Teledyne Technologies Incorporated (NYSE:TDY) Sees Large Drop in Short Interest

Teledyne Technologies Incorporated (NYSE:TDY) saw a significant drop in short interest in September. As of September 30th, there was short interest totalling 464,200 shares, a drop of 24.4% from the September 15th total of 614,300 shares. Based on an average daily volume of 226,400 shares, the days-to-cover ratio is presently 2.1 days. Approximately 1.0% of the company’s shares are short sold.

Analyst Ratings Changes

TDY has been the subject of several recent analyst reports. Needham & Company LLC increased their price target on Teledyne Technologies from $455.00 to $482.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. StockNews.com raised Teledyne Technologies from a “hold” rating to a “buy” rating in a research note on Wednesday, October 2nd. Finally, Vertical Research assumed coverage on shares of Teledyne Technologies in a research note on Tuesday, July 23rd. They issued a “buy” rating and a $470.00 price target on the stock. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $450.50.

Institutional Investors Weigh In On Teledyne Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Goldman Sachs Group Inc. raised its position in Teledyne Technologies by 35.1% during the fourth quarter. Goldman Sachs Group Inc. now owns 132,361 shares of the scientific and technical instruments company’s stock worth $59,071,000 after acquiring an additional 34,371 shares in the last quarter. Orion Portfolio Solutions LLC lifted its stake in Teledyne Technologies by 46.2% in the 1st quarter. Orion Portfolio Solutions LLC now owns 4,161 shares of the scientific and technical instruments company’s stock valued at $1,786,000 after purchasing an additional 1,315 shares during the last quarter. Clearbridge Investments LLC grew its holdings in Teledyne Technologies by 11.2% during the first quarter. Clearbridge Investments LLC now owns 267,036 shares of the scientific and technical instruments company’s stock worth $114,644,000 after purchasing an additional 26,793 shares during the period. State Board of Administration of Florida Retirement System increased its position in Teledyne Technologies by 3.6% during the first quarter. State Board of Administration of Florida Retirement System now owns 48,288 shares of the scientific and technical instruments company’s stock worth $21,602,000 after buying an additional 1,665 shares during the last quarter. Finally, SG Americas Securities LLC raised its stake in Teledyne Technologies by 49.8% in the first quarter. SG Americas Securities LLC now owns 13,349 shares of the scientific and technical instruments company’s stock valued at $5,731,000 after buying an additional 4,440 shares during the period. Institutional investors own 91.58% of the company’s stock.

Teledyne Technologies Stock Down 0.8 %

Teledyne Technologies stock traded down $3.54 during mid-day trading on Tuesday, reaching $450.30. The company’s stock had a trading volume of 303,733 shares, compared to its average volume of 239,128. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.28 and a current ratio of 1.98. Teledyne Technologies has a 12 month low of $355.41 and a 12 month high of $458.15. The business’s 50 day simple moving average is $427.77 and its 200 day simple moving average is $408.23. The company has a market capitalization of $21.34 billion, a price-to-earnings ratio of 24.67, a price-to-earnings-growth ratio of 3.13 and a beta of 1.01.

Teledyne Technologies (NYSE:TDY) last announced its quarterly earnings data on Wednesday, July 24th. The scientific and technical instruments company reported $4.58 earnings per share for the quarter, beating the consensus estimate of $4.49 by $0.09. Teledyne Technologies had a return on equity of 10.27% and a net margin of 15.86%. The company had revenue of $1.37 billion during the quarter, compared to analysts’ expectations of $1.36 billion. During the same quarter last year, the company earned $4.67 EPS. Teledyne Technologies’s revenue for the quarter was down 3.8% compared to the same quarter last year. As a group, research analysts anticipate that Teledyne Technologies will post 19.43 earnings per share for the current year.

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.