Teledyne Technologies (NYSE:TDY) Reaches New 52-Week High Following Better-Than-Expected Earnings

by · The Markets Daily

Teledyne Technologies Incorporated (NYSE:TDY – Get Free Report) reached a new 52-week high on Wednesday following a better than expected earnings announcement. The stock traded as high as $465.66 and last traded at $465.66, with a volume of 236 shares. The stock had previously closed at $443.49.

The scientific and technical instruments company reported $5.10 earnings per share for the quarter, topping analysts’ consensus estimates of $4.97 by $0.13. Teledyne Technologies had a net margin of 15.86% and a return on equity of 10.27%. The business had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.42 billion. During the same period in the prior year, the company posted $5.05 EPS. The business’s revenue for the quarter was up 2.9% on a year-over-year basis.

Wall Street Analyst Weigh In

TDY has been the subject of a number of research reports. StockNews.com upgraded shares of Teledyne Technologies from a “hold” rating to a “buy” rating in a research report on Wednesday, October 2nd. Vertical Research started coverage on Teledyne Technologies in a report on Tuesday, July 23rd. They set a “buy” rating and a $470.00 price objective for the company. Needham & Company LLC upped their target price on Teledyne Technologies from $482.00 to $528.00 and gave the company a “buy” rating in a report on Thursday. Finally, TD Cowen raised their price target on Teledyne Technologies from $450.00 to $500.00 and gave the company a “buy” rating in a research report on Thursday. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Teledyne Technologies presently has an average rating of “Moderate Buy” and a consensus target price of $474.50.

Get Our Latest Stock Analysis on TDY

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of TDY. Frank Rimerman Advisors LLC increased its position in Teledyne Technologies by 4.8% during the third quarter. Frank Rimerman Advisors LLC now owns 781 shares of the scientific and technical instruments company’s stock worth $342,000 after buying an additional 36 shares in the last quarter. GHP Investment Advisors Inc. boosted its stake in shares of Teledyne Technologies by 3.7% during the third quarter. GHP Investment Advisors Inc. now owns 30,480 shares of the scientific and technical instruments company’s stock valued at $13,340,000 after acquiring an additional 1,085 shares during the last quarter. Forsta AP Fonden increased its position in Teledyne Technologies by 9.3% during the 3rd quarter. Forsta AP Fonden now owns 8,200 shares of the scientific and technical instruments company’s stock worth $3,589,000 after purchasing an additional 700 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in Teledyne Technologies by 37.5% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,114 shares of the scientific and technical instruments company’s stock valued at $1,357,000 after purchasing an additional 850 shares during the last quarter. Finally, Elwood & Goetz Wealth Advisory Group LLC purchased a new position in Teledyne Technologies in the 3rd quarter valued at about $205,000. 91.58% of the stock is currently owned by institutional investors and hedge funds.

Teledyne Technologies Stock Performance

The company has a market capitalization of $22.12 billion, a PE ratio of 25.71, a price-to-earnings-growth ratio of 3.11 and a beta of 1.01. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.28 and a current ratio of 1.98. The stock’s fifty day simple moving average is $434.94 and its 200-day simple moving average is $410.18.

Teledyne Technologies Company Profile

(Get Free Report)

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.

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