Teledyne Technologies’ (TDY) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Teledyne Technologies (NYSE:TDY) in a research note released on Wednesday morning,Benzinga reports. The firm currently has a $585.00 target price on the scientific and technical instruments company’s stock.

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

Teledyne Technologies Trading Up 0.3 %

Shares of TDY opened at $511.53 on Wednesday. The business’s 50-day moving average price is $479.98 and its 200-day moving average price is $454.21. Teledyne Technologies has a twelve month low of $355.41 and a twelve month high of $522.50. The stock has a market cap of $23.84 billion, a PE ratio of 29.69, a P/E/G ratio of 3.21 and a beta of 1.02. The company has a quick ratio of 1.61, a current ratio of 2.33 and a debt-to-equity ratio of 0.28.

Teledyne Technologies (NYSE:TDY) last announced its quarterly earnings results 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 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 prior year, the business posted $5.44 earnings per share. The company’s revenue was up 5.4% on a year-over-year basis. On average, equities analysts forecast that Teledyne Technologies will post 21.51 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Michael T. Smith sold 2,025 shares of the stock in a transaction that occurred on Thursday, December 12th. The stock was 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Robert Mehrabian sold 46,075 shares of the stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $487.33, for a total value of $22,453,729.75. Following the sale, the chairman now directly owns 171,802 shares of the company’s stock, valued at approximately $83,724,268.66. This trade represents a 21.15 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 78,265 shares of company stock valued at $38,840,593 over the last quarter. 1.88% of the stock is owned by corporate insiders.

Institutional Trading of Teledyne Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wolff Wiese Magana LLC purchased a new stake in Teledyne Technologies in the third quarter worth $27,000. Brooklyn Investment Group purchased a new stake in Teledyne Technologies in the third quarter worth $32,000. Wilmington Savings Fund Society FSB purchased a new stake in Teledyne Technologies in the third quarter worth $39,000. Newbridge Financial Services Group Inc. purchased a new stake in Teledyne Technologies in the fourth quarter worth $46,000. Finally, Exchange Traded Concepts LLC lifted its stake in Teledyne Technologies by 432.0% in the third quarter. Exchange Traded Concepts LLC now owns 133 shares of the scientific and technical instruments company’s stock worth $58,000 after acquiring an additional 108 shares during the period. Hedge funds and other institutional investors own 91.58% of the company’s stock.

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.