical instruments company’s stock worth $154,665,000 after buying an additional 13,576 shares during the period. 91.58% of the stock is owned by institutional investors.

Teledyne Technologies Stock Up 6.5 %

The stock has a market cap of $23.84 billion, a price-to-earnings ratio of 25.87, a P/E/G ratio of 2.96 and a beta of 1.01. The company has a current ratio of 2.00, a quick ratio of 1.35 and a debt-to-equity ratio of 0.28. The stock’s 50-day moving average price is $471.57 and its 200-day moving average price is $445.02.

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.