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

Needham & Company LLC reiterated their buy rating on shares of Teledyne Technologies (NYSE:TDY) in a report released on Wednesday,Benzinga reports. They currently have a $585.00 price target on the scientific and technical instruments company’s stock.

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

Teledyne Technologies Trading Up 0.2 %

Shares of TDY stock opened at $515.38 on Wednesday. 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 stock has a 50 day simple moving average of $479.48 and a two-hundred day simple moving average of $453.81. The company has a market cap of $24.02 billion, a P/E ratio of 29.91, a PEG ratio of 3.21 and a beta of 1.02.

Teledyne Technologies (NYSE:TDY) last released its quarterly earnings data 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. The company had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.45 billion. Teledyne Technologies had a net margin of 14.45% and a return on equity of 9.94%. Teledyne Technologies’s revenue for the quarter was up 5.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $5.44 EPS. Research analysts forecast that Teledyne Technologies will post 21.51 earnings per share for the current year.

Insider Activity

In other news, Chairman Robert Mehrabian sold 5,768 shares of the business’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $518.22, for a total value of $2,989,092.96. Following the transaction, the chairman now owns 144,553 shares in the company, valued at $74,910,255.66. The trade was a 3.84 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO George C. Bobb III sold 6,308 shares of the stock in a transaction that occurred on 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 sale, the chief operating officer now directly owns 10,482 shares of the company’s stock, valued at $5,322,445.14. The trade was a 37.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 78,683 shares of company stock worth $38,943,649 over the last 90 days. 1.88% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Teledyne Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in TDY. State Street Corp raised its position in Teledyne Technologies by 1.9% in 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 increased its stake in shares of Teledyne Technologies by 0.6% during the 3rd quarter. Janus Henderson Group PLC now owns 1,709,475 shares of the scientific and technical instruments company’s stock worth $748,167,000 after purchasing an additional 9,368 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Teledyne Technologies by 2.4% in 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 purchasing an additional 28,224 shares during the period. JPMorgan Chase & Co. lifted its stake in Teledyne Technologies by 6.0% in the third 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 purchasing an additional 64,617 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its holdings in Teledyne Technologies by 10.5% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 318,712 shares of the scientific and technical instruments company’s stock valued at $145,974,000 after purchasing an additional 30,157 shares during the period. 91.58% of the stock is owned by hedge funds and other institutional investors.

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.