Teledyne Technologies Incorporated (NYSE:TDY) Short Interest Update

Teledyne Technologies Incorporated (NYSE:TDY) was the recipient of a significant drop in short interest in the month of October. As of October 31st, there was short interest totalling 313,100 shares, a drop of 21.2% from the October 15th total of 397,100 shares. Based on an average trading volume of 211,600 shares, the short-interest ratio is presently 1.5 days. Currently, 0.7% of the shares of the company are sold short.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Vertical Research initiated coverage on Teledyne Technologies in a research note on Tuesday, July 23rd. They issued a “buy” rating and a $470.00 price target for the company. Needham & Company LLC raised their price objective on Teledyne Technologies from $528.00 to $550.00 and gave the company a “buy” rating in a report on Monday, November 11th. StockNews.com raised Teledyne Technologies from a “hold” rating to a “buy” rating in a research note on Wednesday, October 2nd. TD Cowen lifted their price target on shares of Teledyne Technologies from $450.00 to $500.00 and gave the company 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 upped their price objective for the stock from $450.00 to $550.00 in a research report on Friday, November 8th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Teledyne Technologies has an average rating of “Buy” and a consensus price target of $517.50.

Insider Activity at Teledyne Technologies

In related news, Chairman Robert Mehrabian sold 3,925 shares of the firm’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $490.50, for a total transaction of $1,925,212.50. Following the sale, the chairman now owns 171,802 shares in the company, valued at approximately $84,268,881. This trade represents a 2.23 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.14% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in TDY. Tortoise Investment Management LLC increased its holdings in shares of Teledyne Technologies by 48.0% in the second quarter. Tortoise Investment Management LLC now owns 74 shares of the scientific and technical instruments company’s stock valued at $29,000 after purchasing an additional 24 shares during the last quarter. Metis Global Partners LLC grew its holdings in Teledyne Technologies by 1.6% in the 3rd quarter. Metis Global Partners LLC now owns 1,514 shares of the scientific and technical instruments company’s stock valued at $663,000 after buying an additional 24 shares in the last quarter. Crumly & Associates Inc. increased its position in Teledyne Technologies by 3.8% during the third quarter. Crumly & Associates Inc. now owns 677 shares of the scientific and technical instruments company’s stock worth $296,000 after purchasing an additional 25 shares during the last quarter. Raymond James Trust N.A. increased its holdings in shares of Teledyne Technologies by 4.8% during the 3rd quarter. Raymond James Trust N.A. now owns 550 shares of the scientific and technical instruments company’s stock worth $241,000 after buying an additional 25 shares during the last quarter. Finally, Bleakley Financial Group LLC raised its position in shares of Teledyne Technologies by 4.0% during the 3rd quarter. Bleakley Financial Group LLC now owns 681 shares of the scientific and technical instruments company’s stock valued at $298,000 after buying an additional 26 shares during the period. 91.58% of the stock is currently owned by institutional investors and hedge funds.

Teledyne Technologies Price Performance

NYSE TDY traded down $6.41 during mid-day trading on Friday, hitting $470.15. The stock had a trading volume of 292,840 shares, compared to its average volume of 253,442. Teledyne Technologies has a twelve month low of $355.41 and a twelve month high of $492.00. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.00 and a quick ratio of 1.35. The firm’s 50 day moving average is $450.27 and its 200 day moving average is $418.77. The stock has a market capitalization of $21.91 billion, a price-to-earnings ratio of 23.77, a PEG ratio of 3.26 and a beta of 1.01.

Teledyne Technologies (NYSE:TDY) last issued its earnings results on Wednesday, October 23rd. The scientific and technical instruments company reported $5.10 EPS for the quarter, beating analysts’ consensus estimates of $4.97 by $0.13. The business had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.42 billion. Teledyne Technologies had a net margin of 16.88% and a return on equity of 10.02%. The company’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same period in the prior year, the business earned $5.05 earnings per share. Equities research analysts forecast that Teledyne Technologies will post 19.45 earnings per share for the current fiscal year.

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.