Needham & Company LLC Reiterates “Buy” Rating for Teledyne Technologies (NYSE:TDY)

Teledyne Technologies (NYSE:TDY)‘s stock had its “buy” rating reiterated by research analysts at Needham & Company LLC in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $585.00 target price on the scientific and technical instruments company’s stock. Needham & Company LLC’s price target indicates a potential upside of 14.57% from the company’s previous close.

Other research analysts have also issued reports about the stock. UBS Group assumed coverage on shares of Teledyne Technologies in a report on Tuesday, December 10th. They issued a “buy” rating and a $585.00 target price for the company. TD Cowen lifted their price objective 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. Finally, Bank of America upgraded shares of Teledyne Technologies from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $450.00 to $550.00 in a report on Friday, November 8th. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $538.00.

Teledyne Technologies Stock Performance

TDY opened at $510.60 on Wednesday. The stock has a market capitalization of $23.79 billion, a price-to-earnings ratio of 29.63, a PEG ratio of 3.21 and a beta of 1.02. Teledyne Technologies has a fifty-two week low of $355.41 and a fifty-two week high of $522.50. 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 company has a fifty day moving average of $479.48 and a 200 day moving average of $453.81.

Teledyne Technologies (NYSE:TDY) last issued its earnings results 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. Teledyne Technologies had a return on equity of 9.94% and a net margin of 14.45%. The firm had revenue of $1.50 billion for the quarter, compared to analysts’ expectations of $1.45 billion. During the same period in the previous year, the firm posted $5.44 earnings per share. The business’s revenue was up 5.4% compared to the same quarter last year. As a group, sell-side analysts forecast that Teledyne Technologies will post 21.51 earnings per share for the current fiscal year.

Insider Buying and Selling at Teledyne Technologies

In other news, EVP Melanie Susan Cibik sold 2,538 shares of Teledyne Technologies stock in a transaction on Monday, January 27th. The stock was sold at an average price of $513.02, for a total transaction of $1,302,044.76. Following the completion of the sale, the executive vice president now directly owns 32,100 shares in the company, valued at approximately $16,467,942. This trade represents a 7.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Cynthia Y. Belak sold 5,745 shares of the business’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $508.34, for a total transaction of $2,920,413.30. Following the completion of the sale, the vice president now directly owns 4,962 shares of the company’s stock, valued at approximately $2,522,383.08. This trade represents a 53.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 73,258 shares of company stock worth $36,285,371 over the last quarter. Insiders own 1.88% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Covea Finance boosted its stake in shares of Teledyne Technologies by 25.1% during the fourth quarter. Covea Finance now owns 21,400 shares of the scientific and technical instruments company’s stock valued at $9,932,000 after purchasing an additional 4,300 shares in the last quarter. 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 valued at $503,338,000 after acquiring an additional 64,617 shares in the last quarter. Verition Fund Management LLC increased its holdings in shares of Teledyne Technologies by 240.5% in the 3rd quarter. Verition Fund Management LLC now owns 36,524 shares of the scientific and technical instruments company’s stock valued at $15,985,000 after acquiring an additional 25,796 shares during the period. West Oak Capital LLC raised its position in shares of Teledyne Technologies by 4,721.8% in the 4th quarter. West Oak Capital LLC now owns 11,283 shares of the scientific and technical instruments company’s stock worth $5,237,000 after acquiring an additional 11,049 shares in the last quarter. Finally, National Bank of Canada FI lifted its stake in shares of Teledyne Technologies by 217.5% during the 3rd quarter. National Bank of Canada FI now owns 53,819 shares of the scientific and technical instruments company’s stock worth $23,554,000 after purchasing an additional 36,867 shares during the last quarter. 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.